YFM Equity Partners, a private equity fund manager, has backed the management buyout of TEV, a UK business which designs and manufactures cooling, heating and refrigeration equipment.
The investment in TEV is the third from YFM’s YFMEP Fund which was set up to invest in well-established UK businesses and to support management teams in delivering growth.
TEV manufactures in the UK and employs 56 staff at its headquarters in Brighouse, West Yorkshire. It operates through two brands, Marstair and Quartz, both of which offer bespoke products which are unavailable in the mass market. Marstair supplies air conditioning and refrigeration equipment to the retail, leisure and food manufacture markets and also provides solutions for harsh climates. Quartz provides chilled water cooling solutions for the commercial, residential and public sector markets.
TEV has achieved strong growth in revenue and profit over the past few years and its management team of Tony Hammersley, Chris Chisman and James Carr-Smith, supported by Chairman Chris Brown, is now looking to invest in sales and products to accelerate the growth across all areas of the business.
Ian Waterfield, Investment Director at YFM said: “TEV has a strong reputation in this industry and has delivered consistent growth over the last few years. Its focus on energy efficiency in product design and the further tightening of environmental regulations provides a positive backdrop for the Company to continue to leverage its experience and reputation to harness niche opportunities in the UK and overseas.”
Tony Hammersley, Managing Director at TEV said: “YFM is known for successfully growing UK manufacturing business and so we are thrilled with both their investment and the expertise which they will provide. We are looking forward to working closely with YFM to enable us to deliver our growth plans and reach the Company’s true potential.”