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Notts Dealmakers Advise on Trade Acquisition
Notts Dealmakers Advise on Trade AcquisitionCorporate dealmakers at PKF and Geldards in Nottingham have advised on the acquisition of an insulation business in the South of England.

Mark Plampin, corporate finance partner at accountancy and business advisory firm PKF and Hugh Strickland at law firm Geldards advised the purchaser, Essex Insulation Limited, on the acquisition of Castle Point Insulation Ltd (CPI) for an undisclosed sum.

Essex Insulation Ltd, which is based in Basildon, has been providing insulation solutions to the construction industry for over 40 years.

The insulation market is in a high growth phase, driven by the government’s commitment to reducing carbon emissions. The introduction of new building regulations has resulted in a dramatic increase in the amount of insulation required in each new house built.

Another factor driving growth is the dramatic increase in subsidies available to home owners, particularly for cavity wall insulation.

The government has recently announced a new funding scheme called CERT (Carbon Emissions Reduction Target) which is expected to be fully operational in April 2008. This scheme has a proposed target of 3.4 million cavity wall installations in existing homes over the following three years.

Castle Point Insulation (CPI) is a very successful company based out of two branches in Witham and Amersham and has a similar geographical footprint and business ethos to Essex Insulation. CPI is active in the retro-fit (existing dwellings) market place and specialises in blown cavity wall insulation.

Simon Wray, Managing Director at Essex Insulation Ltd said: "We see this as a huge and particularly exciting opportunity for Essex Insulation to get into the retrofit market which is expanding rapidly.

“We will also be able to offer blown cavity wall insulation to our existing new build customers. We intend to run this business in parallel to our existing activities whilst looking for areas where we can enhance both businesses through the remainder of 2007 and beyond."

Mark Plampin, corporate finance partner at PKF, said: "The deal means Essex Insulation can focus on realising its ambition for growth. Acquiring Castle Point will leverage Essex Insulation''s ability to widen its penetration within the supply chain to increase sales and push into the retrofit market.

"Our involvement in this deal also shows that regional corporate finance advisers can compete with City based advisers on transactions," he added.

Hugh Strickland, corporate finance partner at Geldards in Nottingham, said: "We have acted for Essex Insulation for several years and are delighted to have been able to assist the company in a deal which will further strengthen its position in the market.

"The fact that an Essex-based business, backed by Essex funding and purchasing another Essex company has been using advisers in Nottingham clearly demonstrates the calibre of professional expertise available here in the East Midlands," he added.
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