Foresight Group (Foresight) is delighted to announce on behalf of the boards of Foresight VCT plc and Foresight 4 VCT plc that it has invested £2.5 million in the Management Buy In of Fire and Air Services Limited (FAS).
FAS is a Hard Facilities Management provider, designing, installing and maintaining customized air conditioning, fire sprinkler systems and renewable energy solutions for retail, commercial and residential properties across the UK.
The transaction, which is a combination of debt and equity, will give Foresight a significant shareholding in the company which was founded in 2007 by Chris Anderson and Dave Prendergast.
The FAS Group consists of; Thermotech Fire Protection and Ashvale Fire Services, both national fire protection and solutions companies specializing in fire sprinkler and alarm solutions for some of the largest names on the high street, TAC Mechanical Services and Forrest Engineering, both of whom specialize in HVAC and mechanical services; and Thermotech Energi a renewable energy solutions provider.
Foresight which was advised on the transaction by SHG Martineau, has extensive experience in the Fire and HVAC sectors with the recent investments in Channel Safety Systems and Flowrite Refrigeration Systems, both as rising stars amongst its portfolio of 40+ companies.
Andrew Shannon, Senior Investment Manager at Foresight commented "We are looking forward to working with the management team at FAS, accelerating the growth of this dynamic business which has proved its strong growth potential in the recent challenging market conditions. This transaction continues to build the deal flow momentum at Foresight following recent investments in Aerospace Tooling and Procam.”
FAS were advised by Rebecca Grisewood at Gateleys Manchester and Graham Norfolk of Acorn Capital Partners. Financial DD was provided by BDO LLP and commercial DD was provided by CIL. Graham Norfolk joins the board of FAS having previously been a director of two Foresight businesses.
Chris Anderson and Dave Prendergast of Thermotech added : "We are delighted that the team at Foresight shares our passion and enthusiasm for the future of the business and are supportive of our vision. In Foresight we are confident that we have found the right partner and we have the right structure in place to deliver the future growth plans for our business. We look forward to a profitable partnership.”
For further information, please contact:
Ben Thompson: firstname.lastname@example.org / +44 (0)20 3667 8155
Notes to editors:
Foresight Group has been managing investment funds on behalf of institutions and retail clients for almost 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £800 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprised of ten investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
Foresight manages the most successful VCT ever*, Foresight VCT, which has returned approximately £1.80 in dividends to its investors since launch in 1997. Foresight VCT is currently raising £20 million through a new issue of Ordinary Shares.
*source: Martin Churchill Tax Efficient Review