Tue, 16 Apr 2024 | BUSINESS NEWS
Residential energy services company Hometree has secured a debt facility from funds and accounts managed by BlackRock. The funding will be used to acquire renewable energy installation firms and Hometree has already moved to acquire two regional installation companies.
The company has acquired Tyne & Wear-based GeoWarmth Heat Pumps and Kent-based The Little Green Energy Company. The latest deals bring Hometree’s total number of acquisitions up to seven.
The two target companies have installed approximately 12,500 renewable systems in homes across the UK over the past decade. They employ a total of 55 staff and have combined revenues of £15 million and EBITDA of £2.5 million in the most recent financial year.
Hometree was founded in 2015 and initially focused on home emergency breakdown and insurance, but has since expanded into renewables installations and financing. The company now has in excess of 100,000 customers, as well as a portfolio of residential heat, solar and battery leases managed through its Hometree Finance division.
Since it was founded, the company has raised more than £85 million in funding. In addition to the new debt facility from BlackRock, HomeTree is backed by leading European asset manager Legal & General and several specialist energy investors, including Inven Capital, Energy Impact Partners and 2150.
Hometree founder and chief executive Simon Phelan (pictured above) commented: "To be able to secure financing from BlackRock to support our M&A program is a fantastic boost and shows we’re on the right track towards achieving our ultimate aim of building Europe’s leading residential energy services company.”
"Our mission has always been to support homeowners to decarbonise their homes, and this additional funding gives us the capacity to increase our scale at pace through M&A.”
Discussing the latest acquisitions, Phelan added: "We are incredibly excited to be partnering with the founders and management teams of two exceptional renewable installation companies and look forward to helping them scale their companies significantly."
Tim Fenwick, director at BlackRock Venture & Growth Lending, said: "This new debt facility will support the company in scaling up its plan to manage all aspects of sustainable homeownership and give our clients exposure to an innovative, growing business.”
Companies can increase their chances of attracting M&A funding by building their acquisition strategies around ESG
The company offers first-class information security and mobile working solutions to some of the highest profile clients in the UK. Sectors served include central and local government, healthcare, legal services, education, engineering, and retail. Pr...
The company specialises in designing and constructing bespoke modular data centres projects, along with containerised data centres, as well as offering maintenance contracts, repairs, auxiliary sales including general product upgrades, data room clea...
Acquisition opportunity for a well established, profitable IT Solutions Provider (also covering Print and Telecoms) to Schools and Businesses Across the North East of England.
29
|
Apr
|
WLR Law acquires media and sport law firm | BUSINESS SALE
Castle Donnington-based WLR Law has acquired specialist comm...
29
|
Apr
|
South Wales environmental firm undergoes MBO | MBO/MBI
South Wales-based SJ Environmental Limited has undergone a m...
29
|
Apr
|
Administrators bring Knutsford hotel to market | COMMERCIAL PROPERTY
The freehold of a hotel in Knutsford that fell into administ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.