Energy consultancy Utilitywise has snapped up smaller advisory firm Energy Information Centre for £15.5million.
The South Tyneside procurement and management firm said it bought EIC to boost the range of products and services it offers clients of “all sizes and energy needs”.
The large energy consultancy is listed on the London Stock Exchange’s AIM market and recently bought energy management firm Clouds and water consultancy Aqua Veritas.
Their latest deal sees £10.5 million in cash and £5 million in new Utilitywise shares change hands and Utilitywise will also repay EIC’s existing mortgage debt of £1.94 million.
Geoff Thompson, chief executive of Utilitywise said: “EIC’s strength lies predominantly in the larger, Industrial & Commercial segment of the market, an area which we had identified as a strategic area of growth, which combined with our market leading position in the SME segment gives us a strong foothold across the market and an excellent platform for growth.”
He added that together they will be able to target a “much greater portion of the I&C market” and maximise the strength of the EIC brand.