FF&P Private Equity, the private equity business of Fleming Family & Partners, has backed the buy-in management buy-out of specialist energy efficiency business FIT.
The acquirer, Efficient Energy Management Group, majority owned by FF&P Private Equity, intends to capitalise on the demand for energy efficient commercial kitchens, as energy costs have more than doubled over the last 10 years.
Since 2001, FIT has designed and installed energy saving solutions for a large number of blue-chip customers, including major supermarket, hotel and leisure operators in the UK and Europe. FIT’s solutions offer payback periods, with the savings being monitored and measurable for customers. The company’s Cheetah system, an energy management and safety control system for commercial food preparation, has been installed in over 2,000 locations, for clients including Whitbread, Tesco and Sainsbury’s.
Simon Jarman, chief executive of Efficient Energy Management Group, says: “We are delighted to have acquired FIT and are very excited about its prospects. It 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 develop international markets. I am very much looking forward to working with FF&P to fulfil the significant growth potential that exists.”
Henry Sallitt, co-head of FF&P Private Equity, says: "We are delighted to have invested in a sector with strong macro drivers for future growth. We are also investing in a management team which we believe can continue to provide a compelling energy saving product to its existing customers and to reach many new ones.
“FF&P Private Equity has been successful in helping a range of family owned and entrepreneurial companies to grow their businesses. We look forward to working with FIT and to helping the company reach its full potential.”
FF&P was advised on the transaction by Speechly Bircham, Grant Thornton UK and CIL.
Clearwater Corporate Finance advised the MBI team including sourcing funding from FF&P Private Equity to back management’s acquisition of FIT.
