Foresight exits Thermotech with 2.3x return

The deal ends a five-year stint under Foresight ownership, which first invested in Thermotech in 2013.

With the fresh capital from Paris-based facilities management group Atalian Servest Group, the company plans on scaling up its existing fire protection and mechanical services businesses.

Previous funding
Acorn Capital Partners acquired Thermotech and air conditioning company TAC Mechanical Services in April 2008. Acorn merged the businesses, but they continued to trade separately.

Foresight made a £2.5m investment in the firm in August 2013.

Company
Headquartered in Stockport, Thermotech was established in 2000 and installs and maintains fire protection systems for retailers. It has contracts with retailers including Marks & Spencer and Boots. The firm acquired air conditioning specialist Oakwood in 2016.

People
Foresight – Claire Alvarez (senior investment manager).
Thermotech – Dave Prendergast (managing director).

Advisers
Equity – Grant Thornton, Usman Malik, Daniel Brecker, Eliott Rawling (commercial due diligence); Gateley, Stephen Roberts (legal); Mazars, Neil Robinson (financial due diligence).

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