Energy Assets Group plc, the provider of industrial and commercial gas metering services, has acquired BGlobal Metering Limited from Bglobal plc for a cash price of £2.3m which includes payment of £0.2m for the completion cash balance. The acquisition is made on a debt free basis with a working capital adjustment mechanism in place post completion. Fusion DigiNet reported that BGlobal plc had decided to sell its metering business in November last year.
Based in Blackburn, BGM is a wholly owned subsidiary of Bglobal plc and provides advanced metering technology to the UK I&C electricity sector. This includes the supply and installation of smart electricity meters, meter operator services (MOP), and the ongoing collection and aggregation of energy data (DCDA). BGM is a fully accredited MOP and DCDA and provides MOP services to utility companies for circa 60,000 meter points and DCDA services for in excess of 90,000 meter points.
The Energy Assets directors say they are confident that, following integration into the Group, the BGM business will be earnings enhancing within 12 months of the acquisition date. BGM had gross assets of £4.0m at 31 March 2013. The business generated revenues of £7.4m, over half of which are recurring revenues, and incurred a loss before tax of £1.5m (after exceptional asset impairment and intra-group management charges of £0.7m) for the year ended 31 March 2013.
Phil Bellamy-Lee, Chief Executive of Energy Assets, commented, “I am delighted to announce the acquisition of BGlobal Metering Limited from Bglobal plc. This transaction enables Energy Assets to expand its presence into the electricity sector and is a significant step in the delivery of the Group’s strategy to offer services across a multi-utility platform. With continued focus on delivering value added services to the expanded utility and commercial client base, this acquisition also provides the Group with further opportunities for growth as well as enhancing our market position and increasing shareholder value in the near term.”
UK, Livingston, West Lothian & Blackburn, Lancashire
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