One of the South West’s largest renewables providers acquired

Sureserve has announced the acquisition of Low Carbon Exchange Limited (LCX), a renewable energy installation and maintenance business based in Weston-super-Mare.

LCX is one of the South West’s largest renewables providers and a market leader in the installation and maintenance of renewable energy solutions to social housing providers, with expertise across solar PV, air source heat pumps (ASHPs) and whole house retrofits. The company has revenues of £29m and 151 employees.

Sureserve, one of the UK’s leading energy and compliance services providers, delivers a range of essential and affordable heating, renewables, energy savings and compliance solutions to social housing and the public sector including several Local Authorities and housing associations across the UK.

Kevin Childs, director at LCX, said, “LCX are equally delighted at becoming part of the Sureserve family. As one of the leading providers of decarbonisation services, as well as providing repairs and maintenance services of all renewable equipment, this move gives us the ability to continue our growth, as well as offering our services across the wider group.”

LCX was advised by Grant Thornton’s South West corporate finance team comprising Andrew Charter and Thomas Bew, led by partner Usman Malik.

Malik said: “We are delighted to have acted as lead sell side advisors to the shareholders of LCX on the sale to Sureserve. The two companies have excellent synergies in their commitment to delivering decarbonisation solutions to the social housing sector. LCX has an excellent reputation in the renewables sector and the strategic acquisition will be a valuable addition to Sureserve as it further builds on its leading position in the industry.

“As the UK increasingly switches from fossil fuel-based energy solutions, this deal highlights the demand for best-in-class renewable companies to lead the way in the transition to net zero.”

Graham Levinsohn, group chief executive, Sureserve, said: “The acquisition of LCX aligns with Sureserve’s mission – to be the trusted partner of choice to the social housing and related public sector in delivering essential and affordable heating, energy savings and compliance solutions as we continue to play a key and progressive role in decarbonisation.”

“We are delighted to welcome LCX and their employees to Sureserve and we look forward to working with LCX’s clients, staff, and management in continuing to build on a successful platform.”