The business was sold in 2018 to Atalian Servest Group, an international facilities management group. Foresight invested £2.5 million into the business in 2013 with the capital used to expand the company’s client base and support the acquisition of Oakwood, an air conditioning specialist, in 2016. The company operated nationally and had a number of blue-chip clients such as Marks & Spencer, John Lewis and Waitrose, alongside a wider portfolio of commercial offices and shopping centres. Thermotechīased in Stockport, Thermotech designs, installs and maintains air conditioning and fire sprinkler systems. On newer growth capital investments, which are managed by theĪn example of a recent exit is Thermotech. Following the rule changes to VCTs in 2015, Foresight VCT now focuses Since 2015, Foresight VCT has completed 12 exits, deliveringĪ gain of £9.25 million, although past performance is not a guide to theįuture. Foresight believes the latter is often overlooked as an experienced team can potentially enhance a company’s exit prospects if the business is positioned correctly. Once a company has received investment, Foresight will look to build value through the professionalisation of the business, appointing board members, and assisting with possible exit. Where possible, Foresight prefers to structure its investments as a combination of ordinary shares, loans notes and preferred shares, which can help support the dividend and can put Foresight ahead of other investors if things don’t work out as planned – although this is not guaranteed. This strategy generates close to 1,700 opportunities a year across all of Foresight’s funds. By concentrating on companies outside London, Foresight believes it can secure quality companies at competitive valuations. For new investments, the VCT targets companies with significant growth potential in non-cyclical markets, particularly those with experienced and successful management teams.įoresight will often source companies using its regional deal network. Today, the VCT aims to provide a portfolio balanced between high-growth opportunities and cash-generative, legacy investments. Since the rule change, Foresight has moved toward a generalist strategy and has reduced the VCT’s exposure to energy assets, now less than 0.5% of the portfolio’s value. Foresight had previously specialised in both areas and had a specific infrastructure share class with the Foresight VCT. The new regulations resulted in a number of assets, including energy and infrastructure, being excluded as new qualifying investments. Like many other VCT managers, Foresight has adapted its investment strategy to stricter VCT rules. The VCT has incorporated three other VCTs, most recently Foresight 2 VCT in December 2015.
Launched in 1997, Foresight VCT has seen a number of share restructures and mergers over the years.