The Board of Foresight VCT plc, managed by Foresight Group LLP (Foresight), is pleased to announce the sale of its stake in portfolio company Camwood Limited (“Camwood”) to its management team.
Camwood is an IT services business that specialises in application migration and portfolio management. It is a leader in its field of Application Intelligence.
Foresight originally invested £1.5 million into Camwood, on behalf of two funds Foresight VCT and Income & Growth VCT. Four years ago Camwood spun out App-DNA, a software platform for application management, which was sold to Citrix in October 2011. That sale returned £25m in aggregate to the two funds, representing a return of 32x the original investment. Following that transaction, Foresight retained its original stake in Camwood.
The sale to Camwood’s management of the remaining stake has generated a return of over 3x for Foresight.
Russell Healey, partner of Foresight said: “Our journey with Camwood has been an outstanding success. Foresight has been delighted to have supported Camwood and its visionary management team in achieving such success for the company and in delivering such value to stakeholders.”
This transaction highlights the role that VCTs play in funding UK SMEs, and in particular in providing growth capital at a time when traditional bank funding is scarce. Foresight is one of the leading investors in UK SMEs, with an investment team of eight professionals and investments in over 50 companies across a wide range of sectors throughout the UK.
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Notes to Editors
Foresight is an independent specialist environmental, infrastructure and private equity investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.
Foresight has in excess of £650 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 is comprised of eight investment professionals, investing between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs. The strength and depth of the team has enabled Foresight to lead the consolidation of the VCT sector, taking over the management mandates of established VCTs, such as Advent VCT, Advent 2 VCT, Noble VCT, Keydata Income 1 and 2 VCTs, Acuity Growth VCT and Acuity 3 VCT, from other investment managers.
Foresight recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has raised in excess of £30m for its unique Infrastructure VCT Shares, an innovative new share class which targets investments in energy generation projects and secondary PFI. Foresight manages the most successful VCT ever, Foresight VCT plc, which has returned more than 1.8x original investment in dividends to its investors.
In the solar infrastructure sector, Foresight’s solar funds are invested in more than £300 million of operating PV assets in the UK, Italy and Spain.
Foresight is one of the market leaders in waste and environmental investment management, with a growing £125 million portfolio of recycling, biomass and waste to energy companies and was recently appointed by UK Green Investments (UKGI) the specialist team within the Department of Business, Innovation and Skills to manage an initial £50 million fund set aside for green infrastructure investment.