Invisible Systems sells 25% for £1.2m
A KENT distributor of electrical components has bought a 25% stake in Cumbrian wireless energy monitoring firm Invisible Systems.
Advanced Power Components has paid £1.2m for the interest which includes £750,000 in cash plus 1,558,007 of its shares, valued at £494,667.
The deal also includes an option which could lead to APC taking control of the company which is based in Milnthorpe and owned by Peter and Catherine Thompson.
In its last statutory accounts for the year to September 30, Invisible Systems reported assets of £606,000, revenue of £1.4m and profit before tax of £165,000.
APC’s chief executive Mark Robinson said: “This is an exciting development for APC and ISL. APC’s cleantech strategy is dependent upon the company securing ownership and access to a number of core technologies and we firmly believe that by taking an ownership position in ISL we are entering a mutually beneficial long term partnership with one of the most innovative companies in the cleantech energy monitoring space.
“There is a growing momentum behind the need for organisations and individuals to better understand energy consumption and then to measure the effect of steps taken to control it.
“This is being driven by the commercial need to control an escalation in utility costs and the need to comply with increasingly prescriptive legislation being introduced by governments all over the world intended to reduce energy consumption thereby reducing associated carbon emissions.
“ISL’s wireless technology and innovative approach to product development have created a product portfolio which offers clear commercial advantages on which we have no doubt that our Minimise Limited branded subsidiaries can capitalise on both in the UK and internationally.”
