FTN Foresight 2

 
TIDMFTN 
 
 
   Foresight announces successful sale of Channel Safety Systems Group Ltd 
to Newbury Investments (UK) Limited 
 
   10 April 2015 
 
   Foresight Group (Foresight) is delighted to announce on behalf of the 
boards of Foresight VCT plc Planned Exit and Foresight 2 VCT plc Planned 
Exit (together the "Foresight Funds") that it has completed the 
successful sale of Channel Safety Systems Group Limited ("Channel") to 
Newbury Investments (UK) Limited which owns a range of electrical 
products businesses including Deta Electrical, Stearn, Norbain and UK 
Electric. 
 
   Channel is a leading manufacturer and distributor of lighting, fire 
detection, door entry, CCTV and disability assistance products, 
primarily through the electrical wholesale channel. 
 
   Foresight backed the MBI of Petersfield based Channel in 2010 since when 
the management team has focused heavily on new product introductions, 
particularly expanding the range of LED emergency lighting, introducing 
an LED commercial lighting range and entering door entry and CCTV 
markets. With the focus on new product introductions, combined with 
investment in brand and sales infrastructure, management has 
consistently grown EBITDA since the MBI. 
 
   The terms of the transaction are confidential. However, we are able to 
advise that aggregate consideration to the Foresight Funds (which each 
hold an equivalent stake) is expected to be GBP1.0m (as compared with 
aggregate cost of GBP151.5k at 31 Dec 2014). Combined with the disposal 
in 2014 of Channel's fire and security installation and maintenance 
division, Foresight's investment in Channel is expected to return 2.0x 
cost and an IRR of 22% for the VCT shareholders. 
 
   James Livingston, Director of Foresight and of Channel (until 
completion) commented, "We are delighted to have supported the 
management team through the journey of management buy-in, continuous new 
product development, EBITDA growth and successful exit. We are proud to 
transition the business to new owners with a substantially stronger 
product portfolio and market position than when we first invested." 
 
   Peter Mazalon, Managing Director of Channel said, 
"It was the right move partnering with Foresight which started well 
right from the outset. Their support throughout the investment period 
was unflinching despite some challenging market conditions in past 
years. We are confident that the effort put into building a strong brand 
and product portfolio will serve the new owners well to take the company 
onto the next growth path." 
 
   ENDS 
 
   For further information, please contact: 
 
   Ben Thompson: bthompson@foresightgroup.eu / 020 3667 8155 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight 2 VCT PLC via Globenewswire 
 
   HUG#1910348 
 
 
  http://www.foresightgroup.eu/ 
 

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