TEV

TEV Limited is a UK-based designer and manufacturer of cooling, heating, and refrigeration equipment, operating through two renowned brands: Marstair and Quartz. Marstair specialises in air conditioning and refrigeration solutions for sectors such as retail, leisure, and food manufacturing, while Quartz focuses on chilled water-cooling solutions for commercial, residential, and public sector applications. With a commitment to energy efficiency and environmental sustainability, TEV manufactures its products at its facility in West Yorkshire.

In May 2017, YFM Equity Partners supported the management buyout (MBO) of TEV Limited, recognising the company’s strong market position and consistent growth. TEV’s focus on designing energy-efficient products aligned with tightening environmental regulations, presenting significant opportunities for expansion. YFM’s investment aimed to accelerate TEV’s growth by enhancing its product range and capitalising on niche market opportunities in the UK and overseas.

With YFM’s backing, TEV developed its product range and continued to serve its core markets across commercial refrigeration and cooling. During a period that included significant disruption, most notably the Covid-19 pandemic, which had a material impact on Marstair’s retail and hospitality customer base, YFM provided active portfolio support, including management team changes and securing new debt facilities to stabilise the business. TEV’s continued focus on energy-efficient solutions kept it well positioned in its core markets throughout the investment period.

Exit
In 2026, YFM completed a successful exit from TEV through a management-led buyout, refinanced by Arbuthnot Commercial Finance. The transaction returned proceeds to BF1 investors and marked the close of a nine-year investment. TEV continues to trade under management ownership with a strengthened financial platform, carrying forward its commitment to energy-efficient cooling and refrigeration solutions.