IT services provider secures Foresight backing and makes first acquisition

VS Group, an IT services provider based in Lancashire, has secured backing from private equity firm Foresight Group and made the first acquisition in a planned buy and build strategy.

Based in Barrowford, Lancashire, as well as in Manchester, VS Group provides IT and cyber security services to businesses and charities. The company was founded in 2012 by Managing Director Kevin Penman and co-director Jason Savion.

Following Foresight’s investment, VS Group has acquired Liverpool-based IT managed services provider (MSP) The PC Support Group for an undisclosed sum. The acquisition boosts customer numbers at the enlarged business by more than 200 and is planned to be the first of a number of bolt-on acquisitions in the SME sector over the investment period, as VS Group embarks on an M&A-led strategic growth plan.

Sophie Clough, Investment Manager at Foresight in Manchester said: “VS Group is a great example of a founder-led regional business with lots of growth potential and we are delighted to be working with Kevin and Jason, alongside both the VS Group and The PC Support Group teams, on the next stage of their growth journey.”

"The need for every business with people working flexibly to have secure IT networks and strong cyber security has never been higher so we are investing in a growing and highly resilient sector. The market place is highly fragmented and we are keen to support VS Group’s organic growth with further strategic acquisitions across the North and Midlands."

To support VS Group’s leadership team in their efforts to scale the business, Foresight has brought experienced IT services executive Iain O’Kane to the business as Chair. Previously acting as CEO of IT, cyber and business applications provider Xperience Group (where he still works in a non-executive role), O’Kane helped to grow the business to £25 million in revenue, before attracting investment from private equity firm Bowmark Capital.

Foresight’s investment in VS Group is the first transaction from its third dedicated North West Fund. Backed by Greater Manchester Pension Fund, Clwyd Pension Fund and Merseyside Pension Fund, the latest fund will provide flexible equity investments of up to £15 million into companies across all sectors.

Since raising its first regional North West fund in 2015, Foresight has backed more than 30 companies in Greater Manchester, Merseyside, Cheshire, Lancashire and North Wales.

Discover more about the process of attracting private equity backing for M&A-led growth

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