A building supplier has secured capital investment from infrastructure firm Foresight Group…
Kent-based business Folkestone Fixings will receive significant development capital investment, it has emerged. The firm, which supplies tools, fixings, fasteners, and general building products, has received £4m investment from the Foresight Group—an independent infrastructure and private equity investment company.
Folkestone Fixings supplies contractors, building firms, as well as those embarking on DIY projects. It has offices in both Folkestone and Ashford.
Law firm Cripps and Meta Corporate Finance provided specialist advice for the deal, which will help Folkestone Fixings introduce new product ranges, improve its marketing, and expand its services to a new 60,000 sq ft distribution centre.
The investment follows a significant period of growth for the firm, which saw its revenues double during the past three years. As well as the investment from the Foresight Group, entrepreneurs Patrick Ker and Tim Horrell have also come on board in executive positions and have invested in the business. They will work alongside the existing management stream. Former chairman of Screwfix, George Adams will join as chairman.
Foresight Group director James Livingston said: “We are excited to invest in FFX alongside the experienced and entrepreneurial management team.
“The business has a strong market position and has delivered rapid growth. We look forward to working with management to further expand and diversify the business.”
Horrell also commented, stating: “Once we’d been approached by FFX we knew this was the right platform, so it was a matter of making sure the deal happened.
“Working with Foresight was very straightforward; it was a pleasure negotiating with sensible, pragmatic backers. We are very excited by the potential of this fast-growing business.”