YFM invests in TEV management buyout

Under its new ownership structure, the company will invest in its marketing activities and product development.

The deal is the third investment made from YFM's maiden closed-ended buyout fund, YFM Equity Partners 2016 (YFMEP 2016), which held a final close on £45m earlier in May. To date, the fund has backed the management buyouts of telecommunications network installation business Indigo Telecom Group, and rubber and metal industrial components supplier Ferrabyrne.

Financial details of the transaction remain undisclosed, though YFMEP 2016 makes investments of up to £10m.

Debt
Santander provided debt finance to support the deal.

Company
Founded in 1972 and headquartered in Brighouse, Yorkshire, TEV is a manufacturer of air conditioning and refrigeration equipment. The business operates under two brands, Marstair and Quartz.

Marstair provides air conditioning and refrigeration equipment to the retail, leisure and food manufacturing sector, as well as providing products for use in harsh climates. Quartz provides water cooling products for commercial and residential use.

TEV has a headcount of 56 and generated revenues of £7.96m in 2016 with an operating profit of £1.33m, according to publicly available documents.

People
YFM Equity Partners – Ian Waterfield (investment director).
TEV – Tony Hammersley (managing director); Chris Brown (chairperson).

Advisers
Equity – Gordons, Duncan Firman (legal); DSW Transaction Services, Jeff Gardner, Rob McCarthy (financial due diligence); Drystone Strategy Partners, Robin Illingworth (commercial due diligence); Stratton HR, Anna Cornwallis (management due diligence).
Vendors – Mazars, Oliver Hoffman (corporate finance); Weightmans, Sarah Walton (legal).
Company – Garbutt & Elliott, Tariq Javaid (corporate finance); Schofield Sweeney, Chris Blantern (legal).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• YFM Group