Rame Energy plc, the energy consultant, engineer and power generator, has acquired Beco Ltd, a UK based designer and installer of solar energy systems, £150,000. Based locally to Rame’s Plymouth head office in Devon, Beco specialises in photovoltaic solar energy systems for domestic, commercial, marine and off-grid uses. In addition Beco installs wind turbines and is a distributer for Kingspan wind turbines as well as manufacturing its own range of solar charge controllers and specialist batteries.
Beco reported revenues of £877,344 and a loss of £17,208 for the period from 21 June 2012 to 30 June 2013. In the nine months to 31 March 2014, Beco had unaudited revenue of approximately £1.32 million and was profitable. It has a current order book valued at approximately £1.30 million to 30 September 2014. On completion, which is expected to be 1 July 2014, Beco will have shareholder loans totalling £239,255.56. The Acquisition is expected to be earnings enhancing for the six months ended 31 December 2014. The consideration is to be satisfied by the issue of 989,283 new ordinary shares in the Company. In addition, on completion Rame will make a loan to Beco of £100,000 to enable the partial redemption of a proportion of the Vendor Loans. The remaining Vendor Loans shall be repaid out of a portion of profits generated by Beco over two years.
Tim Adams, Rame CEO, commented: “Having collaborated with Beco on a number of solar opportunities over the past five years, we are delighted to have agreed the Acquisition and to welcome its multi-skilled team into the Group. Beco’s proven expertise in both grid connected and off-grid solar power projects, and the synergies between our groups, will allow Rame to substantially expand our solar power activities worldwide, and also strengthen our engineering division’s capability to deliver cost effective and reliable power solutions to blue chip customers around the world. As well as the potential to increase turnover and profits at Rame’s engineering division, the acquisition of Beco will support the opportunity we have identified to develop solar power projects as an Independent Power Producer (“IPP”), similar to the wind power projects we are constructing in Chile, where the first two of a multi-project 300MW three year programme are due to come on stream later this year.”
UK, Plymouth, Devon