‘Energy efficiency as a service’ company eEnergy Group has acquired energy consulting and procurement business Utility Team for £21 million. It also took on a 5% share in UtilityTeam Trading. The initial consideration represents an acquisition multiple of 7.1x of UtilityTeam’s adjusted Ebitda for the year ended 31 December 2020. Ebergy Team chief executive Delvin Lane, will join the eEnergy’s management team and lead the group’s enlarged Energy Management as a Service (EMaaS) Division
Harvey Sinclair, chief executive of eEnergy, said, “The acquisition of UtilityTeam, when combined with our existing businesses, gives eEnergy the ability to offer customers a broad range of services and expertise in energy management, energy efficiency and intelligent measurement & analysis. It is in line with our strategy to “buy and build” a portfolio of complementary operations that can take full advantage of market demand for zero carbon energy and energy data.
“For investors, we will be able to provide exposure to the links in the value chain of energy conservation, management and transition in areas that we expect to grow significantly in the years ahead. ”