Fri, 31 Jan 2025 | BUSINESS SALE
Stoke-on-Trent-based Phoenix Gas has been sold to private investment firm GIL Investments, part of the Birmingham-based GIL Group.
Phoenix, along with its subsidiary Phoenix Renewable Technologies, was founded in 1994 and specialises in gas installations, servicing and repairs for domestic and commercial clients.
In recent years, the company has expanded its offering to also include a fully comprehensive renewable energy service which comprises solar PV and thermal, ground and air source heat pumps, battery storage and EV charging points, as well as electrical services.
Employing over 160 staff, and with a customer base spanning across the Midlands and North of England, Phoenix in the year to 30 November 2023 posted a £12.1 million turnover. That was up from £11.6 million the year before despite it experiencing "extreme pressures from price increases in materials and labour".
It instructed KBS Corporate on a sale with a view to enabling further growth.
In a transaction led by Joe Norris, KBS Associate Corporate Director, the company was sold to private equity firm GIL Investments, who also bought Eurotek Foundry Products in 2023.
Warwickshire-based GIL Investments was formed in 1991. It acquires controlling stakes in businesses and aims to support their growth over the long term. According to its website other companies in its portfolio include Sandland Packaging and Lander Automotive.
Kyle Grocott, Phoenix's Managing Director, who will continue his association with the business, said: "KBS have helped and advised our business throughout the process and listened to the type of buyers we were looking to bring on board. We successfully worked together to deliver on our objectives."
"I'm really pleased with the outcome we managed to achieve for our clients," said Norris. "The shareholders who were looking to step away from the company and realise the value of their shares were able to do so, while the rest of the team are able to remain involved with the business and I have no doubt they will take it from strength to strength under the GIL umbrella."
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