The acquisition will add Aqua Veritas’ product portfolio to Utilitywise’s energy services. In addition, the acquisition secures ‘Osiris’ the intellectual property used to develop Utilitywise’s multi-utility reporting platform.
The initial consideration payable is £162,000, payable in cash on completion with a further deferred amount payable based upon 4 times Aqua Veritas’ adjusted EBITDA to April 2014 capped at £4 million. The deferred consideration will be financed equally from the Company’s cash resources and through the issue of new ordinary shares in Utilitywise. Aqua Veritas reported revenue of £1,296,288 in the year ended 31 March 2012.
Geoff Thompson, CEO of Utilitywise, commented: “We have a stated strategy of supplementing our strong organic growth with selective acquisitions which enhance our range of services. Aqua Veritas has an excellent reputation for high quality service in the market for water management solutions for businesses and a blue chip client base. It fits well with our core energy services and increases the range of products and services we can offer our customers.”
UK, South Shields & Leicestershire, Enderby
- Utilitywise – maiden report Posted on October 18, 2012
- Utilitywise acquires Clouds Environmental Consultancy Limited Posted on October 2, 2012
- Utilitywise to list on AIM Posted on June 18, 2012