31st Jul 2014 15:03
LONDON (Alliance News) - SSE PLC Thursday said it has acquired Manchester-based energy management systems provider The Energy Solutions Group Topco Ltd from Bridgepoint Development Capital in a deal worth GBP66 million cash, with the potential for a further GBP6 million if targets are achieved.
ESG works with private and public sector customers to identify improvements in their management of energy consumption.
The utility company said ESG will enhance its services in competitive markets for industrial and commercial customers.
In May, when SSE published its full-year results, the company said these services, including electrical and mechanical contracting, lighting services, private energy networks and telecoms, are being brought together in an 'Enterprise' division.
SSE said ESG is expected to earn annual operating profit of over GBP10 million within five years, in addition to the commercial synergies that it will being to SSE's Enterprise division.
The existing ESG management team will continue to lead the business, which will also trade under its current name.
SSE shares were quoted down 0.8% at 1,451.00 pence Thursday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SSE