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.”
The company specialises in the manufacture, import and distribution of a wide selection of microfibre cleaning products, such as cloths, mops and towels.
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