Energystore acquires fellow insulation company WarmFill in bank-backed expansion
HOLYWOOD-based Energystore has acquired rival insulation company WarmFill in Larne for an undisclosed sum to support the continued growth of the business.
Energystore manufactures, supplies and installs a range of products, including bonded cavity wall insulation superbead and an insulation designed for floors and roofs, all of which are designed to make homes as thermally efficient as possible.
The company is committed to developing and installing products that create a cleaner environment and improve energy efficiency wherever they are used.
The business has five production sites across the UK serving home-owners and commercial customers, such as new build developers and housing associations.
Larne-based WarmFill operated in a similar market and following the acquisition, Energystore will be the largest manufacturer of EPS bead insulation in the UK and Ireland, with a total of 92 staff, including all of WarmFill's employees.
Under the terms of the deal, which was backed by Danske Bank, energystore will also take over WarmFill's facility in Larne to further support its ambitious growth plans.
The site gives the company scope to diversify and upgrade its products and further capacity to expand its local operations to meet growing demand for energy efficient products.
Conor McCandless, UK operations director at Energystore, said: “WarmFill is an excellent fit for our brand as both companies share similar values centred on making homes more energy efficient.
“We are passionate about helping our customers to lower their carbon emissions but also about helping to alleviate fuel poverty – an issue that is especially relevant as we head into winter with energy costs rising.
“The acquisition will strengthen our business, increase the positive impact we can have in addressing these societal challenges and help us to realise plans for further growth across the UK and Ireland.
“Danske Bank saw the strategic importance of the deal and were very supportive in getting finance in place to make it happen.”
Michelle Wilson, business manager at Danske Bank, said: “We were pleased to be able to support this acquisition, which will help Energystore accelerate its growth plans and its contribution towards helping households and businesses become more energy efficient.
“It aligns with the bank's own agenda to continue to reduce our own carbon emissions and to help customers become more sustainable.”