Energy deal is good FIT for Transcend

THE technology team at Transcend Corporate has advised the shareholders of Food Industry Technical Ltd on its sale to Efficient Energy Management Group, backed by FF&P Private Equity.  

FIT’s Cheetah system, which is an energy management and safety control system for commercial food preparation, has been installed in over 2,000 locations for blue chip customers in sectors such as major supermarkets, hotels, and leisure operators in the UK and Europe, and which include Whitbread, Tesco, and Sainsbury’s.
 
Commenting on the transaction, Keith Stevens, Managing Director of FIT, said: “This transaction presents an exciting opportunity to take FIT to its next level of potential. FIT is an excellent, established business operating in a growing sector with a proven product and strong customer relationships.  There is substantial opportunity to expand the customer base, diversify the product range, and to develop international markets.”

Ian Aldridge, director at Transcend, led the deal. He said: “The sale of FIT demonstrates how we are able to identify a buyer which is dedicated to the advancement of an already exceptional company, as well as to support shareholders in achieving their objectives and crystallising the value their company. We are delighted that we have been able to deliver a successful conclusion, which is in the best interests of all stakeholders.”  

Keith Stevens and Len Stevens, respective exiting chairman and founder of FIT, added: “Transcend proved to be first class advisers for us, guiding us through a complex process which involved finding the right buyer for our company and its   employees,  assisting us to negotiate the best deal, and continuing to advise and guide us through the due diligence and legal process to a successful completion. We are delighted to have worked with Ian and his team.”