Foresight Group’s First Midlands Engine Exit From Selazar

In UK Browne Jacobson, advised on the matter.

Browne Jacobson advised Foresight Group with a team including Gareth Davies (Picture – Corporate M&A).

Foresight Group LLP agreed for its exit from third-party logistics and e-commerce fulfilment services provider Selazar Limited (Selazar), generating a 3.4x return for the Midland Engine Investment Fund (MEIF) managed by Foresight after less than two years.

The exit is the first for MEIF, which was launched by the UK Government-owned British Business Bank (BBB) in 2017 and is supported by the European Regional Development Fund. The programme is a key part of the Government’s strategy to supporting the region’s economy and the growth of SME’s. The Selazar exit follows last week’s announcement by Chancellor Rishi Sunak that a further £400m has been allocated for a new Midlands Engine fund to be delivered by the BBB, which will bring the total for investment in the region to over £700m. The current fund, MEIF, has invested £142m in SMEs in the Midlands region since its launch in 2017.

Selazar was founded in Belfast and specialises in the provision of third-party logistics and e-commerce fulfilment services. After the MEIF investment, it opened up a facility in Castle Donington, Leicestershire and more than 30 high quality jobs were created across all its sites. Its software captures detailed data to improve the efficiency of stock storage, handling and fulfilment and reduces costs in the supply chain. The business works with a broad range of SME retailers throughout the UK. It has also received co-investment from Invest Northern Ireland and angel investors.

The Browne Jacobson team was led by Midlands-based associate Matt Bolton, supported by Birmingham-based private equity partner, Gareth Davies (Picture).

Involved fees earner: Matt Bolton – Browne Jacobson; Gareth Davies – Browne Jacobson;

Law Firms: Browne Jacobson;

Clients: Foresight Group;

Author: Giulia Di Palma