Renewable energy distribution specialists, Solfex Energy Systems (“Solfex”), which was backed by Panoramic Growth Equity (“Panoramic”), the leading equity investor in fast growing, entrepreneurial companies, in September 2011, today announced that it has been listed as the UK’s 5th fastest growing private company in Britain’s 100 fastest growing private companies. The 16th annual Sunday Times Virgin Fast Track 100, published yesterday, is produced by Fast Track.
In September, another Panoramic backed business, Cascade Technologies, was also listed as one of Britain’s 100 fastest growing private technology companies in the Sunday Times Virgin Tech Track 100.
Solfex was set up in 2006 by Stuart and Susan Cooper and today operates as an independent integrator of renewable energy systems, utilising its distribution platform to integrate and supply components to the UK’s renewable companies.
Panoramic first became involved in the business in early 2011 and invested £1.25m into Solfex in September 2011. Since then it has tripled its number of employees to 15. The business was recognised by Fast Track as a result of a cumulative annual growth rate in turnover of 179% over the past three years. This growth is expected to continue, with Solfex’s revenues and profits expected to grow by a further 50% in the current financial year.
Malcolm Kpedekpo, Partner at Panoramic, said: “We would like to congratulate Stuart and Susan and the whole Solfex team on this fantastic achievement. This is the first year that they have been included in the Fast Track 100 and have come in straight at the top, which highlights just how much they have achieved in a relatively short period. They have been extremely successful in staying ahead of new technology and adapting their offering to their needs of their customers. It is this plus their hard work and dedication that has enabled them to achieve this impressive level of growth.”
Stuart Cooper, Founder and Managing Director of Solfex Energy Systems said: “Over the past 5 years the renewable sector has gone through transformational growth. Since inception we have prided ourselves on continuing to stay ahead in terms of new innovation and developing strong relationships with our suppliers to provide the renewable products installers require. With the support of our equity investors, Panoramic, we have significantly developed the business so as to take full advantage of the market opportunity. In the last year we have tripled the size of our team and over the past three years increased revenues by 179%.”
Panoramic currently has four companies in its investment portfolio. Across this portfolio, investee companies have achieved total revenue growth of 156% and increased total employee numbers by 34% since investment by Panoramic.