Acquisition for insulation company
AN ESSEX insulation specialist has expanded with the acquisition of another local operator. Basildon-based Essex Insulation Ltd has acquired Castle Point Insulation Ltd, which operates from branches in Witham and Amersham, for an undisclosed sum.
AN ESSEX insulation specialist has expanded with the acquisition of another local operator.
Basildon-based Essex Insulation Ltd has acquired Castle Point Insulation Ltd, which operates from branches in Witham and Amersham, for an undisclosed sum.
Funding for the purchase has been provided by Bank of Scotland Corporate in Chelmsford.
Essex Insulation is a leading independent insulation distributor and contractor to all sectors of the construction industry.
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Clients include the region's largest house building companies, with most of its revenues coming from new-build construction as opposed to retro-fit works on existing properties.
Castle Point Insulation is active in the retro-fit market place and specialises in blown cavity wall insulation, so complementing Essex Insulation in terms of service type as well as geography.
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The insulation market is currently going through a high growth phase, driven by the Government's commitment to reducing carbon emissions, with the introduction of new building regulations having resulted in a dramatic increase in the amount of insulation required in each new house built.
In the retrofit market, the Government is set to introduce a new funding scheme called CERT (Carbon Emissions Reduction Target) which will be operational in April 2008 and has set a target of 3.4 million cavity wall installations in existing homes over the following three years.
Simon Wray, managing director of Essex Insulation, said: “We are delighted with the acquisition of Castle Point, a strong business which we know well through our existing working relationship. This is a particularly exciting opportunity for Essex Insulation to get involved in the retrofit market which is expanding rapidly.
“Additionally, we intend to use Castle Point's expertise to offer blown cavity wall insulation to our existing new build customers in the very near future. We intend to run this business in parallel to our existing activities whilst looking for areas where we can enhance both businesses through the remainder of 2007 and beyond.”
Jon Sedgwick, director at Bank of Scotland in Chelmsford, who put together the funding package for the acquisition, said: “Essex Insulation is a strong and profitable company and we have a high regard for the capability of Simon and the management team.
“The funding we have put in place supports the acquisition and will also ensure that the new enlarged business can move forward with its plans for future growth.”