£23m manufacturer of vehicle charging points acquired by Swedish group

A Lincolnshire manufacturer of electric vehicle charging points has been bought by a Swedish technology group.

Rolec Services Ltd and One Stop Europe, based in Boston, has been snapped up by Sdiptech.

Rolec has a turnover of around £23m and its most recent accounts show a pre-tac profit of around £7m.

The deal is the eighth Sdiptech has completed in the UK.

Clearwater International advised the shareholders of Rolec, led by Midlands partners Jon Hustler and Rob Britton.

Kieron Alsop, managing director at Rolec, said: “We are delighted to be part of the Sdiptech Group of UK based companies and feel Sdiptech as a long-term owner offers us the additional resources and expertise required to further develop our product range and services and take Rolec to the next level.”

Jakob Holm, CEO of Sdiptech, said: “”We are excited to welcome Rolec to the group. It is a successful business with a long experience within the industry, a market-leading product range and an outstanding service offering.

“Due to its strong heritage of tailor-made turn-key systems for charging of marinas and caravans, Rolec has for the past ten years been able to gain a strong market position in UK within the growing EV segment, with over 200,000 chargepoints installed.

“The fact that they can combine their own electric vehicle charging range with either their own back-office charge-point management platform or a third parties management platform provides numerous exciting opportunities.”

Legal advice was provided by Gateley Legal, led by partners Beth Mather, Mark Rutherford and James Gopsill supported by solicitors Charlie Scott and Matt Flint.