Two of Foresight Group’s private equity portfolio companies – Evance Wind Turbines, a Loughborough-based small wind turbine manufacturer, and Autologic Diagnostics, an Oxford-based car maintenance software provider – featured in this week’s Sunday Times Tech Track supplement of the 100 fastest growing private companies in the UK.
Evance ranked 14th in Tech Track 2012 having posted sales growth of 144 per cent in the year ended March 2012 on revenues of GBP7.2m, while Autologic Diagnostics posted sales of GBP15m to end December 2011, representing growth of 39 per cent on 2010, ranking it 94th.
In early 2012, Autologic implemented a secondary management buy out, with Foresight retaining a minority shareholding and loan position.
Foresight has built a track record in supporting fast growing companies across a wide range of sectors, several of which have featured previously. In 2010, portfolio company The Bunker was ranked 48th, while four portfolio companies, Ixaris, Adeptra, Camwood and AppDNA, appeared in Tech Track 2011, with the latter three all having been successfully sold on within the past year, most notably AppDNA, the application migration software company, which was acquired by Citrix for USD92m, a return multiple of 32x on original investment.
Foresight’s Private Equity focus is providing between GBP1m and GBP5m of equity finance in MBOs, BIMBOs and growth capital for smaller UK companies in transactions with an enterprise value of up to GBP20m.