RGM Vent to use the funding to expand its ventilation work in the UK and Ireland
A Ballyclare-based ductwork specialist is set to benefit from £3.35m funding.
RGM Vent, a specialist in heat and smoke ventilations systems, secured the investment from the Scottish private equity group Foresight Group.
It will use the new funds to develop new opportunities in the market, with particular focus on the expansion of its existing operations in Scotland and Ireland.
The Ballyclare-based firm said it anticipates benefiting from a backlog of public sector spending on infrastructure as part of the regional ‘levelling-up’ agenda.
It also expects to be part of a greater focus on improved fire and safety solutions, increasing the demand for specialist smoke ventilation systems within new build commercial infrastructure.
As part of Foresight’s support, two new senior hires have been made. Ken Lewandowski joins as non-executive chairman while Gavin Eakin has been appointed finance director.
Raymond Murphy, chief executive of RGM Vent, said: “The team at RGM is very much looking forward to working with Foresight in taking RGM to the next level. It has without doubt been a team effort, not only from within RGM but with involvement from Lowry Grant at PKFFPM and Julie Skelly at Danske Bank.”
Graeme Mckinstry, investment manager at Foresight, added: “We are delighted to support Raymond, Maurice and the wider team at RGM Vent as they target a significant growth opportunity in the market. We have been impressed by the strong track record of profitable growth demonstrated by the company and look forward to supporting RGM as it seeks to increase market share substantially and increase the scale of its operations across the UK and Ireland.”
The funding is a co-investment between the Foresight Scottish Growth Fund and the Northern Ireland Opportunities Fund II, also managed by Foresight.
Established in 2010, RGM Vent offers ductwork design and installation services across the UK and Ireland.
It has carried out work on schemes including WuXi Pharmaceutical in Dundalk, University of Ulster in Belfast, Hampton by Hilton in Edinburgh and Longwater Office Development in Reading.
It also completed £1m of work at the new Center Parcs venture in the Republic.
The €230m (£203m) resort in Longford is one of the biggest tourism projects ever undertaken in the country.
RGM Vent has experienced significant growth over the last five years and now employs 75 staff.
The company also recently acquired Advanced Ventilation Solutions which enables the company to enter the smoke, heat, and exhaust ventilation market, further expanding its service offering.
Foresight is an award-winning listed infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
It has over £7bn of assets under management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs). Foresight’s Private Equity Team manages around £700m in a portfolio of more than 100 firms.