Solar panel firm sold to FM giant in £12.4m deal

Chesterfield-based manufacturer and installer of solar panels, Custom Solar, has been bought by facilities management giant Mitie in a deal which could be worth up to £12.4m.

The deal comprises an initial payment of £8m, with deferred payments in aggregate of up to £4.4m by the end of FY25, linked to performance targets. The transaction is expected to complete on 30 June.

For the 12 months ended March 31, Custom Solar generated revenues of £15m and profit before tax of £2m and had gross assets of £7m.

The deal follows Mitie’s recent acquisition of Rock Power Connections which specialises in high voltage electricity grid connections, electrical infrastructure upgrades and EV charging installations.

The staff and senior management team of Custom Solar, including managing director, Matthew Brailsford, will join Mitie.

Simon Venn, managing director, technical services, Mitie, said: “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.

“Custom Solar’s expertise in large scale commercial solar deployments, combined with Mitie’s high voltage connection and project management expertise, will enable us to offer end-to-end renewable power generation at scale. With our client base including national brands, public sector organisations and critical infrastructure providers, this is yet another element of our support to help decarbonise Britain.”