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Kensa Group Limited, the UK’s leading ground source heat pump manufacturer and installer, has completed a successful fundraise from Legal & General Capital Investments Limited, part of the Legal & General group, a FTSE 100 company.
Legal & General acquired a minority shareholding in the Truro-based company, as well as providing a substantial cash injection, to scale up and deliver on the Government’s net zero greenhouse gas emissions target by 2050.
For Legal & General, this represents a targeted investment on the path to decarbonisation of heat. It will allow its residential property business access to the leading ground source heat pump technology; an affordable alternative to fossil fuel and provide a positive social impact to the surrounding communities. UK market volumes are expected to grow rapidly thanks to new Government policies and regulations which will mandate the use of low carbon heating systems and likely outlaw fossil fuel heating systems for new build homes by 2025.
A team of corporate finance specialists at PKF Francis Clark, led by Paul Crocker and including Rob Gear and Ed Marffy, were brought on board to advise Kensa’s shareholders and senior management team, headed by CEO Simon Lomax, on the fundraising process and share sale. James Orpin and his company commercial team at Tozers, including Amy Laver and Oli Kent, provided support in negotiating and completing the legal documentation.
Simon said: “We are grateful for the expert guidance provided by PKF Francis Clark and Tozers, which contributed significantly to Kensa’s ability to secure a partnership with a FTSE 100 business. The growth capital will allow Kensa to accelerate its rapid progress and create significant employment opportunities in the South West and beyond.”
Paul said: “This was a fantastic deal for the team here at PKF Francis Clark to work on. It allows the shareholders to crystallize some of the value built up to date and be part of the future growth of the business as the heating market shifts to low carbon alternatives. It was a pleasure working with Simon and his team.”
James added: “I studied heat pumps at university as part of my geophysics degree and so this is a business that is close to my heart. It is impressive to have seen Kensa’s growth at the forefront of this technology which is essential for the decarbonisation of heat. I have particularly enjoyed assisting Simon and his team at this exciting time for the company.”
The Kensa Group, established in 1999, is led by an experienced management team and is long established as the UK leader in its field. Over the past decade the team has delivered a long term strategy to develop capability and capacity.