Monday, August 15, 2022

Chesterfield solar power solutions company snapped up

Mitie Group is set to acquire Custom Solar, a Chesterfield-based solar power solutions company specialising in the development, design, installation and maintenance of solar power systems for public and private sector clients.

Custom Solar’s design and installation expertise, combined with Mitie’s project management and mobile engineering offering, will “support Mitie’s ambition to be a leading provider of end-to-end green energy solutions.”

The transaction consideration comprises an initial payment of £8m, with deferred payments in aggregate of up to £4.4m by the end of FY25, linked to performance targets. The transaction is expected to complete on 30 June.

For the 12 months ended 31 March 2022, Custom Solar generated revenues of £15m and profit before tax of £2m and had gross assets of £7m.

The staff and senior management team of Custom Solar, including Managing Director, Matthew Brailsford, will join Mitie to help drive the business forward.

Simon Venn, Managing Director, Technical Services, Mitie, said: “The acquisition of Custom Solar continues Mitie’s strategy of investing in high growth, high return businesses within the energy and decarbonisation market to help our customers accelerate their path to Net Zero.

“Custom Solar’s expertise in large scale commercial solar deployments, combined with Mitie’s high voltage connection and project management expertise, will enable us to offer end-to-end renewable power generation at scale. With our client base including national brands, public sector organisations and critical infrastructure providers, this is yet another element of our support to help decarbonise Britain.”

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