Management teams up with investor to acquire green energy business
THE management team at economiser manufacturer Greens Power have teamed up with an investor to buy the business.
Greens patented the very first economiser, a device used to reduce energy consumption, in 1845
Chris Campbell and Phil Emerson will join the board alongside managing director Matthew Crewe.
The investment company involved, Rcapital, is known for turnaround and growth funding.
Wakefield-based Greens Power’s UK operations reportedly had “one of the best years on record” in 2015.
But its overseas operations in Hong Kong and China are experiencing “significant disruption” which has resulted in trading issues.
In a statement, the company said of the disruption in its Hong Kong head office: “Whilst this disruption has had only a minor effect on GPL, through no fault of its own GPL has been trapped in a challenging position as part of a larger group.
“Rcapital’s investment has provided a clean and clear exit for the business as a whole, autonomous unit.
“As far as operations are concerned it’s ‘business as usual.'”
Rcapital have successfully invested in more than 50 businesses since 2008, across diverse sectors including companies such as Summit Media,Wrexham Wire, Freshfayre, Little Chef, Four Seasons and Gowrings Ford.
Richard Moran and Kaira Clarehugh of Leeds law firm Clarion advised the management.
