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Foresight invests £3.35 million to support growth of RGM Vent, a premium specialist heat and smoke ventilation systems installer

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  • RGM Vent is a specialist heat and smoke ventilation systems installer across the UK and Ireland
  • The business has experienced strong growth in recent years, including two acquisitions to expand its service offering
  • Investment will be used to actively develop new opportunities in the market, with particular focus on expansion of the existing operations in Scotland and Ireland

Click here to view the announcement as a PDF

Edinburgh 06 July 2021: Foresight Group, the award-winning listed infrastructure and private equity investment manager, has invested £3.35 million into RGM Vent (“the Company” or “RGM Vent”), a specialist heat and smoke ventilation systems installer, to support its next stage of growth. Headquartered in Northern Ireland with a significant presence in Scotland and operations across the UK and Ireland, the funding is a co-investment between the Foresight Scottish Growth Fund and the Northern Ireland Opportunities Fund II, also managed by Foresight.

Established in 2010, RGM Vent offers bespoke ductwork design and installation services to a broad customer base across the UK and Ireland, with the Company completing work on prominent infrastructure developments including WuXi Pharmaceutical (Dundalk), University of Ulster (Belfast), Hampton by Hilton (Edinburgh) and Longwater Office Development (Reading).

The Company has experienced significant growth over the last five years and now employs 75 staff.  On the back of sustained growth, RGM Group recently completed the acquisition of Advanced Ventilation Solutions which enables RGM to enter the smoke, heat and exhaust ventilation market, further expanding its service offering. The Company also completed the acquisition of NSK Sheet Metal, bringing the bulk of fabrication and manufacturing processes in-house.  Leveraging Foresight’s support, RGM Vent is now well primed to implement its growth strategy across the UK and Ireland.  Following a slowdown in construction during the COVID-19 pandemic, it is anticipated that public sector spending on infrastructure will be a key tool to stimulate economic recovery post COVID-19, especially as part of the regional levelling up agenda.  There is also expected to be a greater focus on improved fire and safety solutions, increasing the demand for specialist smoke ventilation systems within new build commercial infrastructure.

As part of Foresight’s support, two new senior hires have been made.  Ken Lewandowski joins as Non-Executive Chairman with over 25 years of experience as CEO at various companies.  Gavin Eakin has been appointed Finance Director. Gavin brings a wealth of experience in the sector, having previously worked in large M&E companies.

Commenting on the investment, Raymond Murphy, CEO of RGM Vent, said: “The team at RGM is very much looking forward to working with Foresight in taking RGM to the next level.  It has without doubt been a team effort, not only from within RGM but with involvement from Lowry Grant at PKF-FPM and Julie Skelly at Danske Bank.”

Graeme Mckinstry, Investment Manager at Foresight, added: “We are delighted to support Raymond, Maurice and the wider team at RGM Vent as they target a significant growth opportunity in the market. We have been impressed by the strong track record of profitable growth demonstrated by the Company and look forward to supporting RGM as it seeks to increase market share substantially and increase the scale of its operations across the UK and Ireland.”

Advisers to the Company:

Legal Advice:                    Edwards & Co

Accountants:                    PKF-FPM

Corporate Finance:         Benchmark International

Advisers to Foresight:

Financial DD:                    HNH Accountants

Legal DD:                          TLT Solicitors

Commercial DD :             RP Advisory

Management DD :           Confidas

Recruitment :                   FWB Park Brown, Amplifi Talent

Cyber DD:                         KryptoKloud

Insurance:                        Marsh Commercial

ENDS

For more information contact:

Chris Barry: Barry@thisisinfluential.com / +44 (0) 7733 103693

 

Notes to Editors

About Foresight Group LLP (“Foresight”):

Foresight is an award-winning listed 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 over £7 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs), Inheritance Tax Solutions using Business Relief (BR) and Open-Ended Investment Companies (OEICs).

Foresight’s Private Equity Team, comprising over 30 investment professionals, manages c.£700 million in a portfolio of more than 100 companies and pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.

Foresight was a commended finalist in the Best Venture Capital Trust Provider category at the 2020 Investment Life & Pensions Moneyfacts Awards. Foresight was named ‘Fund Manager of the Year’ at the PLC Awards last year, ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 and was a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year.

Foresight’s largest office is in London with regional UK offices in Edinburgh, Manchester, Nottingham, Milton Keynes, Leicester, Cambridge and Guernsey and international offices in Sydney, Rome, Madrid, and Luxembourg.

www.foresightgroup.eu

 

About the Foresight Scottish Growth Fund:

The £20 million Foresight Scottish Growth Fund was established in 2019 under the Scottish Growth Scheme. It contributes up to £2 million of equity to investment rounds of up to £10 million in growing Scottish SMEs. Investing over the next five years, the Fund aims to support economic growth and job creation in Scotland, also attracting additional private sector investment by backing exciting growth companies across a range of sectors.

The Foresight Scottish Growth Fund (Scottish Growth Scheme – Foresight Group Equity Finance LP) is financed by the Scottish Government and the European Regional Development Fund from the 2014-­20 European Structural Funds Programme in Scotland. It is part of the Scottish Growth Scheme, a £500 million package of financial support for Scottish businesses backed by the Scottish Government, which aims to help businesses grow.

This is the tenth investment made by the Fund and the fifth since the onset of COVID-19. The Scheme continues to prove its value by supporting local businesses during the pandemic, both financially through new investments, as well as from an advisory perspective by guiding management teams through the new economic landscape.

www.foresightgroup.eu/private-equity/foresight-regional-funds/foresight-scottish-growth-fund/

 

About the Foresight Northern Ireland Opportunities Fund II:

The Foresight Northern Ireland Opportunities Fund II is dedicated to investing in businesses with the potential to boost the economy of Northern Ireland.