Schneider Electric acquires M&C Energy Group

May 4, 2012 — Fusion DigiNet

Schneider Electric has signed an agreement to acquire M&C Energy Group, a fast-growing company specialised in energy procurement and sustainability services for both multinationals and small to medium sized enterprises.

Headquartered in the Fife, Scotland, M&C provides its customers with energy procurement, compliance and performance optimization services mostly on recurring subscription basis. The company has more than 500 employees including 300 energy specialists and an international presence with 21 offices across 15 countries, particularly in Europe and Asia-Pacific.  M&C expects to generate total sales of approximately £35 million for the current year ending June 2012 with an EBITA margin above the Schneider Electric average.

In March last year Schneider Electric bought Summit Energy for total purchase price for the company is $268 million (~ € 190 million). See Fusion DigiNet article here.

Schneider Electric say that the M&C acquisition will complement the offerings and geographic presence of Summit Energy. M&C brings:

  • A strong client base of about 4,000 customers comprised of large corporations as well as a big pool of small to medium sized enterprises
  • Complementary geographical footprint, including Australia, Asia and some European locations
  • Highly experienced team specialized in services like energy procurement and risk management, regulatory analysis and compliance, performance optimization and sustainability auditing.

Chris Curtis, Schneider Electric’s Executive Vice President, Buildings Business, commented: “M&C is a bolt-on acquisition that will strongly complement Summit’s offerings, significantly enhance the Group’s position in energy management services, and accelerate our growth in countries where our presence is limited. In addition, this acquisition is totally in line with the Group’s strategy to boost services growth. The combination will allow us to connect their supply side expertise with our lead in demand side solutions and generate significant synergies.”

Mark Dickinson, CEO, M&C Energy Group commented: “Bringing M&C Energy Group and Schneider Electric together creates a global force in the energy advisory sector, providing long-term benefits to both staff and clients flowing from the combined knowledge, expertise, geographic footprint and range of products and service available.”

The completion of the transaction is subject to regulatory approvals and customary closing conditions.  The closing is expected to occur in the second quarter 2012. This acquisition is expected to be accretive on earnings per share from year 1 and to meet Schneider Electric’s Return on Capital Employed criteria in year 3.

France, Rueil-Malmaison, UK, Scotland, Fife and USA, Kentucky
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Hitachi Consulting acquires sustainability consultancy PRIZIM

April 19, 2012 — Fusion DigiNet

Hitachi Consulting, a provider of IT consulting and management consulting solutions and services, has acquired PRIZIM Inc., a management consulting firm dedicated to sustainability audit, consulting, training and managed service solutions.

‘This acquisition is an important building block in our quest to strengthen our management consulting business with high value solutions and services,’ said Phil Parr, President and CEO of Hitachi Consulting. ‘PRIZIM’s industry-leading services and high level of sustainability expertise is a great complement to our existing Environmental Sustainability Solutions. As we combine these attributes with our deep industry knowledge and strong enterprise application technology capabilities, we can look forward to expanding and deepening our client engagements.’

Headquartered in Maryland, PRIZIM is a professional services firm specialising in sustainability with approximately 45 employees. The company helps organisations seeking superior sustainability performance with a wide range of services including environmental assessment and auditing; strategy, scientific, and technical consulting services; training and facilitation; and outsourced support. PRIZIM’s clients include companies in the private sector; federal, state, and local government agencies; hospitals and universities; nonprofit organizations; and foreign governments and businesses.

Japan, Tokyo & USA, Gaithersburg, MD

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Inspired Energy acquires Direct Energy Purchasing Limited and raises £1M

April 16, 2012 — Fusion DigiNet

Inspired Energy plc, a UK energy procurement consultant to UK corporates, has entered into a conditional agreement to acquire Direct Energy Purchasing Limited (“DEP”), an energy procurement adviser to predominantly multi-site corporates, for a consideration of up to £4.0 million.  Inspired Energy has also raised £1.0 million (before expenses) through a placing of new ordinary shares.

The total consideration for the Acquisition comprises initial consideration of £2.0 million to be satisfied by a cash payment of £1.25 million and the issue of 21,428,572 ordinary shares in the capital of Inspired plus two deferred payments of up to £1.0 million each based primarily upon the financial performance of DEP in the two financial years ending 31 March 2013 and 31 March 2014.

The principal terms of the Acquisition Agreement are described in more detail below.

