Foresight Group has invested £12m of equity to support the management buyout of Automotive and Industrial Consumables (AIC), a Leeds-based distributor of automotive, electrical and industrial products.
The deal, funded through the £100m Foresight Yorkshire and North East Fund, sees the private equity manager acquire a significant stake alongside existing senior executives.
The transaction was led by investment director Richard Ralph, senior investment manager Rob Carroll and investment manager Samuel Bardsley.
The Leeds-based target imports and distributes automotive, electrical and industrial consumables, supplying more than 6,100 products to 5,500 customers across the UK, Europe and the US.
The investment will fund the company’s next expansion phase, including sales and marketing investment, website optimisation, product expansion and enhanced use of data and artificial intelligence analytics.
Managing director Prakash Patel leads the management team alongside finance director Jake Bury, sales director Neil Hodson and procurement director Raj Patel.
Former Aspen Pumps group operations director Andrew Wakelin has also joined the business as chair.
The transaction represents the fifth investment made by Foresight Group across Yorkshire and the North East in the past 12 months, following recent deals for Alan Wood and Partners, Connective3, Federal and Envoke.
Patel said: “The management team has been driving the business for many years and is excited to take this next step. With Foresight’s backing, we can invest behind a clear growth strategy, strengthen our market position and unlock opportunities that were previously out of reach.”
Ralph added: “AIC combines many of the qualities we look for: a strong management team, highly recurring revenue, excellent cash generation and a market-leading position from which it can grow further.”
