NorthEdge-backed Future buys Colt in £1m deal

The deal marks Future's first bolt-on since NorthEdge Capital backed the carve out from its Irish listed parent company, One51, last year. 

With the acquisition of Colt, the company will acquire several fixed and mobile assets together with 40 staff, which will bring the headcount of the combined entity to 350. Future has also entered a long-term lease for Colt's existing premises in Hull in order to enable the continuity of services to the regional customer base.

Previous funding
North-of-England-focused investor NorthEdge Capital backed the management buyout of Kirkby-headquartered Future Industrial Services from its corporate parent One51, at an equity value of £16m, in April 2017. Capital for the transaction was drawn from NorthEdge Capital Fund II, which held a final close in March 2016 on its £300m hard-cap.

Company
Headquartered in Hull and established in the 1970s, Colt Industrial Services provides a range of specialist industrial services to sectors including rail, military and utilities. It operates a fleet of forty vehicles and employs a staff of 120. Colt works across the UK and internationally, servicing turnarounds, shutdowns, term contracts and tendered works spread throughout various industries.

People
NorthEdge Capital – George Potts (investment manager). 
Future Industrial Services – David Lusher (CEO).

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• Topics
• Portfolio management
• UK / Ireland
• Industrials
• United Kingdom
• NorthEdge Capital
• Build-up