Spice, a Leeds-based provider of outsourced infrastructure support services to the commercial, public and utility sectors, has acquired four new companies.
Melton was acquired for an initial consideration of £2.5m in cash, with an additional £2m becoming due by 2010 depending on the company’s performance. Melton, based in Leicestershire, installs and maintains private power networks for commercial and industrial clients across the UK.
Spice purchased UTEC for an initial consideration of £100,000 in cash at completion with the potential for a further £100,000 depending on performance. St Neots-based UTEC provides condition surveying and monitoring services on overhead electricity circuits and assets to distribution network operators including line condition reporting and pole inspection activities.
LDS and GIS have been acquired from common owners for consideration of £100,000 in cash. Both companies provide overhead line consultancy and technical services to distribution network operators throughout the UK. The business is located in Flintshire.
Simon Rigby, chief executive officer of Spice, said: ‘The acquisitions of Melton, UTEC, LDS and GIS significantly strengthen our Freedom business and reinforce our position as one of the leading players in the UK electricity sector. Each of these businesses bring with them blue chip client bases, which complement our own, and strengthen our capabilities in the area of private network maintenance and refurbishment and also overheads lines. We remain very well placed for growth within our electricity business.’