Wates’ renewable investment arm Cape Verde has bought 50 per cent of renewable energy specialist contractor Econic.
Econic specialises in the installation of ground and air source heat pump systems, solar thermal collectors and under floor heating.
Econic chief executive Richard Palmer said: “We have been looking for an investment partner for 18 months.
“It was important that we work with someone who could bring more to the business than investment funds.”
Cape Verde Capital chairman Jonny Wates said: “This is Cape Verde’s third investment in the renewable energy market and we see demand in this sector growing rapidly as organisations and householders wrestle with the twin challenges of climate change and rising energy costs”.
Econic started in 2005 operates nationwide from its main office near Norwich and currently has more than 25 employees.
Cape Verde is the renewable energy investment arm of the Wates Family with the aim of buying stakes in early stage companies in the renewable energy field.
Specialist corporate finance advisers to the building sector, Nash Fitzwilliams, introduced the parties and facilitated discussions on the deal completed late last week.