Transaction

Sprint Electric Receives Investment from Foresight

Foresight Group (“Foresight”) the leading listed infrastructure and regional private equity investment manager, has invested Sprint Electric Limited (“Sprint Electric” or “the Company”) to support the development and commercialisation of a new Matrix Converter drive.

The Company, which employs 18 people based in Arundel and Nottingham, was founded by Edwin Prescott in 1987. The investment from Foresight’s VCT Funds and Midlands Engine Investment Fund, will see it complete the development of the new Matrix Converter, hire for both commercial and technical roles, and address the larger AC drive market to both new and existing customers. Co-Managing Directors Mark Gardiner and Gary Keen intend to sell the resulting product range to both new and existing customers. At investment Tim Routsis joined the board as non-executive Chair. Tim’s background includes ten years as Managing Director of automotive engineering company Cosworth as well as non-executive experience at Cox Powertrain.

Sprint Electric has worked with the University of Nottingham as part of an Innovate UK funded collaboration, developing a new product range which converts fixed frequency AC into variable frequency AC with no requirement for a DC link. The precise control of the drive’s bi-directional switches allows power to be transferred in both directions through the converter, allowing a uniform drawdown from the grid and energy regeneration. The new product offering will be well suited for continuous process applications such as steel processing, water treatment and paper mills.

The investment is the first investment from the VCTs and Midlands Engine Investment Fund this calendar year. Foresight supports promising SMEs, enabling them to achieve their business ambitions – expanding into new products and services, adopting ‘good governance’, and creating the high-quality, local jobs that will power tomorrow’s economy. Foresight has a strong track record of enabling growth in the regions as it invests and supports entrepreneurs to scale their businesses.

Mark Gardiner and Gary Keen, co-Managing Directors of Sprint Electric, said: “We are excited to work with an investment partner who shares our passion for green energy and understands the potential of the new drive technology we have developed with our collaboration partners the University of Nottingham and Innovate UK. This will be invaluable as we commercialise the new product range, expand our operations footprint and accelerate our sales growth. “

The Company was advised by Peter Counsell at Meta Corporate Finance.

Sprint Electric is a well-established designer and manufacturer of drives for controlling electric motors in light and heavy industrial applications, which currently employs 18 people.
The investment will enable the final development and commercialisation of a new Drive Technology, which will allow AC-to-AC power transfer, power regeneration and increased energy efficiency, while giving the Company access to the large AC drive market.
Foresight invested £2,500,000 split as £500,000 through the Midlands Engine Investment fund alongside £2,000,000 from Foresight’s VCT funds

Client:

Sprint Electric

Service:

Sell Side

Region:

Sector:

Manufacturing & Engineering

META Project Lead

Peter Counsell

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