British Energy Efficiency-as-a-Service” business eEnergy Group PLC has announced a conditional agreement to acquire the Coventry-based energy consultancy Utility Team.
Total consideration for the acquisition is up to £21 million, on a cash-free and debt-free basis, the company said.
Chief Executive Officer of UtilityTeam Delvin Lane will join the Energy Group PLC’s management team and will lead the group’s enlarged Energy Management as a Service (EMaaS) division.
An integration team will work closely with the EMaaS team and oversee initiatives to accelerate growth, including cross-selling.
Harvey Sinclair, Chief Executive Officer of Energy Group PLC, said: “The acquisition of Utility Team, when combined with our existing businesses, gives eEnergy the ability to offer customers a broad range of services and expertise in energy management, energy efficiency and intelligent measurement and analysis.
“It is in line with our strategy to buy and build a portfolio of complementary operations that can take full advantage of market demand for zero carbon energy and energy data.”