TWO VENTURE capital trusts run by Foresight have made more than a 10 times return on the sale of mass spectroscopy manufacturer, Specac.

Foresight purchased the Kent-based firm in 2015 from Smiths Group, and in that time pushed it to grow more than 70 per cent in headcount, enabling the business to strengthen its management team and governance, as well as numerous product launches.

The group has been sold to an unnamed American investor for £11.2m, more than 10 times what the VCTs paid for it in 2015.

The sale generated an internal rate of return for the VCTs of 34 per cent.

Founded in 1971, Specac builds highspecification diagnostic equipment to measure the chemical and atomic composition of materials, being used in areas such as pharmaceutical research and food safety.

Michael Gray, chair of Foresight Enterprise VCT, added: "Specac has been a great success story for the company and our shareholders. We are delighted that Foresight Group has been able to make such a positive contribution to the growth of the business and we wish Specac continued success."

(c) 2024 City A.M., source Newspaper