A ‘smart buildings’ firm that works with industry giants from Intel to Rolls-Royce is planning to expand after winning a £1.75m investment.
Tyrrell Building Technologies Group (TBT Group) says the funding from River Capital through the North West Private Equity Fund will allow it to develop the next generation of its energy saving and monitoring technologies.
TBT is based in Leigh and has offices in London and Dubai, works with smart building and Internet of Things (IoT) technology to help clients monitor their buildings to make them more energy-efficient.
It will use the investment to develop Halo Smart IoT, its pioneering wireless energy saving and compliance reporting technology and platform, as well as the Tyrrell Analytics smart buildings monitoring and reporting IoT platform.
The group says the expansion will allow it to grow its strategic partnerships with tech giants Intel and Red Hat, “supporting the development of next-generation building control systems and providing access to Intel's global distribution network”.
TBT has worked with blue-chip organisations such as Rolls Royce and Lumen, and in the North of England and Wales is working with customers including Merseyrail and Gentoo. IIt plans to make strategic hires across the country as it grows.
The business is working with a number of Northern Ƶ customers such as Merseyrail, Gentoo and various Welsh County Councils. The regions will benefit from the funding through key strategic hires as the business looks to scale its operations at its three specialist divisions – Tyrrell Products, Tyrrell Systems, and Tyrrell Analytics.
Ged Tyrrell, CEO of TBT Group, said: “This investment marks an exciting new chapter for TBT Group. River Capital's support is instrumental for the expansion of products and services essential in meeting the growing demands of the Smart Building space. The investment will facilitate the expansion of all teams, with particular attention to sales, marketing, research and development. We look forward to working with the team to deliver the next phase of our growth strategy, whilst critically maintaining our strong values and ethics alongside the aspiration to create more tech jobs, especially in the North West."
“We were in the unique position to have a few investors to choose from, we chose River Capital because of their passion for North West business growth, their positive attitude towards success and their fantastic track record with other businesses they have already worked with. On top of that, the cultural match of a hard-working professional team, focussed on the best possible results, aligned with our values and ethics made it a ‘no-brainer’ for us in our desire to secure a partnership with River Capital.”
Dave Furlong, investment director at River Capital, said: "TBT Group is exactly the type of business we look to support – a highly ambitious company with strong leadership, outstanding products, and significant growth potential. Under Ged's leadership, TBT has built an exceptional reputation in the smart building sector, and we're excited to help accelerate their growth journey.”
The investment was supported by Addleshaw Goddard (legal), Sedulo (financial due diligence), and The Quinn Partnership (management due diligence). TBT Group was advised by Hill Dickinson (legal) and KPMG (investment advisors).
The £10m North West Private Equity Fund, financed by MSIF and delivered by River Capital, aims to encourage investment and growth in North West SMEs.
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