Thu, 03 Jul 2025 | BUSINESS SALE
Energy services firm Earnz plc has completed its third acquisition with a £2.8 million deal for A&D Carbon Solutions. Earnz, which is based in Cheltenham, is using M&A to capitalise on growing demand for decarbonisation services.
The acquisition comprises an initial consideration of £1.3 million, including £840,000 in cash, £260,000 in consideration shares and a further £200,000 held in escrow and dependent on performance targets.
An additional deferred consideration of up to £1.5 million will be payable depending on A&D meeting EBITDA targets over the next two years.
A&D Carbon Solutions is based in Swansea and specialises in a range of decarbonisation solutions, including solar panels, air source heat pumps and cavity wall insulation. The company’s primary focus is on improving the Energy Performance Certificate (EPC) ratings of residential properties through government funding schemes.
In the nine months to April 30 2025, A&D reported unaudited revenue of around £2.9 million, EBITDA of £216,000 and pre-tax profits of £163,000.
The acquisition of A&D is the latest in a series of transactions for Earnz, which was transformed from a LSE shell company into a trading business by prominent South West entrepreneur Bob Holt. Holt is best known for serving as chairman of Gloucestershire-based Mears Group during its expansion from a small local contractor into a £3 billion national business.
Earnz established itself in the rapidly growing property decarbonisation market last year, with the acquisitions of Cosgrove & Drew (C&D) and South West Heating Services (SWHS) in August 2024.
In June 2025, Earnz stated that it had made a successful start to its goal of becoming a "significant group in the energy services sector focusing on the decarbonisation of public and private sector building fabric”, amid increasing levels of government funding for clean energy and the net zero transition.
Government infrastructure spending and the need to retrofit residential properties during the drive to net zero are both key factors driving M&A in the civil engineering space.
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