Sureserve Group has announced the acquisition of renewable energy installation and maintenance business, Low Carbon Exchange Limited (LCX), for an undisclosed sum.
LCX, the largest renewable energy solutions provider in the South West, has market expertise across solar PV, air source heat pumps (ASHPs), and whole house retrofits.
The Western Super Mare-based business has grown to revenues of £29 million.
Sureserve said LCX will increase its geographic coverage as well as deepening its service offering.
Legal
Grant Thornton corporate finance partner and UK head of business services, Usman B Malik, acted as lead sell side advisor to the shareholders of LCX on the sale to Sureserve.
Malik said: “The two companies have excellent synergies in their commitment to delivering decarbonisation solutions to the social housing sector.
“LCX has an excellent reputation in the renewables sector and the strategic acquisition will be a valuable addition to Sureserve as it further builds on its leading position in the industry.”
M&A
Last year, Sureserve 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 South East, London, and East Anglia.
It followed Sureserve’s acquisition by a leading private equity firm earlier that 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, in April 2023.
Commenting on the acquisition of LCX, Graham Levinsohn, Sureserve Group CEO, said: “The acquisition of LCX aligns with Sureserve’s 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 as we continue to play a key and progressive role in decarbonisation.”
“We are delighted to welcome LCX and their 151 employees to Sureserve and we look forward to working with LCX’s clients, staff, and management in continuing to build on a successful platform.”
Kevin Childs, director at LCX, added: “LCX are equally delighted at becoming part of the Sureserve family. As one of the leading providers of decarbonisation services, as well as providing repairs and maintenance services of all renewable equipment, this move gives us the ability to continue our growth, as well as offering our services across the wider group.”
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