PMSI supports Foresight's £4.0m further investment into portfolio company ONFAB.
Foresight Group LLP (“Foresight”) announces a further £4 million growth capital investment into portfolio company ONFAB to fund the acquisition of Lancashire based designer and manufacturer of clean air containment products, Envair Holdings Limited (“Envair”).
ONFAB produces flexible clean-air enclosures and consumables, designed and manufactured in-house from sites in Cheshire and Spain. Founded in 2005 by Oliver Nulty, ONFAB received investment from the £60 million Foresight Regional Investment LP fund in September 2017 to facilitate a majority buyout of the business. Since then, with an enlarged team and renewed focus on sales, margins and new products, it has grown by over 30% per year and continues to benefit from ever stricter safety standards protecting workers across the globe.
Envair is an established and well-recognised brand in the UK specialising in rigid clean-air products, with customers primarily in the healthcare space. Its products and services include a range of rigid isolators, laboratory fume cupboards, consumables and ongoing maintenance.
In combination, the enlarged group will benefit from a highly complementary product and customer portfolio and will be the only UK provider of both rigid and flexible containment products and service, supporting customers in the healthcare, pharmaceutical and manufacturing markets.
Commenting on the investment, Chris Wardle, Investment Director, Foresight, said: “ONFAB has been growing quickly since our investment, primarily driven by the significantly deeper management team put in place the past 18 months. Envair benefits from similarly high margins and quality leadership, is exposed to the second half of the fast growing £500m isolator market and has a fully-formed service and maintenance function. The much-enlarged group will represent a platform for the launch of a number of new consumable products and maintenance work across the more than 30 countries in which it operates.”
PMSI worked closely with both Foresight and ONFAB in providing CDD support for the deal.