The Travis Perkins Group has today announced the acquisition of Solfex.
Solfex was set up in 2006 by Stuart and Susan Cooper and today operates as an integrator of renewable energy systems and distributor of components to the UK’s renewable companies.
Initial consideration was £8m with further amounts due depending on performance.
The business says it 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.
With a team of only 15 staff, Solfex reports that it has generated a cumulative annual revenue growth rate of 179 percent over the past three years, and in December 2012, was listed as the UK’s fifth fastest growing private company in the Sunday Times Virgin Fast Track 100. In its last financial year, Solfex achieved revenues of £21.9m and an operating profit of £2.2m.
Paul Joyner, Travis Perkins Group director of sustainability, said: “Solfex is a valuable addition to 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.”
Stuart Cooper, managing director of Solfex, said: “The team at Solfex is delighted to be joining the Travis Perkins Group. We have worked extremely hard over the years to establish ourselves as one of the UK’s largest specialist independent renewable energy suppliers and this is a natural next step as we continue that journey.
“From the outset, we’ve stayed ahead in terms of new innovation, developing strong relationships with our suppliers to provide the renewable energy products installers require. The launch of the Green Deal, full implementation of the Renewable Heat Incentive and stability around the existing Feed in Tariff, when considered alongside rising energy prices, demonstrates that renewable energy products will become an increasingly important feature of new and existing buildings.
“We are committed to growing the company and, as part of the Travis Perkins Group, Solfex will work to make an expanded product range and expert service available to both existing and new customers.”