Mitie has agreed to pay an initial £5.5m for ESM Power with further performance-linked deferred payments of up to £3m over two years). Completion is expected on 31st July 2024.
Based in Scunthorpe, ESM Power is a National Electricity Registration Scheme (NERS) accredited independent connections provider (ICP). It has 20 years of experience in the design, delivery and maintenance of high voltage power connections. Customers include Canary Wharf Group, Cemex, Centrica, PepsiCo and RWE. It turned over £25m last year, up from £10m the previous year.
Mitie said that the acquisition would enhance its expertise in the growing high voltage power connections market. Simultaneously, ESM will gain access to Mitie's customer base.
On completion of the transaction, ESM's 60 engineering designers and installers will join Mitie's £1.1bn Projects business, which delivers projects across buildings infrastructure, decarbonisation technologies, fire & security and telecoms infrastructure. ESM joins Mitie's recent acquisitions of Rock Power Connections and G2 Energy, which specialise, respectively, in low voltage (primarily electric vehicle charging) and very high voltage power connections.
Mitie Projects managing director Mark Caskey said: "This acquisition strengthens our position as a leading provider of power connections in the UK, offering our customers a comprehensive range of design, delivery and maintenance capabilities to support their decarbonisation and asset resilience objectives. It is a continuation of the group's strategy to invest in high growth, high margin companies that enhance our full asset lifecycle Projects business."
ESM Power managing director Roger Bamford said: "I am proud of the ESM Power team and the business we have built over the past 20 years. We are excited to be joining the Mitie team, sharing our expertise and benefiting from the opportunity to work with Mitie's experienced colleagues and extensive customer base to grow our business."
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