Construction News

14/10/2014

SIG Sells Stake In Ice Energy Technologies For £1

Building products distributor, SIG, has sold its stake in Ice Energy Technologies for £1.

The firm sold its 50.6% stake to the existing Ice Energy management team of Andrew Sheldon and Andrew Hillier.

The consideration for the divestment comprises a nominal initial cash payment of £1 together with an earn-out of up to £5m dependent on the performance of Ice Energy over the period to 31 March 2019.

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In addition SIG is also providing a £0.85m interest bearing loan to Ice Energy which is repayable in five years.

Ice Energy is a renewable energy solutions provider which specialises in ground and air source heat pumps.

(CD/JP)

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