James Cowper Kreston provide transaction support

James Cowper Kreston’s Corporate Finance team recently provided transaction support to Foresight Group for their £4.5m investment in IMist.

Based in Hull, IMist Holdings provides pioneering  fire protection systems that are easy to install, cost-effective, discreet and allow greater adaptability than the traditional water mist and sprinkler systems on the market which can be installed in almost all residential and domestic property types.

Foresight’s investment in IMist Holdings will help to drive further growth and development activities for the company across the UK on the back of the current regulatory opportunity. It will also seek to progress product approvals to enable US market entry this year, with North America representing a particularly large market opportunity. The investment is described as supporting Foresight’s ethos of investing in sustainable local infrastructure, who now have £6.8 billion of assets under management.

As well as supporting changes in UK building regulations which is driving demand for innovative fire suppression solutions, the technology is also described as being substantially more environmentally friendly, reducing the amount of water required compared to traditional sprinkler systems by almost 90 per cent, while still providing appropriate protection from fire.

Brad McAvoy who led the team from James Cowper Kreston Corporate Finance said “We were excited to work with Foresight on their investment in IMist.  It is pleasing to see investment continuing in the current economic climate for quality growth businesses. We look forward to working with Foresight again soon.”

David Turner, Investment Director at Foresight, added: “The due diligence was done well and in a timely manner and the team were responsive on the follow up questions we had.  We would use James Cowper Kreston again.”

Advisers to Foresight also included Clarion Solicitors, as well as RW Blears, legal due diligence, and Catalysis, management due diligence.