Engineering firm secures multimillion-pound PE investment with support from Sintons
Private equity firm Foresight Group has made a multimillion-pound investment into a Cramlington-based engineering business which focuses on energy transition.
Quanta EPC Holdings is a result of a buyout from Engie Group in 2018, and provides engineering and consultancy services to the energy sector.
The business aims to improve UK energy security and support the transition away from fossil fuels.
The investment into the firm comes from the Foresight North East Fund, which was launched with cornerstone funding from Durham County Council’s Pension Fund and additional funding from Teesside Pension Fund.
It will help to accelerate the businesses presence in its markets, as well as enabling it to grow its staff base, creating high quality jobs in the region.
Foresight has supported its grant with the appointment of local industry specialist Ian Clifford, who will join the board as non-executive chairperson, and finance director Catherine Earl.
Nick Oates, chief executive of Quanta, said: “We are delighted to be working with Foresight and are excited about the future. Our ability to capitalise on future growth opportunities and support our clients is now enhanced by an experienced, local investment partner.
“As we look forward, we are assisting our clients to tackle various energy challenges, including the need for increased domestic energy security in line with the Government’s British Energy Security Strategy, whilst also driving the Energy Transition – with Foresight’s backing we are looking to the future with ambition and high expectations.”
Jordan Lavender, investment manager at Foresight, added: “Quanta has built a strong reputation within the energy sector as a specialist engineering service provider. We look forward to partnering with Quanta’s management team to drive the business forward, accelerate growth and secure upcoming opportunities.”
Cllr Richard Bell, Durham County Council’s cabinet member for finance, said: “This investment is an example of how we are supporting the growth of independent businesses through our contribution to the North East Fund. We are delighted that Quanta has been able to benefit from this investment and look forward to seeing more businesses achieve the same level of growth through the Fund.”
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This article was published in Insider Media on 29/9/22.
