Foresight Group LLP is pleased to announce the successful sale of Selazar Limited, a logistics management software platform, to an independent global investment firm after a 3.4x return on investment.
The sale of Selazar is the first successful exit for the Foresight Midlands Engine Investment Fund and the seventh exit for Foresight’s Private Equity team in the last twelve months.
In November 2019, Selazar received a £500,000 investment from the Midlands Engine Investment Fund (“MEIF”), East Midlands Equity Finance Fund, managed by Foresight.
Since its investment, Selazar has launched its proprietary software platform and opened a base in Castle Donington, Leicestershire. In the process, creating more than 20 jobs across the East Midlands and Belfast.
Selazar’s new investment partner will provide £20m of further growth capital to support expansion across Europe, the US and Latin America with total headcount projected to quadruple over the next year.
Based in Castle Donington and Belfast, Selazar is an end-to-end stock management software platform which aims to simplify and reduce the costs of fulfilling e-commerce sales orders for retailers and logistics providers. Selazar connects the four major components of e-commerce order fulfilment: product suppliers, fulfilment centres, couriers and retailers. Retailers are able to readily view and manage their stock, sales orders and returns through a single, unified platform.
This transaction also represents the seventh realisation by Foresight’s Private Equity team in the last 12 months, cementing its position as one of the most active SME investors in the UK market.
Jack Williams CEO of Selazar said:
“Foresight’s support over the last two years has been invaluable in helping us establish our business, launch our innovative platform to market and deliver those initial, critical phases of growth. Through the support of Foresight and other investors, we have been able to attract our new investment partner, which will help us achieve our next phase of global growth”.
Adam Huckerby, Senior Investment Manager at Foresight, added:
“It has been a pleasure to work with Jack and the whole Selazar team over the last two years, supporting them during their early stages of development. This is an excellent example of how emerging businesses can benefit from regional funding initiatives such as MEIF, allowing them to focus on delivering growth and subsequently attract significant development capital to continue this trajectory. We wish the team all the best in the next chapter of their exciting journey.”
Kevin Harris, Chair of the LLEP Board of Directors, said:
“It’s great news to see a Leicestershire business receive investment through the Midlands Engine Investment Fund and move to the next stage of growth. This success story has also created 20 local jobs in LLEP priority sectors of tech and advanced logistics, with more to come as the business continues to grow.
“The Midland Engine Investment Fund was set up to support businesses to grow and create jobs across the region and I am delighted to see another Leicestershire business benefit from the fund. I wish Salazar every success for the future.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.