Energy industry engineering supplier Quanta has received a multimillion-pound injection from a private equity investor including two local authority pension funds.
Cramlington-based Quanta, which also runs an Aberdeen office, has received the investment from Foresight North East Fund which is funded by Durham County Council’s Pension Fund and Teesside Pension Fund. The firm emerged from an Engie Group buyout in 2018 led by chief executive officer Nick Oates who has overseen a broadening of services into renewables and other infrastructure.
It is the first regional investment for the Foresight North East Fund which can offer up to £5m investments and is "cornerstoned" by Durham County Council's Pension Fund which committed £18m at its launch. Quanta said the deal will help it accelerate growth plans in the hydrogen, carbon capture and offshore wind markets.
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Plans are in place to grow the firm's headcount following the investment as Quanta confirmed two senior appointments in Ian Clifford as non-executive chairperson and Catherine Earl as finance director. Nick Oates said: "We are delighted to be working with Foresight and are excited about the future.
"Our ability to capitalise on future growth opportunities and support our clients is now enhanced by an experienced, local investment partner. As we look forward, we are assisting our clients to tackle various energy challenges, including the need for increased domestic energy security in line with the Government’s British Energy Security Strategy, whilst also driving the energy transition – with Foresight’s backing we are looking to the future with ambition and high expectations."
Jordan Lavender, investment manager at Foresight, added: "Quanta has built a strong reputation within the energy sector as a specialist engineering service provider. We look forward to partnering with Quanta’s management team to drive the business forward, accelerate growth and secure upcoming opportunities."
Coun Richard Bell, Durham County Council’s Cabinet member for finance, said: "This investment is an example of how we are supporting the growth of independent businesses through our contribution to the North East Fund. We are delighted that Quanta has been able to benefit from this investment and look forward to seeing more businesses achieve the same level of growth through the fund."
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