Foresight sells FFX to H2 for 4.3x return

This is the third exit for Foresight's private equity team in the last 12 months. In aggregate, £17m will be returned to Foresight funds.

H2 focuses on mid-sized companies in the UK, Ireland and the Benelux region. It is currently investing from its fifth-generation fund, which closed on £200m in March 2016.

Previous funding
The vendor made a £4m investment in the company in October 2015, drawing equity from its VCT funds, namely Foresight VCT, Foresight 2 VCT and Foresight 4 VCT. Since Foresight made its original investment, FFX has opened a new distribution centre and a new head office in Kent, as well as welcomed Chris Yates as CEO, a new group finance director and an e-commerce director.

Company
The company is a supplier of power tools, fixings and building supplies. It was founded in 2003, is based in Kent and generated turnover of £59m for the year ending on 30 September 2019.

People
Foresight – James Livingston (partner).
FFX – Patrick Ker (deputy chairperson).

Advisers
Vendor – Arrowpoint (corporate finance); Shoosmiths (legal); RSM (financial due diligence); CIL (commercial due diligence); Pattern (IT due diligence).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Consumer
• H2 Equity Partners
• Foresight Group
• United Kingdom
• Secondary buyout