Synova sells Pacifica's Home Services division to trade

The sale will allow Pacifica to focus on the development of its Pacifica Applied Services (PAS) and warranty division, which supply outsourced services to the electrical appliances and domestic heating market on behalf of electrical brands, original equipment manufacturers and retailers.

Synova invested in Pacifica in March 2019; in a statement issued at the time, the GP said it intended to support the company in developing its technology and marketing capabilities, as well as providing additional capital for organic and acquisitive growth. The GP was deploying equity via its GBP 250m, 2016-vintage Synova III fund at the time.

During Synova's investment period, Pacifica has made bolt-ons including Oakes Energy and TK Garnham. Oakes Energy forms part of the sale of PHS.

Synova invests in businesses with revenues of GBP 30m-150m, focusing on business services, financial services, health and education, and technology. It is currently deploying equity via Synova IV, which held a final close in June 2019 on its GBP 365m hard-cap.

Company
Pacifica was founded in 2003. Its Durham-headquartered PHS division provides home services for heating systems, including installation and maintenance of domestic and commercial appliances. It operates under the 0800 Repair brand. PHS's revenues have doubled to GBP 45m during Synova's investment period, according to a statement, and it employs 240 staff.

People
Synova – Alex Bowden (partner); Ben Snow (investment director).
PHS – Phil Pallister (CEO).
Viessmann – Timo Tauber (managing director).

Advisers
Vendor – Cavu Corporate Finance (corporate finance); Addleshaw Goddard (legal); Ward Haddaway (legal).

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• Topics
• Exits
• UK / Ireland
• Industrials
• Partial sale
• Trade sale
• Synova Capital
• United Kingdom