UK services company Mitie buys solar installer Custom Solar
Image by Custom Solar Ltd (www.customsolar.co.uk)
June 10 (Renewables Now) - UK facilities management and services company Mitie Group plc (LON:MTO) on Thursday said it has agreed to buy Custom Solar Ltd to strengthen its decarbonisation offering.
Mitie will pay GBP 8 million (USD 10m/EUR 9.3m) initially and a further up to GBP 4.4 million by the end of the 2025 financial year, related to performance targets, to take over Custom Solar, which develops, designs, installs and maintains solar power systems for public and private sector customers. The business will be acquired on a cash-free, debt-free basis.
“The acquisition of Custom Solar continues Mitie’s strategy of investing in high growth, high return businesses within the energy and decarbonisation market to help our customers accelerate their path to Net Zero,” said Simon Venn, managing director, technical services at Mitie. The company's customers include national brands, public sector organisations and critical infrastructure providers.
The executive explained that by combining Custom Solar’s expertise in large-scale commercial solar deployments with Mitie’s high-voltage connection and project management expertise, the company will be able to offer end-to-end renewable power generation at scale.
The deal, expected to complete at the end of the month, follows Mitie’s recent purchase of Rock Power Connections which is focused on high-voltage grid connections, electrical infrastructure upgrades and electrical vehicle (EV) charging installations.
Custom Solar made a pre-tax profit of GBP 2 million on revenues of GBP 15 million in the year through March 2022 and had gross assets of GBP 7 million.