Foresight invests in marketing agency with US client base
Private equity group Foresight has invested into Chester-based ArmstrongB2B a specialist marketing agency for global blue-chip industrial brands.
Founded in 1991, ArmstrongB2B provides a single-source marketing offering which includes brand development, animation, web development, campaign management and performance marketing. ArmstrongB2B is highly regarded for its CGI and animation capabilities that allow its clients to visualise and communicate complex industrial technology to global audiences.
Employing 54 staff, the Company operates from a head office in Chester and generates revenues of £7.6 million and its 40% of its revenues are in the US.
The company is led by CEO, Daniel Owen, who said: “Over the last six years we have worked hard as a team to grow internationally and into core sectors. Today, over 70% of our business comes from outside of the UK with the US representing almost 40% of our revenue. We need a strong partner with experience in international expansion to help us realise our ambitions in taking ArmstrongB2B into key territories. We met a number of potential partners and had a great feeling from the team at Foresight. Their track record in supporting ambitious businesses to scale internationally and their knowledge and experience in industrial sectors provided the right combination. We are thrilled to be working with Foresight and, with their support and experience, we plan to bring even greater value to our customers across the world.”
Its animation clients include, Dynapac, a Swedish multinational engineering company and Bucher Municipal, which produces road sweeping, sewer cleaning and winter maintenance machines.
Stephen McGuinness, Senior Investment Manager at Foresight said: “Daniel and the rest of the management team have done a fantastic job in building such a highly regarded business with a strong sector reputation in the industrials market. Throughout the process we were impressed with the strong feedback that ArmstrongB2B received from its customers, which demonstrates the significant value they bring. ArmstrongB2B is well placed to take advantage of this strong reputation and we see significant growth potential across a number of territories including the US. We are excited to be working with Daniel and the team.”
Advisers to Foresight were: DLA Piper (legal); MHA (financial and tax due diligence); CIL (commercial DD); Catalysis (management DD); Lockton (insurance DD); Third Party Cyber Security (Cyber DD).
Corporate finance advisers to the shareholders were Cowgills and legal Advisers were Addleshaw Goddard.
No details have been released on the size of Foresight’s stake in Armstrong, or the cheque size, but more details will follow.
