Foresight Group, an investment manager with a range of listed and private investment solutions in real assets located in the UK, Europe and Australia, and growth capital for businesses across UK and Ireland, has acquired WHEB Asset Management.
Headquartered in London, WHEB is an impact investor, managing a single global mid-cap equity strategy that invests in listed companies whose products and services provide solutions to key sustainability challenges.
WHEB’s key employees, including the management team, will join Foresight and be integrated into the Foresight Capital Management division.
The fund manager and investment team will retain their existing responsibilities and continue to be based in London.
Foresight said the Acquisition would reinforce FCM’s position as a leader in impact investing in public markets, represents FCM’s entry to the Australian market via WHEB’s joint venture with Pengana Capital Group, unlocks distribution synergies, and supports product and customer diversification of the division.
The acquisition is anticipated to be immediately accretive to core EBITDA pre SBP. The acquisition is structured with 50% upfront consideration, 50% deferred consideration and a management performance entitlement payable in cash over a three-year period, subject to certain performance targets.
The acquisition is also structured to align incentives and will be funded from existing cash resources, with completion expected in the first half of 2025.
Bernard Fairman, executive chairman of Foresight Group Holdings Limited, said: “We continue to pursue opportunities to support business growth, and today’s announcement is a prime example of our proactive management.”
