Initial cash consideration was £8m with further amounts due depending on performance.
Solfex was formed in 2006 by Stuart and Susan Cooper and supplies solar thermal and photovoltaic products. It began by supplying the solar thermal sector with its ‘own brand’ equipment supplied by European manufacturers. In 2009, Solfex set up of a sales division focussed on the supply of photovoltaic equipment.
In September 2011, it secured equity investment from Panoramic Growth Equity.
Solfex has generated a cumulative annual revenue growth rate of 179% over the past three years, and in December 2012 was listed as the UK's fifth fastest growing private company in the Sunday Times Virgin Fast Track 100. In its last financial year, Solfex had revenues of £21.9m and an operating profit of £2.2m.
Travis Perkins chief executive Geoff Cooper said: "Solfex is a valuable addition to the Plumbing and Heating Division of the Travis Perkins Group. Our strategy of offering our customers an integrated approach to energy efficient building will be greatly enhanced by the market leading proposition created by the Solfex team."
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