Tue, 13 Aug 2019 | MBO/MBI
A private equity firm has backed the management buyout of a forensic science equipment supplier based in Worcestershire.
Boasting a turnover of more than £20 million, Foster + Freeman was bought out by its management team, supported by Primary Capital Partners, with the remaining funding coming from debt facilities provided by HSBC.
Established by Doug Foster and Bob Freeman in 1978, the company exports its range of products to over 160 countries across the world.
Managing director of Foster + Freeman, Bob Dartnell, said: “We are delighted to have the backing of Primary Capital to work alongside us in delivering the next phase of growth for the business.
“It is an exciting time as we continue to deliver year on year growth supported by an exciting range of new product innovations.”
As well as providing financial and tax due diligence services, PwC Corporate Finance advised the management on the buyout deal. The team was led by Tom Copeland, director of PwC Midlands, who said: “Foster + Freeman is a global leader in its chosen niche market with a real focus on innovation.
“The company has an exciting range of products in development, which will continue to deliver new technologies to its global market.
“It was important to find the right partner for the management team in terms of cultural fit and appetite for R&D investment to deliver their growth plan.
“We are delighted to have supported the management team in delivering a primary management buy-out of a high performing business headquartered in the Midlands.
“We look forward to continuing to work with the business to support its growth aspirations.”
A family business founded over thirty years ago. Large independent Janitorial supply house. Operates from substantial freehold premises. Enjoys membership of a nationwide buying consortium. Offers invited.
FREEHOLD
Comprehensive supplier of products & services to the catering industry. As well as holding and drop-shipping an extensive range of consumables & equipment the company has particular expertise in the supply of commercial ware-washing equipment. Associ...
Designs manufactures and installs a wide range of doors and related access solutions in both new and old developments. An extensive range of dedicated equipment and fully employed staff are able to complete projects on-site in minimal times with manu...
|
10
|
|
Jul
|
Mobile phone supplier and recycler goes into administration | ADMINISTRATION
Mobile phone refurbishment company Redeem UK has gone into a...
|
09
|
|
Jul
|
John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS
Department store chain John Lewis has said that eight of its...
|
09
|
|
Jul
|
Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS
Chancellor Rishi Sunak has announced a £30 billion pla...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources