Private equity firm Foresight has invested an undisclosed sum in Scottish screen printing company Mclaggan + Co which will support the acquisition of giftware business Customworks.
The transaction will accelerate the expansion of both companies into new areas and additional product categories.
It creates a combined group of more than 100 employees, with further acquisitions planned to continue the growth and development of the group.
Keith Mitchell, executive chair, will be supported by newly-appointed chief executive Brian Macpherson.
Foresight, a constituent of the FTSE 250 index, joins existing investor, Glasgow-based N4 Partners.
Mclaggan has been collaborating with artists and designers to offer screen-printing, decorating and kiln-firing bone china mugs and other ceramics at their factory near Loch Lomond for just over 50 years.
It has delivered strong growth in recent years and has diversified its range of giftware, with customers valuing the company’s high-quality range of products.
Customworks, founded in 1997, has facilities in Bo’ness and Malaga. It offers a product range that includes bespoke giftware for major tourist attractions such as museums, galleries, and heritage sites.
Harry Staples, investment manager at Foresight Group, said: “This is an exciting investment, and we look forward to working with the teams at Mclaggan and Customworks to build on the success that each business has already experienced, and to support further growth over the coming years.
We are committed to funding promising companies located across the whole of Scotland. This investment demonstrates our ability to deliver flexible funding and exit solutions for Scottish Companies.”
Mr Mitchell said: “We are pleased to be partnering with Foresight on this investment, which represents an important milestone for both Mclaggan and Customworks. The businesses
have each established strong market positions and a reputation for quality and innovation.
“With Foresight’s backing, we are confident in our ability to accelerate growth, enhance operational capabilities, and deliver long-term value for our customers, employees, and stakeholders.”
To date, Foresight has invested over £60 million into growing companies in Scotland across all sectors and transaction types, which has created over 170 jobs. Recent investments include
Graham + Sibbald, MyWay Digital Health and uFraction8.
#Foresight #backs #Mclaggan #Customworks #Daily #Business