Fri, 01 Sep 2023 | BUSINESS SALE
Flush Energy Limited has acquired wood-based pellet supplier 3F Pellets Ltd out of administration. The deal is the company’s first acquisition and it says it is planning further M&A activity after securing a new multi-million-pound funding package.
3F Pellets is a manufacturer and supplier of wood-based pellet products, including horse bedding, cat litter and biomass heating pellets. The firm fell into administration in February this year, after an unsuccessful attempt to expand operations further into the biomass industry caused it to enter severe financial difficulties. Joint administrators Andy Pear and Milan Vuceljic of Moorfields Advisory have now completed a sale of the firm’s business and assets to Flush Energy.
Following the acquisition, Flush Energy says it is aiming to return the firm’s Lincolnshire-based plant to production.
It is also seeking further acquisition opportunities after securing a new funding package comprising both private equity investment and debt finance.
Flush Energy Chief Executive Grant Lodge said: "We are delighted to have concluded the acquisition of the Lincoln pellet plant and are making swift progress with getting it back into production and yielding RHI income.”
A multi-disciplinary team at Andrew Jackson Solicitors LLP, led by corporate partner Philip Ashworth, advised Flush Energy on the acquisition.
Philip Ashworth commented: "We are absolutely delighted to have assisted the team at Flush Energy on its first acquisition. It has been a complex transaction involving various regulatory issues, raising private equity and debt funding. Flush Energy is now well placed to grow the business, which offers a solid customer base from a fantastic location.”
"It has been a pleasure to act for Grant and his team and we are confident that they will make significant in-roads into the biomass sector over the coming months."
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