Member Article

Travis Perkins makes £8m green acquisition

Building firm, Travis Perkins, has acquired Preston-based renewable energy specialist, Solfex Energy, for an £8m cash consideration.

The Northampton-headquartered business said it will use the deal to offer its customers an improved and greener building service, supported by Solfex’s capabilities.

Formed in 2006, the bought company provides components for renewable energy systems, such as solar panels and heating systems, and has achieved a revenue growth rate of 179% over the past three years.

In December, Solfex was named as the fifth fastest growing UK business in the Sunday Times’ Virgin Fast Track 100.

Revenues of £21.9m were reported for the past 12 months to the end of December, while operating profits reached £2.2m.

The energy-conscious company also won equity investment from Panoramic Growth Equity in September 2011.

Chief executive of Travis Perkins, Geoff Cooper, commented: “Solfex is a valuable addition to the Plumbing and Heating Division of the Travis Perkins Group.

“Our strategy of offering our customers an integrated approach to energy efficient building will be greatly enhanced by the market leading proposition created by the Solfex team.”

Wednesday’s initial £8m offering is subject to additional payment depending on Solfex Energy’s performance prior to completion.

This was posted in Bdaily's Members' News section by Miranda Dobson .