Foresight Group completes successful exit form Stockport's Thermotech

Foresight Group, the infrastructure and private equity investment manager, has completed the sale of a Stockport-based facilities management provider for an undisclosed sum.

Thermotech, a hard facilities management provider, designing, installing and maintaining customised air conditioning and fire sprinkler systems, has been purchased by Atalian Servest Group - the international facilities management group.

Foresight, which invested £2.5m in Thermotech back in August 2013, exited the company with a 2.3x return on its original investment.

With Foresight’s investment, Thermotech was able to expand its customer base and develop further recurring maintenance revenue streams. Most notable was the acquisition of Oakwood in 2016, which created an additional division and brought scale to the existing fire protection and mechanical services businesses.

Thermotech recently moved into new larger offices in Cheadle to house the expanded team, which have doubled to more than 90 over the last five years.

Claire Alvarez, senior investment manager at Foresight, commented: “Partnering with the Thermotech team since 2013 has been a great experience and has allowed us to support a rapidly growing building services group to become a leader in their market.

“Servest has a strong reputation and we look forward to seeing Thermotech’s continued growth.”

Dave Prendergast, managing director of Thermotech, added: “Foresight’s support over the last five years has seen the company grow from strength-to-strength.

“This deal marks an exciting new chapter for Thermotech and will add significant scale to our existing fire protection and mechanical services businesses.”

Foresight and Thermotech were advised by Usman B Malik, Daniel Brecker and Eliott Rawling of Grant Thornton who acted as lead advisor.

Stephen Roberts and his team at law firm Gateley Plc provided legal advice and Neil Robinson of Mazars completed vendor due diligence.

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