09/07/12

Legal help is breath of fresh air for Flowrite

A refrigeration and air conditioning company has completed a management buyout with help from three other Kent firms.

Flowrite Services, based in Maidstone, was helped by the corporate teams at Crowe Clark Whitehill and Vertex Law.

The company secured a £1.4 million investment from Foresight Group, a private equity firm in Sevenoaks, with additional funding from NatWest.

The MBO enables Flowrite to build on recent growth, with CEO Andy Moore remaining in the role and supported by Nigel Atkinson, a non-executive chairman introduced by Foresight.

Mr Moore said: “Flowrite is often described as the AA of the refrigeration industry. We have always focused on meeting customers’ set criteria for all emergency and planned calls in addition to the requirements for pre-planned and on-going maintenance.

“Naturally this focus will continue, and the introduction of Foresight and Nigel allows us to be more proactive in targeting new customers and offering them the award-winning level of service that our reputation has been built on.”

Foresight’s senior investment manager Matt Smith said: “The team at Crowe Clark Whitehill worked very hard to get this deal completed whilst ensuring that it was an amicable, smooth transaction.”

Geert Struyven, CCW corporate finance partner, added: “This transaction highlights the continuing appetite there is for investing in well-managed companies whilst offering Flowrite the opportunity to build upon the success already achieved.

"We were also pleased that the transaction remained local with both Foresight and Flowrite being based in Kent.”

James Beatton, head of corporate at Vertex Law, said: “This transaction gives Andy the opportunity to drive the business forward with a focussed and motivated set of partners on board.”