Private equity-backed roofing manufacturer snaps up Cambridge firm
A private equity-backed roofing manufacturer based in Burton has swooped for a Cambridge-based counterpart.
Marley, which counts Inflexion Private Equity Partners as one of its investors, has bought Viridian Solar, a manufacturer of roof-integrated solar PV systems.
The acquisition by Marley builds upon a commercial partnership between the two companies announced in 2020, which saw Viridian Solar’s BIPV (Building-integrated photovoltaics) added to Marley’s range of roofing products for the UK building industry.
The deal will see Viridian continue to operate as a standalone company with the same management team.
Stuart Elmes, CEO of Viridian Solar, said: “The last 18 years have just flown by and, whilst we are proud of what we have achieved as a team, our eyes remain firmly on the future.
“We are looking forward to working with our new colleagues at Marley to open an exciting new chapter in the development of Viridian Solar. Our ambitious growth plans will now be supported by the resources and reputation of being part of one of the biggest and most respected names in the roofing sector, with the backing of Inflexion Private Equity Partners, who manage assets of £5.4bn globally.”
David Speakman, CEO of Marley, added: “The acquisition brings together two complementary companies, both of which are influential players, with highly regarded reputations in the construction market. Viridian’s strong relationship with housing developers and solar distributors is complemented by Marley’s commercial reach into social housing and among roofing installers.”
Viridian Solar was advised by Grant Thornton UK Corporate Finance and law firm Birketts.
Ryan Shields, associate director at Grant Thornton, said: “This deal is a great outcome for all parties, we are confident that this strategic transaction will deliver significant value for both Marley and Viridian Solar. Marley is well placed to support the significant growth opportunities driven by building regulations changes and further international growth opportunities and we wish both businesses all the best for the future.”
Grant Thornton’s Corporate Finance team was led by Darren Bear and Ryan Shields, supported by Gary Barford, and Birketts’ team was led by Quentin Golder.