27th April 2009

News3

Cape Verde Capital, the renewable energy investment arm of the Wates Family, has acquired a 50% of Econic as part of its strategy to build a portfolio of interests in the rapidly growing renewable energy market.

Econic specialise in sustainable energy solutions and are a leading supplier and installer of heat pumps and underfloor heating systems. They focus on public sector works, including schools and hospitals. The company recorded £2million in sales last year.

Jonny Wates, Chairman of Cape Verde Capital said:
“This is Cape Verde’s third investment in the renewable energy market and we see demand in this sector growing quickly as organisations and households wrestle with the twin challenges of climate change and rising energy costs.

“Econic have a fantastic track record in sustainable energy solutions and I am very much looking forward to working with them in this exciting market.”

Cape Verde Capital’s investments will benefit from an association with Wates Group which is also wholly owned by the Wates family. The client base, knowledge and network will all be beneficial to the Companies in which Cape Verde Capital invests

Richard Palmer, Chief Executive Officer of Econic said:
“We have been looking for the right investment partner for 18 months. It was important that we work with an investment partner who could bring more to the business than the investment funds. Cape Verde and its Shareholders bring a wealth of experience and a substantial track record in the construction industry and a shared vision with that of the Econic Board in the expansion and substantial growth in the renewable energy market. As CEO of Econic I am absolutely delighted that Cape Verde has invested in the company and I am looking forward to working with Jonny Wates as our new Chairman and the rest of the Cape Verde team.”