Travis Perkins buys energy company

Builders merchant group Travis Perkins has bought renewable energy distribution specialists, Solfex Energy Systems.

Solfex was set up in 2006 by Stuart and Susan Cooper and today operates as an integrator of renewable energy systems, using its distribution platform to integrate and supply components to the UK’s renewable companies.

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.”

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 consideration was £8m with further amounts due depending on performance.

Managing director Stuart Cooper said: “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.”