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Unquote
  • Buyouts

Foresight backs £1.75m Positive Outcomes MBO

  • Alice Murray
  • Alice Murray
  • 22 November 2013
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Foresight Nottingham Fund has made its debut investment, supporting the £1.75m management buyout of Positive Outcomes.

The recently launched Foresight Nottingham Fund, with £40m of capital, aims to invest in growth businesses in Nottingham and Nottinghamshire. The fund's investors include the Nottingham Local Government Pension scheme, Capital for Enterprise and high-net-worth individuals. The fund is managed by the Foresight Group.

The transaction sees the newly created vehicle investing alongside the company's existing management team to acquire the business from its previous owners. Fresh capital will be used to support the company's expansion and aid recruitment.

Positive Outcomes

  • DEAL:

    MBO

  • VALUE:

    £1.75m

  • LOCATION:

    Nottinghamshire

  • SECTOR:

    Business training & employment agencies

  • FOUNDED:

    1997

Company
Positive Outcomes is a work-based learning business. The company provides apprenticeships to more than 3,500 people predominantly based in the East Midlands. It works mainly with 16-18-year-olds.

The company was established in 1997. The company is currently based in South Normanton, Derbyshire, but will be relocating back to Nottinghamshire, where it was originally created.

People
Chris Longmate is CEO of Positive Outcomes, Cheryl Peto is HR director and Gemma Cripwell is financial director.

As part of the deal, serial entrepreneur Joanna Holland and Foresight Nottingham's senior investment manager Darrel Connell have both joined the company's board.

Advisers
Equity – Browne Jacobson (Legal); Cooper Parry (Financial due diligence); Cairneagle Associates (Commerical due diligence); Catalysis Advisory (Management due diligence).
Vendor – MLP Solicitors (Legal); Hallidays (Legal).
Management – Shakespeares (Legal); Baker Tilly (Corporate finance).

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