Tue, 16 Aug 2022 | BUSINESS SALE
IRT Surveys, a data-led services firm focused on addressing issues including decarbonisation, energy efficiency and fuel poverty, has been acquired by Mears Group for £4.1 million. The sum represents close to a 11.4x multiple of IRT’s £360.1k turnover for 2021, on which it generated gross profits of £259.8k and a post-tax loss of £69.2k.
IRT, which is based in Dundee, has developed DREam, a proprietary technology platform designed to “simplify and accelerate” retrofitting for domestic properties. Decarbonisation of housing is becoming an increasingly prevalent issue amid rising energy costs and growing environmental awareness.
The deal will be completed on a cash-free, debt-free basis, with Glasgow-headquartered Mears Group paying an initial consideration of £3 million, which will be followed by a contingent consideration potentially rising £1.1 million, which is payable over a two-year period post-completion. The deferred consideration is subject to IRT achieving satisfactory performance in business development targets.
Mears Group’s board has said that it sees “significant opportunities in the structurally growing field of carbon reduction”, which it says will be “complementary and additive” to the group’s existing service offering.
The listed group said in a statement: "The requirement to decarbonise an ageing housing stock, especially in affordable housing, is accelerating in the current environment given the significant increases in energy costs, and the agenda to meet the Government's targets of achieving Net Zero by 2050.”
Mears Group Chief Executive David Miles added: "I am delighted to have completed the acquisition of IRT, as we look at ways of providing greater scale to Mears, drive our ESG agenda and provide a broader range of services to new and existing clients.”
"This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction. We are excited to welcome IRT and its employees into the group."
Find businesses for sale here.
If you are looking for an exit, we can help!.
This is a unique opportunity to acquire a well-established recruitment business operating from leasehold premises in the South of England, featuring a consistently growing turnover with significant assets including office furniture, IT equipment, and...
This well-established car sales and garage business in Nottinghamshire offers a superb reputation supported by positive online reviews and occupies a prominent position on a main road in Worksop.
This exclusive Highland accommodation management business offers an exceptional opportunity to acquire a market leader in luxury self-catering apartment services within a historic estate in the Scottish Highlands.
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.