Energy Assets Group plc, a provider of I&C gas metering services, utility infrastructure services and electricity metering and data services, has acquired Blyth Utilities Limited.
The transaction consideration comprises an initial cash payment of £1.5m, 200,784 shares in Energy Assets Group plc with a market value of £1m, which are subject to the sellers of Blyth remaining with the Group during a restrictive period of two years, and a three year earn-out consideration of up to £2.5m contingent on the future performance of Blyth and which will be settled evenly between cash and Energy Assets Group plc shares. Cash consideration will be funded from a combination of cash reserves and existing loan facilities.
In the twelve months to 31 March 2015, Blyth reported an operating profit of £0.4m on a turnover of £7.2m. This represented a circa 46% increase in profitability over the previous year.
Blyth, founded in 2003, has team of around 80 qualified and professional employees. The company is a Multi-Utility Infrastructure Provider involved in the design and construction of utility networks and infrastructure direct to commercial and residential developers throughout Scotland and the North of England and, along with Energy Assets, is accredited under the Gas Industry Registration Scheme (GIRS). Blyth is also fully accredited under the National Electric Registration Scheme (NERS) and Water Industry Registration Scheme (WIRS).
Phil Bellamy-Lee, Chief Executive of Energy Assets, commented: “The acquisition will allow us to expand our services to become a fully accredited multi-utility infrastructure provider in the commercial area and, following on from the recent government announcement that investment in the housing sector will double to support home ownership and a pledge to deliver additional new homes across the UK by 2020, will also enable us to extend our infrastructure offering to businesses within the UK house building sector at a very exciting time.
Energy Assets recognises the importance of high quality, responsive and competitive provision of utility infrastructure and, as such, we are excited to be able to offer Blyth the support of the wider Group to realise the potential for growth within both businesses as a result of this acquisition.”
UK, Scotland, Livingston & Clackmannanshire
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