Foresight invests GBP4.5m in iMist
Foresight Group (Foresight), an independent infrastructure and private equity investment manager, has made a GBP4.5 million investment in iMist Holdings Limited (iMist), a manufacturer and installer of water mist fire protection systems for homes and residential buildings.
iMist was founded in 2015 by Tony Sims (Managing Director) who has over 20 years’ engineering experience. The Company has developed its own range of high-pressure water mist fire suppression systems, specifically for domestic and larger residential properties. Their proprietary solution offers a number of benefits over traditional fire sprinkler and lower pressure water mist products including more efficient use of water, ease of installation and cost effectiveness.
The UK market for fire protection is estimated at almost GBP1 billion annually, with fire suppression accounting for over a quarter of that. Changes in UK building regulations driven by safety legislation, combined with the increasing requirement for cost effective and environmentally friendly products, are driving demand for innovative fire suppression solutions. The investment supports Foresight’s impact theme of investing in sustainable local infrastructure. Notably, the technology is substantially more environmentally friendly, reducing the amount of water required compared to traditional sprinkler systems by c88 per cent, whilst still providing appropriate protection from fire and damage by excess water.
Foresight’s investment will drive further growth and development activities across the UK, on the back of the current regulatory opportunity. iMist will expand operations in Scotland, and open two new branches in the North West and Wales to accelerate residential opportunities nationally. iMist will seek to progress product approvals to enable US market entry in 2021, with North America representing a particularly large market opportunity.
Tony Sims, Managing Director of iMist, says: “It gives me great pleasure to announce that iMist has now partnered with Foresight to take the business to the next level. Foresight’s experience of supporting sustainable businesses enabled this to be a seamless process. The partnership will allow iMist to grow and invest further in environmentally friendly fire suppression systems for legislative markets across the Globe. 2021 will mark the start of this journey and the team could not be more excited for the future.”
Francesca Dickinson, Investment Manager at Foresight, adds: “We are delighted to support Tony, Alex and Nick and the wider team at iMist as they target a significant market opportunity. We are impressed by the business’ growth since inception and look forward to working with the team going forward.”