Inspired has raised £1.0 million (before expenses) through an oversubscribed placing by Shore Capital Stockbrokers Limited of 28,571,429 new ordinary shares of 0.125p each at a price of 3.5p per Placing Share, which will provide additional financing for the Group.

The initial cash payment in respect of the Acquisition will be funded from the Group’s existing cash resources and the Placing. The deferred consideration of up to £2.0 million is expected to be funded from existing cash resources as at completion and future cash-flows generated by the enlarged group.

Overview of DEP and the Acquisition

DEP is an energy purchasing management and consultancy business focused on providing consultancy and bureau services to multi site corporates, with specialisms in the healthcare and specialty retail sectors

The acquisition brings access to new sector verticals and increases the average size of clients across the enlarged Group’s portfolio, complementing and building on Inspired’s growth strategy

In the year ended 31 March 2011, DEP achieved revenues of c. £1.2 million and profit before tax of c. £0.7 million.  As at 31 December 2011, the contracted order book stood at c.£1.7 million. DEP currently serves 68 clients, and manages the procurement and administration of in excess of 6,000 energy meters across the UK.

DEP’s strong retention rates underpin stable revenue progression

Based in Bolton, DEP employs 18 staff and has 68 customers across the UK

Commenting on the Acquisition, Janet Thornton, Managing Director of Inspired said: ”We are delighted to conclude our first acquisition since our admission to AIM in November 2011.  The acquisition of DEP complements our growth strategy, providing access to new sector specialisms as well as increasing our average size of client and geographic reach. We believe that the acquisition of DEP will benefit both Inspired and DEP. The acquisition of DEP increases the breadth of our target customer base and brings operational benefits, including increasing our supplier diversification and providing a platform for increased real time reporting.  Similarly, we believe that by becoming part of the Group, DEP’s customers can benefit from our exclusive products, increased buying power and access to our highly innovative and respected risk management team.”

UK, Kirkham, Lancashire and Bolton, Lancashire

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WPP’s Kantar Retail to acquire minority interest in retail consultancy GME in the UAE

April 16, 2012 — Fusion DigiNet

Kantar Retail, WPP’ss wholly-owned insight and consultancy business, has agreed to acquire a minority interest in G.M.E.FZ-LLC (“GME”) based in Dubai, subject to regulatory approvals.

Founded in 2007, GME offers retail insight and consultancy services to clients across all business sectors. The business employs 16 people and clients include Arla, BP, Heineken, J&J and Samsung. GME has been Kantar Retail’s franchise partner in Dubai since 2007 and now becomes a full member of the Kantar Retail network.

GME’s revenues for the year ended 31 December 2011 were approximately AED 9.5 million, with gross assets at the same date of approximately AED 2.6 million.

UAE, Dubai

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Fugro acquires marine survey and environmental consultancy specialist EMU

March 23, 2012 — Fusion DigiNet

International geological consultancy Fugro has acquired UK-based marine survey specialist EMU for an undisclosed sum.

EMU is an independent marine survey and environmental consultancy specialist with annual revenues of over EUR 20 million. Based in Southampton, it also has premises in Portsmouth, Edinburgh, UK, Dinard, France and Perth, Australia. The company conducts ecological, geophysical, sediment sampling and hydrographical surveys, laboratory analysis, and provides environmental consulting and reporting services. It currently employs 150 highly-qualified and experienced surveyors, oceanographers and marine environmental scientists.

EMU has a broad client base in the oil and gas, renewables, engineering contracting, marine aggregate and government markets. The company will further internationalise its business, supported by Fugro’s global network.

The acquisition will contribute to Fugro’s strategy to provide its clients with fully-integrated solutions. EMU’s specialist services will further enhance Fugro’s capability to support clients’ projects from concept to completion.

The Netherlands, Leidschendam

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M&C Energy Group acquire Coleman Hines

March 7, 2012 — Fusion DigiNet

Just months after global energy consultants M&C Energy Group opened their first US office in Atlanta, Georgia, it has moved quickly to expand its USA footprint and strengthen its market position with the acquisition of energy consultancy service Coleman Hines, headquartered in Phoenix, Arizona.

Coleman Hines, founded in April 2000, provides energy consultancy services to many National Fortune 500 clients at nearly 35,000 sites covering all US states and Canada, particularly in the retail, restaurant, and commercial sectors. They will become part of M&C Energy Group’s growing worldwide organisation which already has 18 offices in 13 countries and clients in 40 countries.

