Elite Facades in Fareham bought by Gibraltar-based Acuity Private Fund Limited
THE firm that helped clad the extension to Southampton's Westquay shopping centre says its is preparing to accelerate its plans for growth after being acquired in a private equity deal.
Fareham-based cladding and roofing business Elite Façades Limited 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.
In recent years Elite, 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.
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, , who worked closely with Patrick Feeney on all legal matters. This included the sale of shares, reviewing and negotiating the shareholders’ agreement, and advising on security matters.
Discussions which culminated in the successful sale of Elite Façades Limited took place at Thrings’ offices in Romsey.hire.
The transaction was structured by Benchmark International, who also supported Patrick Feeney throughout the process.
Mr Feeney said: “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.”