Fareham-based cladding and roofing business Elite Façades Limited is preparing to accelerate its plans for growth after being acquired in a private equity deal.
Elite Façades Limited – a market leader in the installation of built-up roofing and cladding systems on commercial and residential sites – has been bought by Elite Façades Holdings Limited, a newly-formed subsidiary of Gibraltar-headquartered Acuity Private Fund Limited, for an undisclosed sum.
Funds for the acquisition were provided by Acuity, led by head of investments, Gerard Tilley.
In recent years Elite Façades Limited, which was established by Patrick Feeney in 2014, has worked on a number of notable developments for businesses, schools, hospitals, shopping centres and airports, including the installation of a flat roof system for the baggage hall at Heathrow Airport.
Its clients also include BAM, Bouygues, Kershaws and T R Freeman Limited, while it has supported Crossrail on projects at Canary Wharf, King’s Cross and Paddington.
The acquisition will enable Elite Façades Limited to continue expanding its product and service offering to its national customer base while securing a clear and exciting future for its workforce and army of sub-contractors with whom it engages.
Under the terms of the transaction, Patrick Feeney will remain as a director and shareholder of Elite Façades Holdings Limited.
The acquisition was led by Alex Pyatt, company commercial partner at law firm Thrings’ offices in Bath. Alex worked closely with Patrick Feeney on all legal matters, including the sale of shares, reviewing and negotiating the shareholders’ agreement, and advising on security matters.
He was assisted by Bath-based associate solicitor Sarah Ellis and solicitor Carys Webb. Discussions which culminated in the successful sale of Elite Façades Limited took place at Thrings’ offices in Romsey, Hampshire.
The transaction was structured by Benchmark International, who also supported Patrick Feeney throughout the process.
“Patrick Feeney said: “Elite Façades Limited is very pleased to be part of the larger Elite Façades Holdings Limited. The transaction will provide the business with greater stability and further access to additional investment, while helping to support the pace of rapid growth we are pursuing.
“It will also ensure our clients continue to receive the level of professional service that has underpinned our performance and our ability to manage and deliver projects.”
Alex Pyatt added: “This is a hugely exciting period for Elite Façades Limited, a company whose services have been used, admired and enjoyed by many individuals and businesses across the UK for the past five years.
“Thrings is very pleased to have safely negotiated the legal complexities of this deal which provides Elite Facades Limited with a solid financial foundation and infrastructure to access more markets. It also enables Patrick and his team of professionally-qualified and highly-skilled staff and sub-contractors to continue providing customers with first-class new build, refurbishment and maintenance services.”
