Foresight backs £2.6m MBO of Specac

Foresight invested via its Foresight VCT, Foresight 3 VCT and Foresight 4 VCT funds.

The company was acquired from former parent Smiths Group. The investment will be used to develop new products.

Company
Based in Orpington, Kent, Specac manufactures sample analysis and sample preparation equipment used in testing and research laboratories. The company supplies spectroscopic accessories to the forensic, life science, pharmaceutical, research and quality control application markets. Its products include a range of sample analysis solutions for liquids, gases and solids, ATR accessories, and specular reflectance accessories, among others.

People
David Smith is managing director of Specac. Kevin O'Donovan has been named as the company's new chairperson. Tom Thorp is a director at Foresight.

Advisers
Equity – SGH Martineau (Legal); Menzies (Financial due diligence); Legario, Warren Chester (Commercial due diligence).
Management – Shakespeares (Legal).

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