Mitie Group has acquired Rock Power Connections Limited in a deal worth up to £14.5m.
Rock specialises in installing the substations and cables which ultimately take the electricity from the power stations to the buildings where it is needed.
The company also has a growing EV charging installation division for non-residential blue-chip customers which will boost Mitie’s expansion plans in the market.
The deal comprises an initial payment of £10m, with two deferred payments worth up to £4.5m by 2023 linked to performance targets.
For the year ended 31 December 2020, Rock reported revenue of £7.4m and an operating profit of £0.4m. Performance so far this year has been well ahead of 2020, with significant growth expected to continue into the future based on current order books and access to Mitie’s clients.
Rock co-founders Matt Crampton and Kev Sankar will both join Mitie to drive the business forward.
Phil Bentley, Chief Executive Officer, Mitie, said: “Decarbonising our energy system is an absolute imperative for the UK. As we expand the support Mitie Energy gives our clients, the acquisition of Rock will allow Mitie to capture a greater share of the fast growing High Voltage electric vehicle charging market, and is in line with our strategy of investing in high growth, high return businesses within the energy space
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