Deal agreed for enterprise utility consultancy | Midlands

Deal agreed for management consultancy

The eEnergy Group has entered into an agreement to acquire a business and energy consultancy based in Coventry for a total price of up to £ 21 million.

With 40 employees, the Utility Team is responsible for more than 8,000 meter points and £ 1 billion in annual energy expenditure.

EEnergy Group will fund the acquisition in part through a placement of approximately £ 12 million through an accelerated book build process.

Delvin Lane, Chief Executive of Utility Team, will join the company’s management team and lead the Group’s expanded Energy Management as a Service (EMaaS) business.

Harvey Sinclair, CEO of eEnergy: “The acquisition of Utility Team in combination with our existing business areas gives eEnergy the opportunity to offer its customers a wide range of services and expertise in the areas of energy management, energy efficiency and intelligent measurement and analysis.

“It is in line with our strategy to buy and build a portfolio of complementary operations that can take full advantage of market demand for zero carbon energy and energy data.

“For investors, we will be able to identify the links in the value chain from energy saving, management and conversion in areas that we expect to grow significantly in the years to come. This is an important milestone in our development and one that the Board believes will benefit all of our stakeholders. “

Singer Capital Markets acts as a nominated advisor as well as a joint broker and joint bookrunner with Turner Pope Investments.