FIS will now join Shrieve Chemical Company, a US based value-added distributor of speciality and commodity chemicals. The investment has generated an IRR of 33% for Maven and Foresight and follows the rapid growth of the business since the original investment in 2020.

Established in 1980 and based in Aberdeen, FIS specialises in the formulation, manufacture and distribution of chemical products for customers across a range of industrial sectors - including oil & gas, renewables, marine, hospitality and logistics. Following a Management Buy-In in 2020, led by Kenny Woods and Gordon Davidson, the management team have accelerated FIS’ growth by diversifying into new end-markets, growing internationally and expanding the product offering, both organically and through acquisition.

During the investment period, annual revenue increased by more than 160% and FIS has remained committed to improving energy usage practices and reducing environmental impact. As part of its annual ESG report, FIS has committed to Net Zero emissions by 2030 and has reduced annual C02 emissions by 70% since 2020.

Kenny Woods, CEO of FIS, said: “I would like to extend my sincere thanks to Foresight and Maven for their belief in the business and for courageously backing the management team amid the 2020 pandemic.

“Their expert guidance, continued support and trusted partnership have been invaluable throughout this journey, and it has been a genuine pleasure working together. I am incredibly proud of what the FIS team has achieved. Our year-on-year growth is a testament to their dedication, talent and resilience.

“Looking ahead, we are excited about the opportunities with Shrieve Chemicals. Becoming part of a larger and more diverse organisation creates new opportunities for the FIS team and further strengthens our position in the market.

“We will continue to focus on manufacturing high-quality products for our extensive customer base, while  bringing new technologies and solutions to the global market.”

Martin McLaren, partner at Maven, said: “We are delighted to have supported the growth of FIS  Chemicals and helped it reach this successful outcome.

“We had tracked the company for many years before investing and had always been impressed by its market leading products and its commitment to the highest environmental and ISO standards. The management team have performed exceptionally well in driving its expansion and we have every confidence the company will continue its exciting growth journey with its new US parent. It is also particularly pleasing to deliver such a strong return for Maven Investor Partners.

“Delivering positive outcomes such as this reflects the quality of Maven’s investment strategy, and the disciplined approach the team brings to value creation.” 

Ryan Finesy, senior investment manager at Foresight, said: “FIS is a real success story for Scottish SMEs and a great example of private capital enabling the continued growth of a well-established business, both internationally and domestically.

“It has been a pleasure working with Kenny, Gordon and the wider team. We wish them all the best as part of Shrieve and look forward to hearing about the company’s continued success. FIS also demonstrates that having sustainability as a key component of business strategy helps drive long term resilience and value”