Hewitsons' Corporate team has advised Northampton-based client, The Travis Perkins Group, on its £8 million acquisition of renewable energy distribution specialists, Solfex Energy Systems (Solfex).
The acquisition will enhance The Travis Perkins Groups’ offering of energy efficient building products and services to its customers. The initial sum of £8 million may increase by further amounts depending upon performance.
The Hewitsons team was led by corporate partner, Neil Harpham, who was assisted by solicitor Dorian Rees. Additional specialist support was provided by partners Nick Hall (employment) and Kevin Fletcher (commercial) together with associate, Mike Russell (commercial property).
Neil Harpham commented: “We were faced with various commercial pressures on both sides to get this deal finalised quickly and were delighted to be able to complete within these time constraints. Although there were various challenges along the way, our good working relationship with The Travis Perkins Group, and our understanding of its objectives, helped us to achieve an outcome which was beneficial to all parties.”
Ivan Trevor, who led the M&A team on the transaction at The Travis Perkins Group, said: “We identified that Solfex would be a valuable addition to the Travis Perkins Group and were keen to conclude a deal. Neil and the team at Hewitsons worked seamlessly with us, providing commercial advice and depth of resource, ultimately delivering the transaction within our desired timeframe.”
Solfex was set up in 2006 by Stuart and Susan Cooper and today operates as an integrator of renewable energy systems, using its distribution platform to integrate and supply components to the UK’s renewable companies. The business prides itself on providing a value-added service to customers through comprehensive technical and customer support. In September 2011, it secured equity investment from Panoramic Growth Equity, the leading equity investor in fast growing, entrepreneurial companies.
About Travis Perkins plc
The Travis Perkins Group is the UK’s leading company in the builders' merchant and home improvement market, and the UK’s largest supplier to the building and construction market. The Group operates 16 businesses from 1,900 sites across the UK, and employs approximately 24,000. With a proud heritage that can be traced back over 200 years, our employees are continuing that tradition by helping to build Britain. For more information, please visit www.travisperkinsplc.co.uk.
Solfex Energy Systems was set up in 2006 by Stuart and Susan Cooper. It has grown from £700,000 revenues in 2008 to over £22m in 2012. It provides renewable energy systems to a range of customers including installers, building merchants, housing associations and large scale renewable scheme developers. It offers a broad product range including Solar PV, Solar Thermal, Heat pumps and will launch an under floor heating range in early 2013.