Mark Dickinson, CEO M&C Energy Group, said: “Bringing M&C Energy Group and Coleman Hines together now creates an exciting prospect within the energy consultancy sector in North America. Not only will they increase our reach in North America, but Coleman Hines provides M&C with a number of exciting products and services specifically developed for the local markets, which will strengthen our portfolio of services. While M&C is a well-known industry-leader around the world, the North American market is relatively new to us and bringing Coleman Hines on board will strengthen our foothold and market position there.”

UK-based mid-market growth investor, Lyceum Capital, acquired M&C Energy Group for £22 million in 2010 and, since then, has implemented a rigorous programme of operational enhancement and supported a number of strategic acquisitions.

Dan Adler, Partner at Lyceum and M&C board member, said: “Coleman Hines is a well-established energy advisory firm of scale with an outstanding client retention rate and a highly progressive management team. The company’s services are closely aligned to those of M&C and so it presents the ideal platform for the wider Group to develop its North American proposition and gain market share in the country’s growing energy consultancy sector, which remains highly fragmented. The US is a key market for M&C’s services and, with a number of significant contracts already in the pipeline for the enlarged business, there is a compelling case for the firm’s North American expansion.”

The addition of Coleman Hines the latest in a line of acquisitions by M&C. In 2010 they acquired Utility Masters Ltd in the UK (a deal brokered by Fusion Corporate Partners), ETT GmbH in Germany, Creative Energy Solutions in Australia, and Encore International Ltd in the UK and in Hungary (also brokered by Fusion Corporate Partners).

Recently M&C added a Brisbane office to their Australian operation to complement their existing Melbourne office. A New Zealand office is expected to open in the Spring of 2012.

UK, Dunfermline & USA, Phoenix, AZ

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Parsons acquires environmental consultancy firm O’Connor Associates

February 3, 2012 — Fusion DigiNet

Parsons, an engineering, construction, technical, and management services firm has acquired O’Connor Associates, a environmental consultancy firm in Canada. O’Connor Associates will be integrated into Parsons Environment & Infrastructure. O’Connor Associates was founded in 1979 and reported revenues of CAN$34.9 million in 2010. It around 200 employees and maintains six offices across Canada with its headquarters in Calgary, Alberta. O’Connor Associates customers include Imperial Oil, Suncor Energy Products, 7-Eleven, and Hydro One.

“O’Connor Associates will accelerate our growth strategy and expand our environmental service offerings. We look forward to joining forces with O’Connor Associates’ exceptional employees, and we welcome them to our team,” said Chuck Harrington, Parsons’ Chairman and CEO. “Because there is little overlap in our customer bases, this acquisition provides a framework to leverage both Parsons’ and O’Connor Associates’ talent and customer relationships into untapped geographies and/or service offerings.”

USA, Pasadena, CA & Canada, Calgary, Alberta

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UK private equity investment in the £10M-£10OM market grows by 44%

January 18, 2012 — Fusion DigiNet

Data from the Lyceum Capital and Cass Business School UK Growth Buyout Dashboard shows that the UK has reinforced its position as the preeminent market for private equity investment in Europe, with activity in its lower mid-market having continued its strong recovery in 2011 to pre-recession levels of almost 100 deals.

Highlighting the segment’s robustness despite macro-economic challenges, the UK Growth Buyout Dashboard, revealed 44 per cent growth in the total number of transactions last year to 91, compared to 63 in 2010 and 34 deals in 2009.

The quarterly data, which analyses UK-headquartered private equity control deals in the £10 to £100 million enterprise value space, also shows that total deal value has more than trebled over the past three years, with aggregate values in excess of £3.4 billion last year compared to over £2.2 billion in 2010 and just above £1.0 billion in 2009.

Technology, media and telecommunications (TMT) was the stand-out sector – a trend which is likely to continue, driven by growth in innovative IT solutions such as cloud computing and mobile business applications. 26 TMT deals completed during 2011, contributing to 29 per cent of completed transactions, compared to 11 a year earlier and just four in 2009.

Click here to read the full UK Growth Buyout Dashboard.

