Energy services provider Sureserve has agreed a £214 million takeover deal with private equity firm Cap10 Partners.
The all-cash acquisition was recommended and agreed by board members of both Sureserve and Cap10 4NetZero Bidco (Bidco), a newly incorporated company created for Cap10.
Cap10 agreed 125 pence in cash for each Sureserve share, a 39% premium to its closing price of 90 pence, reported AJ Bell. Shares in Sureserve rocketed 37% shortly after.
It is understood board members intend to unanimously recommend the deal at a general meeting in June.
Advising
- Evercore
Dartford-headquartered Sureserve caters mainly to social housing, public buildings and education contracts in the UK.
Its services include compliance, installation and inspection, and maintenance for heating, insulation and renewable energy provisions.
It currently employs more than 2,600 people.
Its revenue for the year ending September 2022 rose 27% to £275 million, up from £216.6 million in 2021.
Sureserve board members said they consider the terms of the acquisition to be “fair and reasonable”.
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