Foresight injects £3m into UDP

The fresh capital will enable the business to expand its operations across the UK, as it looks to capitalise on increased public expenditure on investment in the north-west of England.

As part of the deal, former Enterprise managing director Richard Fraser will join the UDP board in the role of non-executive chairperson, while former Amey financial director David Atherton will be appointed financial director.

The deal marks the second investment from the Foresight Regional Investment Fund, which held a first close on £38m in January 2016.

Yorkshire Bank provided a debt package to support the deal.

Company
Founded in 1996 and headquartered in Salford, UDP is a civil engineering project management company. It provides services related to inspections, planning works and project management of utilities, sewer connections and transport infrastructure projects.

People
Foresight Group – Claire Alvarez (senior investment manager).
Utilities Design & Planning – Dave Hilton (managing director).

Advisers
Equity – Addleshaw Goddard, Katie Simpson, Andy Green (legal); RSM, Stephen Green (financial due diligence); RPL, Roger Penny (commercial due diligence); Catalysis, Mike Hicks (management due diligence).
Vendor – Hurst, Lauren Roberts, Paul Brown, James Thompson (corporate finance, tax); JMW, Mark Heppell (legal).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• Foresight Group