Electrical contractor switches to new ownership following Swedish approach
A Blackpool-based electrical contractor, employing almost 60 staff, has been acquired for an undisclosed sum.
AC Electrical Services Group (ACE) has been purchased by Storskogen, a Swedish-based international group of businesses across trade, industry and services, listed on NASDAQ Stockholm.
ACE provide a comprehensive range of services for commercial, industrial and private clients.
Operating nationally, and predominantly in the retail, supermarket, local government and hospitality sectors, electric car-charging installations is one of the company’s specialist areas.
ACE also tests and inspects fire alarms, emergency lighting, CCTV and security systems, employing 58 members of staff in total, with clients including Tesco, B&M Retail, Bose and the racecourses at Wetherby and Catterick.
Founded in 1995 by managing director Andrew Cumpsty, ACE has enjoyed considerable growth with a regular stream of new, referral and repeat custom, some of which dates back to the start of the company’s 28-year history.
Bolton-based KBS Corporate oversaw the sale of ACE, with Jay Singh, KBS Corporate finance director, presiding over the deal involving the sale of 80% of the shares in ACE to Storskogen.
Andrew Cumpsty said: “Storskogen is a great cultural and business fit for ACE and we have shared ambitions for the future.
“I am really looking forward to the next phase of growth and continuing to build the business and relationships with the Storskogen team.”
Jay Singh said: “AC Electrical is an excellent business and has an enviable reputation within the marketplace. During our process, we generated a lot of interest in the group and met with several potential acquirers, but Storskogen were the best strategic fit and shared the long term vision of the business.
“The transaction will allow ACE to become part of a larger organisation and build on the fantastic platform Andrew and his team have built over the years. It was a pleasure to lead on this transaction and to work with Andrew to bring the process to a successful conclusion.”
Philip Lofgren, head of Storskogen UK, said: “ACE is Storskogen’s eighth acquisition in the UK. We are delighted to add ACE to our growing portfolio of niche companies with leading market positions.
“We have worked closely with Andy and ACE and believe this is a great platform on which to grow our presence in the mechanical, electrical and plumbing space in the UK.”