Travis Perkins acquires Solfex Energy Systems
Published: 30 January, 2013
Travis Perkins has today announced the acquisition of renewable energy distribution specialists, Solfex Energy Systems.
Solfex was formed in 2006 by Stuart and Susan Cooper and 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 provides a value-added service to customers through comprehensive technical and customer support. In September 2011, it secured equity investment from Panoramic Growth Equity.
Solfex has generated a cumulative annual revenue growth rate of 179% 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. Initial cash consideration was £8m with further amounts due depending on performance.
Geoff Cooper, chief executive of Travis Perkins, 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."
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."