TowerBrook Capital Partners has made a strategic investment into Envevo.
The Glasgow-based business designs and installs electric vehicle charging points to business-to-business settings, providing turnkey solutions to operators of forecourts and motorway services, private settings such as hotels and car parks, as well as fleet depots.
TowerBrook was the first mainstream private equity firm to be certified as a B Corp and has experience in delivering improved ESG performance across its portfolios.
Its 'dedicated impact strategy' aims to invest in businesses designed to generate a specific measurable social or environmental impact, while seeking to deliver market returns.
Gordon Holmes, chief investment officer of TowerBrook, said: “Envevo has a compelling business model that is helping to drive the increased uptake of electric vehicles across the UK, encouraging the use of greener energy and reduction of carbon emissions.
“We are thrilled to support a business like Envevo, with its unique proposition, diversified client base and strong management team, as it seeks to accelerate its already impressive growth.”
Michael Kennedy, chief executive of Envevo, said: “We are looking forward to working with TowerBrook Capital and their team to complement the existing management structure in place at Envevo - their support will allow us to continue to grow at scale and ensure we continue to support the acceleration to net zero.
“As TowerBrook Capital replace BW Ventures, we would like to thank them for their contribution over the last four years.”
Graeme Williams, head of corporate finance for Scotland at KPMG UK, said: “This is a landmark moment for Envevo, and we’re delighted to have worked with them on the deal.
“We’re seeing increasing demand from investors in future facing businesses which are actively introducing technologies which can benefit society and the planet, and this is another great example of a Scottish business doing just that.“
Founded in 2019, Envevo has installed chargers across the UK, including Edinburgh, Glasgow, Aberdeen, Dundee, London and Cardiff.
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