Underfloor heating company Timoleon has marked a decade in business with a management buyout and new acquisition.
Following the recent buy-out, a new management team has created Ridgespear Limited and acquired all the shares in Timoleon. Isca Ventures acted as corporate finance advisers with Michelmores providing legal support.
The changes have seen Rex Ingram retire from the business and existing directors Craig Parker, Andy Gaydon, Matt Fairweather, along with original co-founder Darren Trivett, take complete ownership.
Ridgespear also announced an immediate buy out of Tailored Heat Supplies, which specialises in large commercial projects. This will see the managing director and former owner of Tailored Heat Supplies, John Trenell, join the Ridgespear board as new commercial director.
The company started in 2008 producing TorFloor, then called Toron, before developing into Timoleon and adding the well-established OMNIE and CircofloPro brands to the group.
With the new addition of THS, Ridgespear has outgrown its 20,000 square foot premises and was seeking a new site for “significant expansion”, a statement added.
Darren Trivett said: “We know that there are lots of ways of doing underfloor heating, our focus is manufacturing excellent products to help those who want a simple, easy to install, solution and to those who want to employ renewable energy knowing that the system will work as expected. In order to continue doing this we are now not only seeking a much larger facility in the Exeter area, but we are also expanding in our other locations in Carlisle and Poland. These are very exciting times for our business.”
“We have worked with the partner team at Isca Ventures for a number of years and they played a pivotal role in getting our buy-out over the line. We are looking forward to continuing the relationship with the team as we embark on the next chapter of the group’s development” added Darren.