Facilities management company Mitie Group has agreed to acquire ESM Power, a high voltage electrical engineering business specialising in grid and power connections, for £8.5 million.
ESM Power’s 60 engineering designers and specialist installers will join Mitie’s £1.1 billion Projects business, which operates across buildings infrastructure, decarbonisation technologies, fire & security, and telecoms infrastructure markets.
The deal will expand Mitie’s expertise in the growing high voltage power connections market – which continues to benefit from capital investment in UK energy networks – as well as the group’s project pipeline in the sector and decarbonisation offering.
It also follows Mitie’s recent acquisitions of Rock Power Connections and G2 Energy.
Lincolnshire-headquartered ESM Power has been operating in the design, delivery and maintenance of high voltage power connections across local authority, commercial and power generation sectors for 20 years.
Blue-chip customers include:
- Canary Wharf Group
- Cemex
- Centrica
- RWE
In the year to 30 April 2024, ESM Power delivered revenue of £25.5 million (FY2023: £10.4 million) and EBITDA of £2.2 million (FY2023: £0.2 million).
The acquisition is expected to complete on 31 July.
Mark Caskey, managing director at Mitie Projects, said: “We are delighted that the ESM Power team will be joining Mitie. This acquisition strengthens our position as a leading provider of power connections in the UK, offering our customers a comprehensive range of design, delivery and maintenance capabilities to support their decarbonisation and asset resilience objectives.
“It is a continuation of the group’s strategy to invest in high growth, high margin companies that enhance our full asset lifecycle Projects business.”
Was this interesting? Try Mace achieves record revenue of £2.3 billion
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
