A Hull-based fire suppression developer has secured a £4.5 million investment to drive national and international growth plans.
IMist Holdings, a manufacturer of water mist protection systems, has been backed by independent infrastructure and private equity investment manager Foresight Group.
Founded in 2015 by managing director Tony Sims, who has more than 20 years’ engineering experience, he has developed a range specifically for larger residential properties.
Mr Sims, managing director, said: “It gives me great pleasure to announce that IMist has now partnered with Foresight to take the business to the next level.
“Foresight’s experience of supporting sustainable businesses enabled this to be a seamless process. The partnership will allow IMist to grow and invest further in environmentally friendly fire suppression systems for legislative markets across the globe. 2021 will mark the start of this journey and the team could not be more excited for the future.”
The investment is described as supporting Foresight’s ethos of investing in sustainable local infrastructure. London-headquartered, it has £6.8 billion of assets under management.
As well as supporting changes in UK building regulations which is driving demand for innovative fire suppression solutions, the technology is also described as being substantially more environmentally friendly, reducing the amount of water required compared to traditional sprinkler systems by almost 90 per cent, while still providing appropriate protection from fire.
Foresight’s investment will drive further growth and development activities across the UK, on the back of the current regulatory opportunity.
Mr Sims, who worked for Marks and Spencer and Kingspan before launching the Argyle Street business, said IMist will expand operations in Scotland, and open two new branches in the North West and Wales to accelerate residential opportunities nationally.
It will also seek to progress product approvals to enable US market entry this year, with North America representing a particularly large market opportunity.
Francesca Dickinson, investment manager at Foresight, added: “We are delighted to support Tony and the wider team at IMist as they target a significant market opportunity. We are impressed by the business’ growth since inception and look forward to working with the team going forward.”
Advisers to Foresight included a team from Leeds law firm Clarion Solicitors, as well as James Cowper Kreston for financial due diligence, RW Blears, legal due diligence, and Catalysis, management due diligence.
Jonathan Simms of Clarion said: “The investment marks another important chapter in the growth of this successful and innovative Hull-based business. We wish them every success with their expansion plans.”
