Travis Perkins snaps up £22m-turnover energy company

Deal sees Panoramic Growth Equity exit the firm

Panoramic Growth Equity has sold its shares in renewable energy systems distributor Solfex Energy Systems to Travis Perkins for an undisclosed sum. The deal sees Panoramic exiting Solfex 16 months after investing £1.25m in the renewable energy systems provider, generating an internal rate of return (IRR) of 62%, which is expected to rise to 20% following the earn-out period. With turnover growing from £5m to £22m over the past two years, the renewable energy systems provider was recently listed as the UK’s fifth fastest growing private company in the annual Sunday Times Virgin Fast Track 100. Following the deal with Grant Thornton, which marks the first exit from the £34m Panoramic Enterprise Capital Fund I, Solfex is forecasting a further 50% growth in revenue and profit for the current financial year. Malcolm Kpedekpo, partner at Panoramic is confident that Solfex will see continued rapid growth. He said: “Solfex is a fantastic business that has achieved impressive growth in a short timeframe and is a shining example of a management team who know their market inside out.  “Further exciting new opportunities exist for this market leading business to utilise the high growth opportunities that lie within the UK’s renewable energy sector as part of the wider Travis Perkins group.”

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