Future growth assured for Cornwall energy saving company
Shares in BEST Energy Saving Technology Group (BEST), an innovative designer of energy saving products, have been acquired by private investor John Carver and private equity firm Percipient Capital, in a transaction managed by international M&A advisor BCMS.
BEST designs and supplies a full suite of energy saving products and software systems, which help organisations reduce energy costs by between 20 and 40%. Current customers include banks, fast-food chains, car manufacturers and facilities management firms. Product design is carried out in-house.
The investors were interested in taking on a new project showing potential for rapid growth, in a sector with significant opportunities due to the introduction of new government regulations and reforms.
BCMS contacted over 230 potential acquirers and negotiated 11 meetings, with many trade companies stating their interest in becoming BEST customers due to the innovation of the products produced.
In addition to securing an acquirer for a retiring shareholder’s shares, BCMS successfully worked with the management team to also secure a significant inward investment into the business to accelerate the development of the business and rollout of the products globally. John Carver and Percipient Capital took on a significant minority holding in the business and intend to work with the remaining founding shareholders to grow the company in the UK and Europe.
Troy Wrigley, Managing Director of BEST Energy Saving Technology Group, comments: "We believe energy efficiency is the cheapest, quickest, most effective solution to the world’s energy problems. Our solutions empower a holistic approach to energy saving, with rapid paybacks and full visibility. This investment will enable us take our message to a wider audience that need our help to reduce costs and cut carbon.”
John Carver comments: “BEST gets great feedback from customers about its products and is now funded to capitalise on the growth of the market. BEST will be growing its Sales and Marketing teams alongside continued product development. It is a very exciting opportunity to work with such an innovative group of people.”
Jason Gould, Director at Percipient Capital comments: “Troy Wrigley and the BEST management team have made exciting progress in developing and rolling out their market leading products. We are delighted to have been able to support them alongside incoming executive chairman John Carver with additional investment to enable the continued rapid growth of the business.“
BCMS Deal Leader Judith Robinson, who managed the transaction, comments: “The energy sector globally is vibrant, and from the market feedback we received, BEST’s Eniscope – which combines real-time cloud-based energy monitoring software contained within an easy-to-install product – is about five years ahead of the market. This, and the energetic management team already in place, made BEST an attractive investment proposition.”