UK energy broker Orchard (Holdings UK) has been sold in a deal that could be worth £10 million.
It is now part of asset and energy support company Lakehouse which has taken on 78 staff from Orchard.
Orchard provides energy management services to commercial and industrial costumers, including brokering supply with utilities, managing contracts and advising on energy usage.
Lakehouse’s energy services division currently provides insulation and thermal efficiency services as well as renewable technology expertise and expects the deal to extends its procurement services.
It also hopes the transaction will enhance its existing offering to social housing clients in addressing the challenge of fuel poverty.
The government has set a target of achieving an energy efficiency standard of Band C for as many fuel poor homes as reasonably practicable by 2030.
Gareth Henderson, Founder and Managing Director of Orchard said: “Becoming part of Lakehouse allows us to offer an extended range of services to our existing customer base as well as strengthening our mutual relationships with the major utilities firms.”
The deal includes an initial cash amount of £7 million and a further “deferred consideration” of up to £3 million on the basis of Orchard’s financial performance up to September 2017.