A Lancashire online gardening and landscaping business has been sold by private equity firm Foresight Group to a former chief executive of listed white goods and technology retailer AO World. Steve Caunce first joined Hedges Direct Group, which is based in Euxton, in 2019 and has now acquired the business after a competitive sales process.
The deal is the second exit from Foresight Regional Investment LP following the sale of Clubhouse Golf in March 2020. To date, £44.1m has been returned to the fund, representing 84% of drawn capital, after just two exits and with 15 portfolio companies remaining. Following Foresight’s original investment in August 2016 staff numbers have increased by 60% while its revenue surged 93 per cent in four years.
Caunce, who is the company’s chairman, said: “I am very excited to have acquired Hedges. “The team has built a very solid customer focused platform ready for growth. The potential for the business as a result of this is huge. I very much look forward to supporting Jamie and the wider Hedges team to fulfil this potential.”
Read more/Source: Business Live
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