Tozers’ Company and Commercial Team, led by James Orpin, including Amy Laver and Oli Kent, were brought in to provide specialist support in negotiating and completing legal documentation for shareholders and senior management. This was after Kensa Group Limited, the UK’s leading ground source heat pump manufacturer and installer, completed a successful fundraise from Legal & General Capital Investments Limited, (part of the Legal & General group, a FTSE 100 company) who 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.
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.
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.
James said: “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.”
Simon added: “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.”