9 July 2018
NorthEdge Capital has announced the close of NorthEdge Capital SME Fund I, LP (“SME Fund I”, “the Fund”) at its £120 million hard cap. The Fund was raised from existing investors and enables the firm to broaden its ability to take advantage of attractive investment opportunities in the U.K. regional lower mid-market.Find out more
Future Industrial Services (FIS) is an environmental and industrial services specialist operating across the UK.
Headquartered in Kirkby, Merseyside, FIS works with clients including government, major utility and multi-national companies to provide a range of cost-effective solutions to waste management and decontamination requirements.
FIS operates a 75-strong fleet of specialist vehicles and owns a market leading share of articulated vacuum tankers able to carry a wide range of products. Operating from eight sites across the UK, from the Scottish Borders to the South Coast, the company has a skilled workforce of over 275 employees. Having reported a turnover of £24m in the 12 months to 31st December 2016, the business is well placed to continue its strong growth.
NorthEdge backed the management buy-out from FIS’ Irish listed parent company, One51 PLC, at an equity value of £16m.
The MBO was led by FIS CEO, David Lusher, and CFO, Scott Dunning. NorthEdge’s investment will enable the company to invest in standalone, market-leading IT systems and environmental, health and safety compliance. The company also has plans to grow through increased investment in modern fleet, plant, equipment and machinery.
The deal was led by NorthEdge Partner and Head of New Business, Ray Stenton, with support from Jon Pickering, Head of Manchester, George Potts, Investment Manager, and Greg Holmes, Investment Executive.
Stenton said: “FIS is recognised by its customers as a best-in-class service provider, delivering safety, quality and compliance in their work. We become stakeholders in FIS following an extensive capex program and look forward to further investing in flexible fleet and plant. David and Scott have managed the buy-out superbly and we are excited to support both of them and the wider team at FIS in delivering on their strategic ambitions.”
David Lusher, CEO at FIS, said: “We are delighted to have concluded the MBO from One51 PLC with funding from NorthEdge, who have been very supportive throughout the process. All acquisitions made by the business over the last 12 months are now fully integrated and performing well and FIS can now offer services to industrial customers on a national scale. NorthEdge and management have a shared vision for the business over the coming years and with this renewed focus we will work tirelessly to ensure that FIS achieves its full potential.”