YFM Equity Partners has backed the management buy out of TEV, the leading cooling, refrigeration and heating manufacturer.
TEV operates through the bespoke Marstair and Quartz brands. Marstair supplies air conditioning and refrigeration equipment into a variety of end markets, such as retail, leisure, food manufacture and solutions for harsh climates. Quartz focuses on chilled water cooling solutions for commercial, residential and public sector applications.
Over the past few years, TEV has delivered significant revenue and profit growth and the management team of Tony Hammersley, Chris Chisman and James Carr-Smith, supported by Chairman Chris Brown, says it now aims to invest in sales and product to accelerate the growth across all areas of the business.
Managing Director Tony Hammersley said: “YFM is known for successfully growing UK manufacturing business and so we are thrilled with both their investment and the expertise which they will provide. We are looking forward to working closely with YFM to enable us to deliver our growth plans and reach the company’s true potential.”
Ian Waterfield, Investment Director at YFM, said: “TEV has a strong reputation in this industry and has delivered consistent growth over the last few years. Its focus on energy efficiency in product design and the further tightening of environmental regulations provides a positive backdrop for the Company to continue to leverage its experience and reputation to harness niche opportunities in the UK and overseas.
“This is the third investment from YFM’s recently closed 2016 Fund, which was raised to invest in well-established UK businesses and to support management teams in delivering their ambitious growth plans.”