Energize completes seventh deal
ENERGIZE Capital, the turnaround and venture business founded by Jeremy Carr has completed its seventh new investment in just over two years following its purchase of a minority stake in Wrexham-based Scottaire HVAC.
Scottaire makes louvres, grilles and defusers for the heating, ventilation and air conditioning markets. It has been in business for 24 years, employs 31 staff and has a turnover of nearly £3m.
However, after a difficult trading period through the recession, the business was bought out of administration by David Garvey and Ian Sommerfeld, who had recently sold their metal perforation company APW in Newton-Le-Willows to German group Varomexx.
Energize Capital’s managing director Jeremy Carr said: “I have worked with David and Ian since I helped them do an MBO of their business in my advisory days in 2001.
“It was a very successful experience as they delivered their business plan almost to perfection.
“They are a very strong combination in manufacturing and we have invested in Scottaire because we see the opportunity to consolidate this market. We are very much looking for further acquisitions in this sector.”
Mr Garvey said: “We have combined with Energize because of the opportunities we wish to explore in Scottaire’s marketplace and their expertise in acquisitions. We have a good base with Scottaire and room for expansion on our site.”
Andrew Page of Page & Co advised on the deal.
