Foresight Group (“Foresight”), a leading regional private equity and infrastructure investment manager, has announced a significant minority investment into Northern Ireland’s TES Group (“TES” or the “Company”), a long established, manufacturer and distributor of high-performance power distribution and monitoring systems.
TES was founded in 1999, by Brian Taylor, CEO, and Noel McCracken, Managing Director, to provide water and power technology engineering expertise, specialising in critical infrastructure markets.
Since its inception, TES has grown rapidly, becoming recognised as one of the fastest growing companies in the UK and Ireland. The group services clients throughout the UK, Ireland, Europe and internationally, from its state-of-the-art office and manufacturing facility in Cookstown, Co. Tyrone and via the TES Power Data Centre campus in Co. Derry. This new facility was launched by TES in 2022, to provide over 300,000 sq. ft. of additional manufacturing capacity, helping it to meet increased global demand for its products and services.
Amongst TES’ major current client instructions are an eight-year Framework Contract that will see TES deliver water and wastewater non-infrastructure projects throughout the Thames Water region; a large-scale power distribution unit project to help deliver a new 40MW data centre development in Milan, Italy; and a contract to supply the LV power distribution equipment for a new 57MW data centre in London.
TES holds an enviable position in both the water and power markets, built on a market leading reputation for levels of quality and service delivery. With Foresight’s backing, TES is pursuing continued growth and will leverage its capabilities and expert team to win new clients. The Company currently employs 187 employees and has generated compound annual revenue growth of 27% over the last four years. Following on from the launch of the Co. Derry Data Centre campus, the Company has experienced a rapid expansion in headcount and will continue to invest in its facilities and talent, supporting job creation in its operating regions.
PMSI provided CDD to support the transaction, which included the detailed sizing of TES’ core value proposition across the water and wastewater engineering market and the low-voltage power distribution systems market. Our work also included analysis of key market drivers, such as the transition from AMP7 to AMP8 and the growing demand for hyperscale data centres, as well as an overview of TES’ competitive positioning.