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A Fusion Deal : Energy specialist Utilyx sold to MITIE Group

January 10, 2012 — Fusion DigiNet

Fusion Corporate Partners are pleased to announce our first deal of 2012. The sale of leading energy and carbon management specialist Utilyx Holdings Limited to MITIE Group PLC, the strategic outsourcing and energy services company.

Utilyx provides a number of services relating to its clients’ energy demands including strategic planning, procurement and risk management, all of which are designed to manage the business impact of energy consumption and rising energy costs.

The acquisition of Utilyx will complement and enhance MITIE’s existing CarbonCare energy services capabilities. The energy services market is significant for MITIE, with 35% of the Group’s revenues derived in this area. MITIE is ranked as the second largest energy services company in the UK, providing a full range of integrated services that help its clients manage their energy use and carbon footprint. MITIE’s energy services proposition supports all the key energy issues facing businesses and public sector organisations across the UK. These include business continuity through security of energy supply, value through cost reduction, reduction of carbon emissions and renewable energy.

As a leading consultant on corporate carbon and energy strategy, Utilyx counts a range of major UK energy users among its clients, from the industrial, commercial and public sectors. Utilyx has excellent high-level working relationships with numerous blue-chip companies including Scottish Water, Iceland and McDonald’s. It has excellent strategic relationships across the fast-growing energy services market and also provides specialist services to generators and developers of renewable energy projects.

Established in 2000, Utilyx purchases a significant proportion of the UK corporate energy market on behalf of its clients. The business has a deserved reputation for excellence and innovation, having introduced a number of new products and concepts to the market, including flexible risk managed electricity purchasing, open-book agreements and end-user Power Purchase Agreements.

Utilyx has annualised revenues of over £7m and is well placed to support MITIE’s progress in the growing energy services market in the UK. The total consideration for the acquisition will be up to £16.2m. Initial consideration of £15m was paid in cash on completion and the balance (capped at a maximum additional payment of £1.2m) will be paid in cash, dependent on future business performance. The proforma EBITDA of Utilyx is £1.7m and it is expected the acquisition will be earnings neutral in the first year of ownership.

Ruby McGregor-Smith CBE, Chief Executive, MITIE Group PLC, commenting on the transaction, said: “We are delighted to have acquired Utilyx. There is no doubt that the need for all organisations to use fewer natural resources is changing our marketplace. Energy management is integral to what we do and this acquisition forms part of our considerable investment to further develop MITIE’s energy services capability.

Chris Bowden, Chief Executive Officer of Utilyx added: “We are excited by the opportunity this presents for us and our clients. The energy sector is fast-moving and by bringing together our expertise and experience, we will be in an even stronger position to help our clients meet the challenges and opportunities that the new low-carbon economy .

Paul Kelly, Director at Fusion, said “We were delighted to work with Chris and his team at Utilyx. They have built a great business and the fit with MITIE is excellent. The energy services sector has become an important part of the Fusion business. This our sixth energy services deal. Besides private equity interest, we are seeing an increase in acquisition interest from large energy management, FM, environmental services and building services companies. We expect to continue to be active in the sector for some time to come.”

Previous Fusion energy services deals:

UK, London & Bristol

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Media and Information

Events, Broadcast and Other deals
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Deloitte acquires Übermind

January 9, 2012 — Fusion DigiNet

Deloitte has acquired Übermind, an innovative mobile agency.  Terms of the deal were not disclosed.

“Mobile technologies are rapidly reshaping the nature of business. This represents a significant opportunity for companies to develop new interaction models with customers, employees and stakeholders,” says Janet Foutty, national managing director, technology, Deloitte Consulting LLP.

Based in Seattle, Wash., Übermind’s mobile strategy, engineering, design and creative talent transform the way companies use mobile solutions, using disruptive technologies to create inspiring and intuitive mobile applications designed to both strengthen brand and transform the business. Übermind complements Deloitte with extraordinary talent, tools and assets that are customized to the mobile development lifecycle, including proprietary frameworks and methodologies.

“By leveraging the strength of Deloitte’s global access, industry insight and deep talent, this acquisition allows us to provide even greater insight into the business and technology issues facing organizations today,” says Shehryar Khan, chief executive officer of Übermind, Inc. “Übermind’s complementary industry footprint enhances our collective ability to deliver tailored solutions to meet clients’ specific needs.”  Khan, along with Übermind founder Donald Brady, joins Deloitte Consulting LLP as principals.

For more information here

USA, Seattle, WA

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