BGF invests £3.6m in Ecovision
Business Growth Fund (BGF) has invested £3.6m in Ecovision, a UK-based provider of sustainable energy equipment.
The investment will enable Ecovision to increase marketing activity for its energy-efficient Hassle Free Boilers range.
BGF stated it was attracted to the deal by Ecovision’s management team and the potential for growth in the sustainable household energy market.
Debt
Shawbrook has provided a debt facility for Ecovision.
Company
Founded in 2005, Ecovision is a provider of biomass and gas boilers, heat pumps and solar panels to residential and commercial customers. The company is headquartered on the Prince of Wales’s Highgrove Estate in Tetbury, Gloucestershire.
Ecovision forecasts revenues of £20m in the next financial year.
People
Peter Randall is CEO of Ecovision. Ned Dorbin is investment director at BGF and Edwin Davies is an investment manager.
Advisers
Equity – PwC, Tom Ayerst, Phillip Duma (Financial due diligence); Burges Salmon, Doug Streatfeild-James, Richard Spink, Vanessa Barnicoat (Legal).
Company – Osborne Clarke, Simon Jones (Legal).
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