J+S Subsea Secures Significant Investment from Foresight Group
Deal News | Nov 29, 2024 | Foresight Group
Foresight Group, a prominent private equity and infrastructure investment manager, has announced a new investment in J+S Subsea, a leading subsea engineering company based in Dyce, Aberdeen. The investment aims to support the company’s ambitions of international expansion and entry into new sectors. The origins of J+S Subsea trace back to 1959, and since the 2020 management buyout, it has seen remarkable growth, with its revenue more than doubling. This growth has established the company as one of Scotland’s fastest-growing in 2024. Foresight's investment is designed to bolster the company’s existing plans, allowing J+S Subsea to leverage opportunities in domestic and overseas markets. To complement this growth strategy, two senior appointments have been made: Mark Patterson as Non-Executive Chair and Andrew Glen as CFO, both bringing considerable expertise. Phil Reid, the CEO of J+S Subsea, expressed enthusiasm for the partnership with Foresight, citing shared values in promoting sustainability and advancing the UK’s net zero agenda. In Scotland, Foresight continues its investment trend, contributing over £58 million to date into various companies. Advisors for the deal include AAB for Corporate Finance and Addleshaw Goddard for legal advice, among others.
Sectors
- Private Equity
- Subsea Engineering
- Sustainability
Geography
- United Kingdom – Both Foresight Group and J+S Subsea are located in the UK, and the investment is focused on expanding within and beyond the UK markets.
- Scotland – J+S Subsea is headquartered in Dyce, Aberdeen, and Foresight Group has made significant investment contributions in Scotland.
- International – The investment aims to help J+S Subsea expand into international markets.
Industry
- Private Equity – Involves investments and buyouts in companies, evidenced by Foresight Group's investment in J+S Subsea.
- Subsea Engineering – J+S Subsea specializes in subsea control systems, an essential part of the subsea engineering sector.
- Sustainability – The investment aligns with promoting sustainability and supporting net zero initiatives within the subsea industry.
Financials
- 58 million – Total investment by Foresight into various companies in Scotland to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Foresight Group | Private Equity Investor | Company | A PE firm investing in J+S Subsea to support growth and expansion. |
| J+S Subsea | Target Company | Company | A subsea engineering company receiving investment from Foresight Group. |
| Phil Reid | CEO | Person | Chief Executive Officer of J+S Subsea. |
| Mark Patterson | Non-Executive Chair | Person | Appointed as Non-Executive Chair to support J+S Subsea's growth. |
| Andrew Glen | CFO | Person | Appointed as Chief Financial Officer to support J+S Subsea’s financial growth. |
| AAB | Corporate Finance Advisor to J+S | Company | Provides corporate finance advice to J+S Subsea. |
| Addleshaw Goddard | Legal Advisor to J+S | Company | Handled legal advisory services for J+S Subsea. |
| Hutcheon Mearns & Azets | Financial and Tax Due Diligence | Company | Performed financial and tax due diligence for Foresight. |
| Anderson Strathern | Legal Advisor to Foresight | Company | Provided legal advisory services to Foresight. |
| Calash | Commercial Due Diligence | Company | Handled commercial due diligence for Foresight. |
| Confidas | Management Due Diligence | Company | Conducted management due diligence services for Foresight. |
| Vista | Insurance Due Diligence | Company | Performed insurance due diligence for Foresight. |
| Third Party Cyber Security | Cyber Due Diligence | Company | Provided cyber due diligence for Foresight. |
| Boyden | Recruitment | Company | Handled recruitment services for the deal. |