Garbutt + Elliott Advises Yorkshire Manufacturer TEV During YFM Equity Partners’ Management Buyout

Yorkshire accountancy firm Garbutt + Elliott has advised on the management buyout of TEV, a Brighouse-based manufacturer, by private equity fund manager YFM Equity Partners.

TEV is one of the UK’s leading designers and manufacturers of cooling, heating and refrigeration equipment and operates two widely recognised brands, Marstair and Quartz. Both brands offer quality, innovative, bespoke products which are unavailable in the mass market.

A team from Garbutt + Elliott led by corporate finance director Tariq Javaid advised TEV managing director Tony Hammersley and his management team on the deal, including providing guidance on the negotiation, structure and raising funding for the deal.

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.”

TEV manufactures in the UK and employs 65 at its headquarters in Brighouse, West Yorkshire.

Tariq Javaid, corporate finance director at Garbutt + Elliott, said: “We were very happy to work alongside YFM and TEV on this management buyout deal, providing advice on negotiations, structuring and assisting in the raising of finance.

“TEV has undergone a period of significant growth and the management buyout will enable YFM to continue the work of TEV and increase brand awareness, product development, innovation and strengthen the sales team.”

 

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