Foresight injects £1m into Morgan Tucker

JosУЉ Rojo
07 April 2015

Tweet
Facebook
LinkedIn
Google plus
Send to

Foresight Group has invested ТЃ1m in consulting engineering company Morgan Tucker alongside existing management.

Foresight has secured a significant minority participation in the business, while Morgan Tucker's management retains a majority stake.

The deal was completed within three months of negotiations opening between both sides.

The GP first heard of the Newark-based consulting business via local advisory firm Eastwood Anglo. Foresight was particularly interested in the company's entrepreneurial management, strong organic annual growth rates and its previous track record in bolt-on acquisitions.

The firm invested via its Nottingham Fund, which launched in November 2013 with a £40m target. The venture capital vehicle has received commitments from Nottingham local government pension scheme, Capital for Enterprise and high-net-worth individuals, among others.

Morgan Tucker will use the fresh capital to fund its planned bolt-on acquisition of another British consulting engineering firm at the end of April, according to Foresight. This company, the identity of which is yet to be revealed, is based in a different region and will help Morgan Tucker increase its national reach.

Morgan Tucker's international expansion might require subsequent capital injections in the future, according to the GP.

Company
Founded in 2005 by Matthew Tucker, Morgan Tucker is a multi-disciplinary consulting engineering firm that supports building and infrastructure projects in all stages. In 2012, it provided freight logistics services for the London Olympic Park.

Headquartered in Newark, the company has a workforce of around 100 across its offices in London, Leeds, the Czech Republic and Oman. The company recently reported an annual 30% organic growth rate.

People
Foresight was represented by senior investment manager Seb Saywood, who will be joining the company's board as investment director. Matthew Tucker and Steve Hall are directors at Morgan Tucker.

Advisers
Equity – Gateley (Legal); Smith Cooper (Financial due diligence); PMSI (Commercial due diligence).
Company – Eastwood Anglo (Corporate finance); Austin Moore (Legal).