Hedges Direct bought by chairman
Euxton-based Hedges Direct Group has been bought by its chairman, Steve Caunce, from the Foresight investment group.
Foresight originally invested in the company, an online retailer of gardening and landscaping equipment, in August 2016.
Under its guidance, Hedges has grown to encompass three companies, all focused on horticultural niches. The group has invested in its websites and marketing strategy, greater fulfilment capabilities and new improved office facilities. This allowed Hedges to expand its customer base, targeting both consumer and trade, leading to a 93% increase in revenues in four years.
Steve Caunce, who was brought in to lead Hedges by Foresight in 2019, won a competitive process to acquire the company. The sale represents a 5.6x return for the investors.
Steve 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."
Claire Alvarez, director at Foresight, added: "The growth in the ecommerce sector over the past three years has been dramatic and we are delighted that we have been able to support Hedges in its growth journey and in creating new jobs and opportunities in Lancashire."
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