Foresight Group has sold Thermotech, a facilities management provider based in Stockport, to Atalian Servest Group, the international facilities management group for an undisclosed sum.
Thermotech is a hard facilities management provider, designing, installing and maintaining customised air conditioning and fire sprinkler systems for retail, commercial and residential properties. It has a number of high profile clients including M&S, John Lewis and Selfridges & Co. Foresight made its original investment of GBP2.5 million in August 2013.
With Foresight’s investment Thermotech was able to expand its high-quality customer base and develop further recurring maintenance revenue streams. Most notable was the acquisition of Oakwood in 2016, which created an additional division and brought scale to the existing fire protection and mechanical services businesses.
Thermotech recently moved into new larger offices in Cheadle to house the expanded team, staff numbers having doubled to more than 90 over the last five years.
Claire Alvarez, Senior Investment Manager, Foresight, says: “Partnering with the Thermotech team since 2013 has been a great experience and has allowed us to support a rapidly growing building services group to become a leader in their market. Servest has a strong reputation and we look forward to seeing Thermotech’s continued growth.”
Dave Prendergast, Managing Director of Thermotech, adds: “Foresight’s support over the last five years has seen the company grow from strength-to-strength. This deal marks an exciting new chapter for Thermotech and will add significant scale to our existing fire protection and mechanical services businesses.”
Foresight and the company were advised by Usman B Malik, Daniel Brecker and Eliott Rawling of Grant Thornton who acted as lead advisor.
Stephen Roberts and his team at law firm Gateley Plc provided legal advice and Neil Robinson of Mazars completed vendor due diligence.
