Future Completes MBO With Northedge Capital
11 Jul 2017
NorthEdge Capital has invested in environmental and industrial services specialist Future Industrial Services (FIS), backing the management buy-out from its Irish listed parent company, One51 PLC.
Headquartered in Kirkby, Merseyside, FIS works with clients including government, major utility and multi-national companies to provide a range of cost-effective solutions to waste management and decontamination requirements.
The MBO was led by FIS CEO, David Lusher, and CFO, Scott Dunning. Colin Stirling, former Partner at Spirit Capital and Non-Executive Director at Adler & Allan prior to its successful exit, has been appointed Non-Executive Chairman.
David Lusher, CEO at FIS, said: “We are delighted to have concluded the MBO from One51 PLC with funding from NorthEdge, who have been very supportive throughout the process. All acquisitions made by the business over the last 12 months are now fully integrated and performing well and FIS can now offer services to industrial customers on a national scale. NorthEdge and management have a shared vision for the business over the coming years and with this renewed focus we will work tirelessly to ensure that FIS achieves its full potential.”
Ray Stenton, Partner at NorthEdge Capital, added: “FIS is recognised by its customers as a best-in-class service provider, delivering safety, quality and compliance in their work. We become stakeholders in FIS following an extensive capex program and look forward to further investing in flexible fleet and plant. David and Scott have managed the buy-out superbly and we are excited to support both of them and the wider team at FIS in delivering on their strategic ambitions.”