Utilities firm splashes out on latest acquisition

Left to right Richard Stone, Steve James, Greg Fernie, Pete Hulyer, Nikki Wood and Steve Wright

Preston based utilities and infrastructure services firm Ipsum has completed its fourth acquisition.

The firm has bought Stormport Professional Services Limited.

The deal was backed by Aliter Capital and is Ipsum’s second successful transaction of 2019, following the acquisition of EEG in February.

Cambridgeshire-based Stormport, founded in 2009 by Steve Wright and Pete Hulyer, provides of electricity network asset installation, maintenance and repair services.

The acquisition of Stormport will improve Ipsum’s existing services and geographic footprint in the UK electricity sector.

Greg Fernie, chief executive of Ipsum Group, said: “The acquisition of a market leading business like Stormport creates a very exciting business prospect for Ipsum Group to operate in the electricity distribution market.

“Across the group we have developed a range of innovative technology solutions that help digitise business which we now want to deliver to UK DNOs.”

The acquisition will see Ipsum Group combine the Stormport business into its own, growing revenues from £54m to £65m.

The company will also increase its headcount from 400 staff to approximately 530.

Steve Wright, co-founder and managing director of Stormport, said: “We were attracted to Ipsum because of the strength of the management team.

“It’s quite evident that Ipsum is spearheaded by exceptionally entrepreneurial people with the track record, ambition and funding to allow Stormport, as part of a larger combined and growing group, to reach its full potential.”

Greig Brown, partner of Aliter and chairman of Ipsum, said: “We are very pleased with the progress being made on the Ipsum strategic plan.

“The addition of Stormport significantly increases Ipsum’s capabilities within the electricity market and we look forward to working with the Stormport management team.”

Financial advisors for the deal were; legal advisors – DWF, customer commercial due diligence – Drystone, insurance due diligence – Jelf and financial due diligence – BDO.

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