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Foresight and Octopus back MBO of Covion

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Foresight Venture Partners and Octopus Asset Management have invested ТЃ3.8m in the management buyout of Covion Ltd, a facilities infrastructure service (FIS) company and the Thames Valleyт€™s fastest growing business. The venture capital trust (VCT) funding will support the management team in buying out their original business angel backers.

Covion was founded by David Steventon and Frank Rodriguez in 2001 with the support of six business angels. Since then the company’s revenues have grown to an annualised £16m, making it the fastest growing business in the Thames Valley according to a survey by BDO Stoy Hayward for The Business Magazine.

Covion operates an innovative partnering model in the facilities management sector for clients such as LogicaCMG, Sara Lee and Anglian Windows.

The buyout provides an exit for the original backers and initiates the second stage of growth by broadening the team to include Alan Bruter, who has been working towards this buyout for the last 12 months, Satbir Dhillon, finance director, and Emma Springate, business support director.

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