Specialist compliance contractor Sureserve has bought Manchester-based sustainable energy consultant CorEnergy for £7.5m.
Focused on delivering sustainable energy solutions for public and private sector organisations, CorEnergy specialises in consultancy and project delivery from initial concept, feasibility and design, to installation, commissioning and lifetime aftercare support.
Established in 2014, it advises clients in education, healthcare, Government, manufacturing and logistics on cutting energy and improving carbon efficiency through LED lighting/controls, solar PV, EV charging, battery storage and renewable heating solutions.
Sureserve will initially pay £5.9m through £2.9m in cash and a balancing share issue. A further payment of £1.6m cash and shares will depend on CorEnergy’s full-year results to December 2021.
CorEnergy is expected to achieve revenues in excess of £6m and EBITA of £1m at the year-end.
CorEnergy executive directors Tom Griffin and Richard Budzynski will remain with CorEnergy following the acquisition by Sureserve.
Peter Smith, chief executive officer, Sureserve said: “The acquisition of CorEnergy meets with our strategic objective of building Sureserve’s capabilities in the energy services, delivering vital services to local and central Governments, energy companies, and homeowners.
“CorEnergy supplements our services and will be immediately earnings enhancing.
“Tom, Richard and the team will bring new skills and experience to Sureserve and we are excited about the type of projects they have delivered in the past and will continue to deliver in the future.
“This acquisition marks an important step in our strategy to grow the company through both acquisitions and organically.”
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