FF&P Private Equity, the private equity business of Fleming Family & Partners, has backed the buy-in management buyout 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.
FF&P Private Equity (‘FF&P’), 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 (source: Department of Energy and Climate Change).
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 compelling 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 2000 locations, for clients including Whitbread, Tesco and Sainsbury’s.
Commenting on the transaction, Simon Jarman, CEO of Efficient Energy Management Group, said: “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, commented: “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 LLP, Grant Thornton UK LLP and CIL Ltd.
For further information, please contact:
For FF&P PE: Cubitt Consulting
James Isola +44 (0)20 7367 5100
FF&P Private Equity is focused on investing in dynamic, growth companies in the UK lower-to-mid market. It invests between £3m – £15m in companies valued from £5m to £50m in a variety of situations including minority investments, management buyouts / buy-ins, development and replacement capital. Through its extensive network of contacts and working in partnership with its investors and portfolio companies, it aims to create market-leading companies that deliver superior returns to all shareholders.
FF&P Private Equity Limited is authorised and regulated by the Financial Conduct Authority.
Food Industry Technical Limited (FIT) provides leading energy saving solutions for operators of commercial kitchens. Combining airflow measurement, data logging through remote access, energy monitoring and energy control, FIT is able to offer a number of solutions to customers which enable them to improve efficiency of their kitchen, monitor and meter their energy usage, reduce equipment failure and help them meet their environmental targets and improve profitability. The unique and patented Cheetah™ system has been installed in over 2000 locations throughout the UK and Europe. It works in all areas of commercial catering and clients include hotel groups, restaurant chains, supermarkets, department stores, government institutions and commercial organisations.