With Foresight’s backing, TES is pursuing continued growth and will leverage its capabilities and expert team to win new clients
Foresight, a regional private equity and infrastructure investment manager, has acquired a significant minority investment in TES Group
A Northern Ireland-based manufacturer and distributor of high-performance power distribution and monitoring systems has secured backing from Foresight Group.
TES Group was founded in 1999 by Brian Taylor, chief executive, and Noel McCracken, managing director, to provide water and power technology engineering expertise, specialising in critical infrastructure markets.
The group services clients throughout the UK, Ireland, Europe and internationally, from its office and manufacturing facility in Cookstown and via the TES Power Data Centre campus in Co Londonderry. This new facility was launched by TES in 2022, to provide more 300,000 sq ft of additional manufacturing capacity, helping it to meet increased global demand for its products and services.
Foresight, a regional private equity and infrastructure investment manager, has acquired a significant minority investment in TES Group.
With Foresight’s backing, TES is pursuing continued growth and will leverage its capabilities and expert team to win new clients.
The company currently employs 187 employees and has generated compound annual revenue growth of 27% over the last four years. Following on from the launch of the Co. Derry Data Centre campus, the company has experienced a rapid expansion in headcount and will continue to invest in its facilities and talent, supporting job creation in its operating regions.
As part of the investment, James Peacock has been appointed as the new chair. He brings experience of growing businesses operating within critical infrastructure, with more than 20 years of experience as a managing director and CEO at some of the fastest growing companies within the UK. As part of Peacock’s new role with TES he will oversee the strategic direction of the company and support the executive team as they seek to accelerate growth.
Brian Taylor, chief executive of TES, said: “Foresight is the perfect investment partner to help propel our company into the next phase of its growth journey.
"They recognise and support our ambitions and bring a wealth of experience to bear around catalysing the growth of innovative, technology-led, client-service focused businesses. With Foresight’s backing, we look forward to building upon our international presence and delivering large-scale global projects with unmatched efficiency and quality.”
Noel McCracken, managing director of TES, explained: "We are thrilled to partner with Foresight, a firm that shares our vision for revolutionising critical infrastructure through technology and innovation. Their commitment and track record of supporting ambitious companies to scale makes them the ideal partner to fuel our next chapter of growth. With their support, we are poised to expand our reach, accelerate product development, and solidify our position as a leader within our markets."
Graeme Mckinstry, investment director at Foresight, added: "Not only is TES one of the fastest growing UK and Irish companies, it has also been repeatedly recognised as one of Ireland’s best managed businesses. As a result of its market-leading expertise and capabilities, TES has experienced a period of rapid growth and we are delighted to support the Company as it embarks on what is bound to be another impressive expansion phase."