Gas servicing business sold for up to £8.8m
SURE Maintenance Group has been bought by asset and energy support services group Lakehouse for up to £8.8m
Speke-based Sure provides gas servicing, maintenance and installations to social housing in the north of England and the Midlands.
The business employs 370 staff, of which some two thirds are engineers. Founded in 2001, it was acquired by its management in 2005.
In the financial year ended 31 December 2014, Sure reported a turnover of £23.2m and profit before tax of £500,000. It had gross assets of £7.3m as at 31 December 2014. The Group expects the acquisition of Sure to be earnings enhancing in the first full year.
Lakehouse will pay an initial £6.5m (including the repayment of debt) and a further deferred consideration of up to £2.35m, dependent on Sure’s financial performance in the period up to December 31, 2016.
Lakehouse said Sure offers similar services to its current gas compliance business, which operates primarily in South East England, and the acquisition will allow it to extend its geographic footprint in the gas servicing and maintenance market, as well as offering a platform to sell a wider range of the Lakehouse Group’s compliance services.
It said that the acquisition, which will take Lakehouse’s total headcount to 1,800, represents a further step in Lakehouse’s growth strategy as the group continues to expand and develop through targeted, complementary acquisitions which broaden its service offering and geographical reach.
Sure’s chief executive Darren Cunningham and the current management team will remain with the business.
Darren Cunningham, chief executive of Sure, said: “We’re thrilled to be joining Lakehouse, which will allow us to build on a successful period of strong and consistent growth. Combining our specialist skills with the group’s experience and client base means we are in the best position to bolster our presence in the compliance market, strengthening our existing relationships and extending our high levels of customer service across a widened geographical reach.”
Stuart Black, executive chairman of Lakehouse, said: “Sure’s specialist skills, client base and business infrastructure give us a platform to capitalise on the growth opportunities from within the UK compliance services industry. As stated at the time of admission, Lakehouse has a proven track record of acquiring and integrating businesses which complement and enhance our strong organic growth.
“Supporting the existing services of our compliance division, the acquisition will extend the geographical footprint of the Group’s gas business and give Lakehouse a solid platform in the North West for all its services.”
