Mon, 22 May 2023 | BUSINESS SALE
Hampshire-headquartered South Coast Insulation Services (SCIS) has completed the acquisition of Gloucestershire renewable energy firm Cotswold Energy Group. The deal, which completed for an undisclosed fee, was backed by FRG Corporate Finance.
Cotswold Energy Group offers mechanical and electrical (M&E) installation services through its in-house team of accredited engineers. Through the acquisition, SCIS will diversify its services, adding further energy-efficient technologies and practices, such as the installation of ground and air source heat pumps.
Post-acquisition, Cotswold Energy Group will operate as a separate division, retaining its own brand. Founders Jon Bonnar and Robin Hodge will remain with the business post-sale, but fellow co-founder Aaron Stuart-Kelso will exit as part of the deal.
SCIS CEO Nicholas Gillanders said that the firm had seen growing demand for its services from homeowners, housing providers and private landlords looking to improve the energy efficiency of their properties amid increasing awareness of climate related issues and the ongoing cost-of-living crisis.
Gillanders commented that the acquisition of Cotswold Energy Group “gives us an opportunity to build on our existing offering as likeminded businesses with a shared goal of helping customers reduce their carbon emissions.”
FRP Corporate Finance director Alex Sargeant, who provided buyside support to SCIS on both M&A and debt advisory, said that the deal represented a “significant expansion of SCIS' capabilities and services” that would bolster the firm’s “leading position in the growing home energy efficiency market.”
Sargeant added: "It's rewarding to see two complementary businesses come together to benefit from one another’s knowledge and expertise to drive incremental growth.”
Read about the growing importance of ESG in M&A activity.
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