Utilitywise make water consultancy acquisition
South-Shields based Utilitywise has acquired water consultancy service, Acqua Veritas Consulting Limited.
The move will add Acqua Veritas’ services to Utilitywise’s energy service portfolio, and will secure the ‘Osiris’ intellectual property used to develop Utilitywise’s reporting platform.
An initial cash consideration of £162,000 will be paid on completion of the deal, with a further deferred amount payable, based on four times Acqua Veritas’ EBITDA to April 2014.
Geoff Thompson, CEO of Utilitywise, commented: “We have a stated strategy of supplementing our strong organic growth with selective acquisitions which enhance our range of services.
“Aqua Veritas has an excellent reputation for high quality service in the market for water management solutions for businesses and a blue chip client base. It fits well with our core energy services and increases the range of products and services we can offer our customers.”
Utilitywise have also posted a 44% increase in revenues, and Mr Thompson said it was particularly encourgaing given the costs absorbed by the business in terms of new premises, product investment and workforce growth.