Sureserve Group has just acquired an energy solutions provider for an undisclosed sum.
The energy giant has signed a deal for the entire issued share capital of Swale Heating Holdings Limited and its subsidiary Swale Heating Limited, a heating solutions business operating across the Southeast, London and East Anglia.
It follows Sureserve’s acquisition by a leading private equity firm earlier this year for £214 million. 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 Partners, back in April.
Established in 1972, Swale Heating serves residential and social housing clients across public and private sectors, and today turns over £43 million.
The business provides installation, repair and maintenance services to more than 140,000 households, and specialises also in technical commercial projects.
375 Swale Heating employees will transfer to Sureserve under the new deal.
“We are delighted to welcome Swale Heating and their 375 employees to the Group and look forward to working with the management and employees there in furthering our shared success,” said Graham Levinsohn, Group CEO, Sureserve Group.
“This acquisition expands Sureserve’s footprint and helps support our mission, to be the trusted partner of choice to the social housing and related public sector in delivering essential and affordable heating, energy savings, and compliance solutions, playing a key and progressive role in decarbonisation, always delivering for customers, employees, residents and the environment with safety, integrity and respect at the forefront of everything we do.”
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