Panoramic marks first exit with 120% IRR Solfex sale

Grant Thornton was hired by Solfex to facilitate a sale.

The transaction marks the first exit from the Panoramic Enterprise Capital Fund I, which closed on £34m in September 2010.

The sale generated an IRR of 62% for Panoramic during a 16-month holding period. This should reach 120% following the conclusion of the earn-out period.

Panoramic invested £1.25m in Solfex in September 2011. Under Panoramic's stewardship, the target's turnover grew from £5m to £22m in the past two years. This growth is expected to continue, with Solfex's revenues and profits expected to grow by another 50% in the current financial year. The business also tripled headcount from five to 15 employees in the last two years.

Company
Based in Preston, Lancashire, Solfex was set up in 2006 by Stuart and Susan Cooper. Today, the business is one of the largest renewable energy systems integrators in the UK by turnover.

People
Malcolm Kpedekpo is a partner at Panoramic. Stuart Cooper is the managing director and founder of Solfex.

Advisers
Vendors – Grant Thornton, Ali Sharifi, Jenny Hopkins, Andrew Sugden (Corporate finance); Graham Odlin, Sean Mitchell (Tax); Gateley, Paul Jefferson, Jemma Bolton, Victoria Jew (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Trade sale