Lancashire’s fastest-growing business has been snapped up in an £8m deal by building materials group Travis Perkins.
Solfex, the renewable energy firm based in Bamber Bridge, has been snapped up by the group which said it will use the firm to “integrate
and supply components” to renewable energy firms.
The business was set up by husband-and-wife team Stuart and Susan Cooper in 2006 and grew into the fifth-fastest growing business in the country after seeing 179 per cent growth in the three years to 2011.
Mr Cooper, who will remain as managing director of the business, said the launch of the Green Deal and arrival of initiatives like the Feed
In Tariff and Renewable Heat Incentive offered opportunities to the group.
He said: “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
“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.
“When considered alongside rising energy prices, the launch of national initiatives demonstrates renewable energy products will become an increasingly important feature of new and existing buildings.”
In a statement on Wednesday, Travis Perkins confirmed the deal was done on an “initial consideration was £8m with further amounts due depending on performance.”
Paul Joyner, director of sustainability at Travis Perkins, said Solfex was “a valuable addition” to the FTSE 250-listed business.
He said: “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.”
The firm employs 15 staff at its offices on the Charnley Fold Industrial Estate and was recognised for its growth in the Sunday Times Fast Track 100, a league table of Britain’s fastest-growingfirms, last year.
In its last financial year, Solfex achieved revenues of £21.9m and an operating profit of £2.2m.