25th May 2017

YFM Equity Partners has backed the management buyout of TEV Limited, one of the UK’s leading designers and manufacturers of cooling, heating and refrigeration equipment. Dow Schofield Watts Transaction Services advised YFM on the deal.

TEV, which employs 56 staff at its headquarters in Brighouse, West Yorkshire, operates through two widely recognised brands. Marstair supplies air conditioning and refrigeration equipment to the retail and leisure sectors and food manufacturers, while Quartz focuses on chilled water cooling solutions.

Over the past few years, TEV has delivered significant revenue and profit growth. The management team of Tony Hammersley, Chris Chisman and James Carr-Smith, supported by Chairman Chris Brown, is now looking to accelerate the growth across all areas of the business.

Ian Waterfield, Investment Director at YFM said: “TEV has a strong reputation in this industry and has delivered consistent growth over the last few years. Its focus on energy efficiency in product design and the further tightening of environmental regulations provides a positive backdrop for the Company to continue to leverage its experience and reputation to harness niche opportunities in the UK and overseas. 

“This is the third investment from YFM’s recently closed 2016 Fund, which was raised to invest in well-established UK businesses and to support management teams in delivering their ambitious growth plans.” 

Jeff Gardner and Rob McCarthy of DSW Transaction Services provided financial due diligence to YFM and Santander Growth Capital which provided debt in the transaction. Jeff Gardner, DSW Director, said: “We are delighted to support YFM and Santander on their latest investment. TEV is a highly respected Yorkshire business and with its new investment partners is well placed to undertake an exciting growth journey.”