Kirkby-headquartered Future Industrial Services undergoes multi-million pound buyout

An industrial services company in Merseyside has undergone a multi-million pound management buyout backed by private equity firm NorthEdge Capital LLP.

Kirkby-headquartered Future Industrial Services Limited (FIS) has been bought out by its CEO, David Lusher, and FD Scott Dunning from Irish listed parent company One51 PLC.

NorthEdge supported the transaction at an equity value of £16m.

FIS was established in 1999 and today operates a 75-strong fleet of specialist vehicles for its waste management and decontamination services.

The company, which employs a team of 275 across eight UK sites and boasts an annual turnover of £24m, was advised on the deal by the corporate finance team at professional services giant EY.

FIS chief exec David Lusher said: “The EY team has provided invaluable support to us throughout the transaction process.

“Their experience and understanding of traditional MBOs from a wider group, along with their strong relationships with an extensive network of mid-market private equity investors, have been key in securing this deal.”

He added: “They have been committed to providing us with an excellent outcome and we are looking forward to the next stage of FIS’ development.”

EY’s North corporate finance team was headed up by Mark Clephan with support from Mitchell Cox and Lauren Spours.

Mark Clephan, the head of EY’s corporate finance operations in the North, commented: “FIS is a specialist environmental services provider which under David’s leadership has seen fast growth both organically and via acquisition over the last 12 months.

“The MBO represents an exciting next stage in FIS’ development; backed by an equity partner, NorthEdge, with the ambition to accelerate growth and develop the FIS’ business even further.”

NorthEdge partner and head of new business, Ray Stenton, led the deal with support from the firm’s head of Manchester, Jon Pickering, investment manager George Potts and investment executive Greg Holmes.