Foresight invests £2.75m in Euxton BIMBO

Katharina Semke
30 August 2016

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Foresight Group has invested ТЃ2.75m in the buy-in management buyout (BIMBO) of Lancashire-based e-commerce business Euxton Group.

Foresight said in a statement its investment will allow the group to further drive sales and capitalise on the increasing prevalence of e-commerce. Euxton also plans to improve its websites, add additional product ranges and expand into overseas markets.

Michael McVey will join Euxton as managing director, working alongside the existing team of Jamie Shipley, Kathryn Gallagher and Paul Francis. Claire Alvarez, who led the transaction for Foresight, will also join the Euxton board.

Euxton is the first investment made from the Foresight Regional Investment Fund, which was launched in December 2015. It targets investments in SMEs in the north-west of England, North Wales and South Yorkshire. The fund held a first close on £38m in January and has a target of £60m.

Company
Euxton holds four companies: Hedges Direct, Best4hedging, Bee Friendly Garden Plants and Impact Plants, all focused on various horticultural niches, in particular hedging.

Hedges Direct supplies hedging plants, topiary, turf and other garden merchandise. Its products include instant hedging and pleached trees.

Bee Friendly Garden Plants offers pollinator friendly plants, including shrubs and perennials. It claims the plants are specially chosen for their high supply of nectar and pollen.

Impact Plants specialises in large plants such as hedging, living screens, pleached trees, topiary and instant hedging.

Best4hedging's product portfolio includes small bare root hedging plants and mature root balls and screens.

People
Euxton Group – Michael McVey (managing director).
Foresight – James Livingston (partner); Claire Alvarez (senior investment manager).

Advisers
Equity – Brabners Corporate Finance, Paula McGrath, Chris Cumber (corporate finance); Shoosmiths, Kieran Toal (legal); Brabners, Denise Walker, Daniel Hayhurst (legal); Grant Thornton, Philip Grindley (financial due diligence); Neovian Partners, Lushani Kodituwakku (commercial due diligence); Catalysis Partners, Andy Airey, Michael Hicks (management due diligence).
Company – Napthens (legal); Cassons (legal).