31st Jan 2022 08:56
(Alliance News) - Spirax-Sarco Engineering PLC on Monday said it completed the acquisition of energy consulting firm Cotopaxi Ltd.
The Cheltenham, England-based manufacturer of steam systems paid a total consideration of GBP13.3 million, of which GBP12.8 million were on a cash and debt-free basis. The transaction was funded through its cash resources, it added.
Cotopaxi will be integrated within the company's Steam Specialties business which serves industrial steam customers.
Spirax-Sacro explained that Cotopaxi's digital experience in steam installations will help accelerate the Steam Specialties business' objective to connect to its customers' steam systems and analyse its data.
Cotopaxi was established in 2009 and is based in Skelmersdale, England. Cotopaxi's software platform generates insights which are used to help its industrial customers reduce waste and drive efficiencies in their operations, Spirax-Sarco explained.
In 2020, Cotopaxi reported revenue of GBP2.2 million. Its pre-pandemic revenue was GBP4.8 million.
Shares in Spirax-Sarco Engineering were up 2.3% at 13,085.00 pence each on Monday morning in London.
By Abby Amoakuh; [email protected]
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