Hedges Direct Group has been bought by its current Chairman, Steve Caunce, following a competitive acquisition process.
The Lancashire-based online gardening and landscaping firm has been owned by Foresight, a private equity investment group, since 2016. During that time, there’s been ‘dramatic’ eCommerce growth as Hedges expanded its customer base, and a doubling of revenues.
The sale is reported to have generated 5.6x return to investors in just over four years.
Mr Caunce has been instrumental in driving Hedges’ recent growth, say Foresight. They first introduced him to the business in 2019. Their other senior management changes included promoting Jamie Shipley to MD, and more recently appointing Alex How as finance director.
Mr Caunce said: “I am very excited to have acquired Hedges. The team has built a very solid customer-focused platform ready for growth. The potential for the business as a result of this, is huge. I very much look forward to supporting Jamie and the wider Hedges team to fulfil this potential.”
Jamie Shipley, managing director of Hedges Direct Group, said: “It’s been a pleasure working with Claire and the team at Foresight over the past four years. Together we have strengthened our management team and built solid foundations for growth.”