Lancashire energy consultant acquired in £13m deal
A Lancashire energy consultant has been sold to a Stock Exchange listed manufacturer of thermal energy management and specialist pumps.
Spirax-Sarco Engineering has acquired Cotopaxi, a digitally enabled, global energy consulting and optimisation specialist, from Business Intelligence of Oriental Nations Corporation, for a £13.3m.
Skelmersdale-based Cotopaxi comprises a team of 38 energy engineers and software specialists.
It was established in 2009 by its current managing director Cliff Bradshaw providing its global customer base with consulting, digital connectivity and monitoring of energy intensive processes, including steam.
Its software platform generates critical insights, which are used to help its industrial customers to reduce waste and drive efficiencies in their operations through more effective management of energy use.
In the year ending 31 December 2020, Cotopaxi reported revenues of £2.2m. Revenues pre-pandemic were £4.8m.
Cotopaxi will be integrated within the group’s steam specialties business which are led by brands including Spirax Sarco and Gestra.
Cotopaxi’s expertise will help Spirax generate “opportunities to identify and implement solutions” to support steam system uptime, reduce waste and increase efficiency while Cotopaxi will benefit from increased market access for its software and services in 67 countries.
Nicholas Anderson, group CEO of Spirax-Sarco Engineering said: “The important role of digital technologies, which provide remote, real-time monitoring and data-driven insights has never been clearer than during the pandemic.
“The business is an excellent strategic fit for us, as we are both focused on improving the efficiency and sustainability of industrial steam use.
“The software, platforms and experience they bring, together with the insights derived from over a decade of data analysis, will be a key accelerator for the digitally enabled customer solutions we offer in our Steam Specialties business.”