Member Article

£15.5m acquisition for South Shields energy consultants

South Shields energy consultancy, Utilitywise, will acquire a Worcestershire rival in a deal worth £15m.

The rapidly expanding firm will part fund the acquisition with a placing of £5m in new shares, at 100p a share.

Energy Information Centre Limited (EIC) have specialist involvement in Industrial and Commercial markets, and the move will complement Utilitywise’s prowess in the SME field.

Geoff Thompson, CEO of Utilitywise, said: “The acquisition of EIC creates an energy procurement and consultancy firm of real scale and adds further products and expertise to our already impressive portfolio.

“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.

“Utilising our outstanding proprietary IT and business analysis systems and our combined product range, we believe that we can identify and target a much greater portion of the I&C market, maximise the strength of the EIC brand and, thereby, the return on this investment for our shareholders.

This was posted in Bdaily's Members' News section by Tom Keighley .