A Burton-based roof maker with private equity backing has chosen a Cambridge-based counterpart.
Marley, whose investors include Inflexion Private Equity Partners, has bought Viridian Solar, a manufacturer of roof-integrated solar PV systems.
The Marley acquisition builds on a commercial partnership between the two companies announced in 2020 that has added Viridian Solar’s BIPV (Building-Integrated Photovoltaics) to Marley’s range of roofing products for the UK construction industry.
With the deal, Viridian will continue to operate as a standalone company with the same management team.
Stuart Elmes, CEO of Viridian Solar, said, “The past 18 years have passed and while we are proud of what we have achieved as a team, our eyes remain firmly on the future.
“We look forward to starting an exciting new chapter in the development of Viridian Solar with our new colleagues at Marley. Our ambitious growth plans are now backed by the resources and reputation of being part of one of the largest and most respected names in the roofing sector, backed by Inflexion Private Equity Partners, who manage £ 5.4 billion in assets worldwide. “
David Speakman, CEO of Marley added, “The acquisition brings together two complementary companies that are both influential players and highly respected reputations in the construction market. Viridian’s close relationship with developers and solar distributors is complemented by Marley’s commercial reach in public housing and rooftop installers. “
Viridian Solar was advised by Grant Thornton UK Corporate Finance and the law firm Birketts.
Ryan Shields, Associate Director at Grant Thornton, said, “This deal is a great result for all parties. We are confident that this strategic transaction will add significant value to both Marley and Viridian Solar. Marley is well positioned to support the significant growth opportunities arising from changes in building regulations and other international growth opportunities, and we wish both companies the best of the future. “
Grant Thornton’s corporate finance team was led by Darren Bear and Ryan Shields, assisted by Gary Barford, and the Birketts team was led by Quentin Golder.