Benchmark International is pleased to announce that County Antrim ventilation systems installer, RGM Vent, has secured £3.35 million investment from private equity firm, Foresight.
The funding is a co-investment between the Foresight Scottish Growth Fund and the Northern Ireland Opportunities Fund II, also managed by Foresight.
RGM Vent was established in 2010 and offers bespoke ductwork design and installation services to a broad customer base across the UK and Ireland, with the company completing work of prominent infrastructure developments including WuXi Pharmaceutical (Dundalk), University of Ulster (Belfast), Hampton by Hilton (Edinburgh) and Longwater Office Development (Reading). The company has experienced a significant period of growth over the last five years and now employs 75 staff.
Part of the company’s growth has seen it purchase Advanced Ventilation Systems, which focuses on the smoke, heat and exhaust ventilation market, and NSK Sheet Metal, which specialises in fabrication and manufacturing of ductwork.
Foresight is an award-winning listed infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years. Foresight’s private equity team, comprising over 30 investment professionals, manages c£700 million in a portfolio of more than 100 companies.
Leveraging Foresight’s support, RGM Vent is now well primed to implement its growth strategy across the UK and Ireland.
Both RGM Vent and Foresight said the business is well positioned to take advantage of anticipated public sector spending on infrastructure which will be a key tool to stimulating economic recovery post COVID-19. They also expect a larger focus on improved fire and life safety solutions, increasing the demand for specialist smoke ventilation systems within new build commercial infrastructure.
As part of Foresight’s support, two new senior hires have been made. Ken Lewandowski joins as non-executive chairman and Gavin Eakin has been appointed finance director. Gavin brings a wealth of experience in the sector, having previously worked in large M&E companies.
Commenting on the investment, Raymond Murphy, CEO of RGM Vent, said: “The team at RGM are very much looking forward to working with the Foresight Group in taking RGM to the next level. It has without doubt been a team effort, not only from within RGM but with involvement from Lowry Grant at PKF-FPM and Julie Skelly, Danske Bank.”
Graeme Mckinstry, Investment Manager at Foresight, added: “We are delighted to support Raymond, Maurice and the wider team at RGM Vent as they target a significant growth opportunity in the market. We have been impressed by the strong track record of profitable growth demonstrated by the company and look forward to supporting RGM as it seeks to increase market share substantially and increase the scale of its operations across the UK and Ireland.”
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximising solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.