Solar energy firm embarks on buy-and-build strategy
Thu, 22 Feb 2024 | BUSINESS NEWS
Stratford Energy, a solar energy specialist based in Stratford-Upon-Avon, has joined forces with Birmingham-based Bannister Ventures in a £4 million deal to form a buy-and-build vehicle, targeting new partnerships and acquisitions.
Founded in 2010, Stratford Energy installs and maintains solar panels, energy storage and electric vehicle (EV) charging points. The company is primarily focused on the Midlands region and currently employs 20 staff.
It has partnered with Bannister Ventures, which is led by Jonathan Watt and David Thomson, who each have more than 25 years of experience in leadership roles, including within the energy sector. The companies will focus on the strategic development of the overall group, including through a bolt-on M&A strategy.
Stratford Energy plans to expand its work with SMEs and other commercial users and use new acquisitions and partnerships to extend its range of services. The firm will target acquisitions of companies offering specialist services such as remote monitoring, cyber security and energy management to the green energy sector, industrial solar specialists and finance providers.
Bannister Ventures’ Jonathan Watt commented: "Solar remains the fastest-growing renewable energy, and will be increasingly popular with residential and commercial users alike.”
"The current market is highly fragmented. We see the opportunity to create a national player offering a fully integrated solution to both residential customers and to SMEs and commercial users, to support them on the journey to Net Zero."
David Thomson added that Stratford Energy has “a strong financial performance and impressive sales growth” and would provide “a sound base to build upon.” Thomson continued that Bannister would work with Stratford Energy founders Jason Savidge and Andy Hollis, who will remain as board members at the company and continue to run the operational side of the business, “to create an industry-leading group.”
The investment in the buy-and-build strategy was backed by debt funding from Triple Point, which formed part of a fundraise led by Altimapa Capital and will continue to support future transactions in the buy-and-build strategy.
Triple Point’s Sean Brophy commented: "The strategic direction Bannister Ventures can bring to the business will add enormous value to an already operationally excellent service developed by Jason and Andy. It is clear Stratford Energy Solutions are at the forefront of solar installation in the UK, with a huge opportunity to grow.”
"Triple Point is very proud to play a part in this growth journey. It was also great to work on another transaction with Altimapa Capital who continue to deliver a seamless transaction advisory service and smooth process all round."
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