An investment firm has announced the first use of its East of England fund, by supporting the buy-in management buyout of an electrical company.
McIntyre Electrical is a leading provider of safety-critical fire and electrical inspection and maintenance services, primarily for housing associations.
It was established in Peterborough by Joe McIntyre and John Clifford in 2006 and it now employs 158 people.
Foresight鈥檚 investment coincides with the opening of its new office in Cambridge.
John Clifford will remain involved in the business together with Joe鈥檚 daughter Sarah Salmon and her husband Chris Salmon, both longstanding members of the McIntyre Electrical team.
The company has experienced a period of rapid growth, doubling revenues since 2018 while developing national coverage.
As part of the investment, Martin Gammon and Jesse Holgate will join the company as chairman and chief financial officer, respectively.
They will work closely with the existing management team to support the continued growth of the company.
The newly opened Foresight office at 50/60 Station Road, Cambridge, is part of the exciting central CB1 estate.
The office will be the base for Foresight鈥檚 local team including Matt McLoughlin, senior investment manager. Matt was recruited to work as part of the broader Foresight private equity team, with a focus on the recently launched Foresight East of England fund.
The fund is focused on private equity investments into SMEs based in the East of England and beyond. Cornerstoned by the Cambridgeshire Pension Fund, the fund is an evergreen patient pool of capital targeting investments of up to 拢5million in growing companies.
The fund forms part of Foresight鈥檚 strategy focused on supporting SMEs and delivering value by addressing a gap in regional funding markets.
The Cambridge team will be supported by their colleagues in London, Nottingham, Manchester, Milton Keynes, Leicester and Edinburgh.
Stephan Gueorguiev, senior investment manager at Foresight, said: 鈥淲e have been very impressed with the scale and national footprint the team at McIntyre Electrical has been able to achieve while undergoing a period of rapid, profitable organic growth.
鈥淲e look forward to continue growing the business while delivering a high quality customer service.鈥
Martin Gammon, chairman of McIntyre Electrical, said: 鈥淛oe, John, Sarah and Chris have done a tremendous job building McIntyre Electrical to the scale it is today.
鈥淚鈥檓 excited to join as chair and help continue to build on the company鈥檚 successes.鈥
Paul Tysoe, investment manager of Cambridgeshire Pension Fund, said: 鈥淢cIntyre Electrical is a great example of the type of established, local business that the Fund was set up to support.
鈥淗aving demonstrated consistent growth in recent years, we are looking forward to seeing this Peterborough-based company continue its growth with Foresight鈥檚 support.
鈥淭he completion of this investment is well timed with the opening of Foresight鈥檚 Cambridge office, which demonstrates Foresight鈥檚 long-term commitment to the region.鈥
