Investec leads £8m investment in Propelair

Existing investor and sustainability-focused firm Earth Capital Partners (ECP) also took part in the round, alongside Universal Partners.

The fresh funding will enable Propelair to undertake international expansion and expand its team. The business recently recruited Dylan Jones – formerly managing director of the UK, Ireland and Benelux for Selecta, and CEO of southern Europe for Staples – as its CEO.

The investment is structured in two parts, with the majority of the £8m figure being invested during 2017, according to a statement.

Investec will become the largest shareholder in Propelair following the transaction, with ECP increasing its stake. The company's founder Garry Moore and Woodford Fund Management will also remain invested.

Previous funding
Woodford led a £2.6m investment in Propelair in 2014, with capital drawn from its CF Woodford Equity Income Fund.

Company
Founded in 2001 and headquartered in Basildon, Essex, Propelair manufactures water-efficient toilets. According to a statement, its products use 84% less water than average toilets.

People
Investec – David Phillips (head of emerging companies).
Propelair – Dylan Jones (CEO); Garry Moore (founder).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Investec