Private Equity


4 minutes


Foresight and Maven invest £2 million each to support FIS Chemicals management buy-in

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Edinburgh, 27 October 2020: Foresight Group LLP (“Foresight”), a leading independent infrastructure and private equity investment manager, and Maven Capital Partners LLP (“Maven”), one of the UK’s most active private equity houses, have joined forces to support the management buy-in of FIS Chemicals Limited (“FIS” or the “Company”), a developer and manufacturer of specialist chemicals. Foresight and Maven will each invest £2 million as part of the transaction alongside investment from the buy-in team.

FIS develops and manufactures a range of specialist chemicals predominantly for cleaning and enhancement purposes, as well as rust protection, descaling and water purification. In total FIS sells a range of over 1,500 chemical products to a broad international customer base which operate across a diverse range of industries including energy, utilities and marine. FIS’s core range of chemicals are designed to improve efficiency and reduce waste and harmful by-products.

FIS has excellent environmental credentials and is the only chemicals business in the UK to be awarded the Carbon Trust Standard. The company holds gold ratings from CEFAS, the Centre of Environment Fisheries and Aquaculture Science, five ISO standards and all chemicals are manufactured to the highest standards for uses in the most stringently regulated environments. FIS products are chosen by customers for their high performance, green manufacturing practices and environmental credentials.

The investment from Foresight and Maven will help the company accelerate its growth by building the team, supporting its expansion into new geographies and further enhancing its market-leading green credentials. The buy-in team will be led by Kenny Woods, who has extensive experience in the specialist chemicals sector. He will be supported by Derek Mathieson who joins as Non-Executive Chairman and Gordon Davidson as Finance Director, sourced by Foresight and Maven respectively. Derek was until recently Chief Marketing and Technology Officer at Baker Hughes and Gordon Davidson has extensive accounting experience and has worked with Maven previously.

Commenting on the investment, Kenny Woods, CEO of FIS Chemicals, said: “With the backing and support of both Foresight and Maven, plus a proven management team, FIS are in an excellent position for the future. We will be focused on continuing to supply green, quality products to our extensive customer base whilst bringing new technology and solutions to the global market. FIS has established on site renewable energy sources and exceptional environmental compliance in its mission to achieving net zero. It is an exciting time for the new management team and staff to drive the business forward in these challenging times. It is testament to Tom Cummings who has built a strong resilient business over the years and has created a strong platform for future growth.”

Daniel Halliday, Senior Investment Manager at Foresight, added: We have been very impressed with the product quality, industry-leading environmental focus and depth of customer relationships at FIS. FIS has a rich history and a strong track record of profitable growth and we look forward to supporting Kenny and the team continue this.”

Ewan McKinnon, Partner at Maven, added: “Backing the management buy-in of FIS has provided Maven Investor Partners with the opportunity to invest in a well-established and profitable business with significant growth opportunities, both internationally and domestically. We have tracked FIS for many years and have been impressed by the market leading products it has developed and the highest environmental and ISO standards it has attained. Led by Kenny Woods, a highly experienced executive with a strong track record in the chemicals industry, the management team has a clear strategy to drive the business forward and Maven is excited to help FIS fulfil that growth potential.”


Advisers to the Vendor:

Corporate Finance Advice: Dow Schofield Watts

Legal Advice: Brodies

Advisers to Foresight and Maven:

Financial DD: Johnston Carmichael

Legal Advice: Addleshaw Goddard

Management DD: Catalysis

Commercial DD: Calash
Insurance: Marsh
Environmental DD: A2 Environmental Consultants

ABL Funding: Independent Growth Finance

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