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Foresight completes third exit in six months with sale of Flowrite to Airedale

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Foresight Group LLP (“Foresight”), a leading independent infrastructure and private equity investment manager, is pleased to announce the successful sale of Flowrite Refrigeration Holdings Limited (“Flowrite” or the “Company”) to Airedale Catering Equipment Group Limited, a company focused on the design, installation and servicing of catering equipment throughout the UK.

With Foresight’s support, Flowrite has become a market leader in the refrigeration and air conditioning service market. The Company has an enviable customer base which includes some of the UK’s largest restaurant chains, pub groups and retailers. They receive a best-in-class service, from Flowrite’s market-leading technology platforms and professional team of over one hundred engineers based throughout the UK.

Since Foresight made its original investment, Flowrite has more than doubled revenues through a combination of attracting new customers and expanding its geographic footprint, transitioning the business from a regional to a national player. Flowrite’s proprietary new Cooler ResponseTM technology is award-winning and provides customers with real-time remote monitoring of their assets. This, coupled with their engineer-led service, enables customers to identify and address issues before they occur.

Foresight has taken a hands-on approach to managing the investment through to exit, working closely with Tod Harrison, Flowrite’s CEO, to build a sector-leading management team, implement new systems and develop new products and services for its growing loyal customer base.

This attractive exit for an undisclosed amount comes hot on the heels of two other strong exits from Idio (c.2x money) and Mercia Power Response (c.4x money) over the last six months. Foresight continues to be one of the most active investors in the UK SME market having completed more than 40 investments over the past 12 months.

Commenting on this successful exit, Matt Smith, Partner of Foresight Group said:

“It has been a real pleasure working with Flowrite over recent years, supporting the Company as it became a leader in its sector. The management team has restructured the business into a strong and scalable platform, whilst retaining the Company’s customer-focused culture and delivering an excellent service to the Company’s expanding customer base.”

Tod Harrison, CEO of Flowrite added:

“Foresight has been a very supportive and hands-on partner. They have worked closely with our management team to support Flowrite’s growth. And when it came to exit, they helped position the business, find the right acquirer and manage the process through to completion. Together we have built a market-leading Company, which is well positioned for future growth."

Foresight and the Company were advised by RW Blears and Grant Thornton.

ENDS

For further information contact:

Ben Thompson, Foresight Group, bthompson@foresightgroup.eu | 020 36678155

NOTES FOR EDITORS

About Foresight Group LLP ("Foresight”):

Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.

Foresight has more than £4 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).

Foresight’s award-winning Private Equity team comprises 28 investment professionals and typically provides equity investments of up to £5 million through its growing regional office network.

In 2019, Foresight was named Fund Manager of the Year at the 2018 PLC Awards and was awarded ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 having been a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year. In 2017, Foresight had been voted ‘Best VCT Investment Manager’ at the Growth Investor Awards, which followed ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards.

Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester, Edinburgh and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.

www.foresightgroup.eu

About Flowrite Refrigeration Holdings Limited ("Flowrite”):

Flowrite is the UK’s market leading provider of reactive repair, planned maintenance and installation works for all types of refrigeration and air conditioning systems working across all sectors including retail, hospitality and commercial properties.

Flowrite is a truly national company with directly employed engineers each of whom has a service vehicle with more than 300 spare parts enabling Flowrite to achieve first fix successes which are second to none in the industry.

Flowrite has long established relationships with a variety of the UK’s largest multi-site operators within the leisure & hospitality, retail, commercial and public sectors and maintains these strong and mutually beneficial relationships with a total drive on achieving our clients’ specific requirements.