TWO Ringwood-based companies, Warmroof Systems and Solar Home Energy have been taken over by a consortium of management and new investors.
Domestic renewable energy specialists Solar Home Energy and proffesional roof insulation firm Warmroof Systems will keep their separate identities under the deal and will continue to be based in Ringwood.
Known as a BIMBO – buy-in management buy-out – the complex deal sees investors Arun Sahajpal and Martin Jackson buying into the business and joining the existing management team. They will take up the positions of managing director and finance director respectively.
John Oddi also joins to chair the newly formed company and Robin Tarrant-Willis will continue in his role as Sales Director for both companies.
Solar Home Energy supplies and installs domestic solar hot water systems whilst Warmroof is the market leader in the supply and installation of sprayed foam loft insulation. Together the two firms employ 105 people at sites in Ringwood and Bournemouth.
Mr Sahajpal said: “Both Solar Home Energy and Warmroof have fantastic potential and the new management team will be looking to expand into both new geographical areas and markets. We are committed to strengthening the group as a whole and to retaining the headquarters in Ringwood.”
Backed by Barclays Ventures and the Bank of Ireland, the deal was put together by corporate finance specialists Watersheds. With this backing this is a big leap forward and will lead the group into into the next phase of its development.
