A renewables company that employs more than 150 people in Weston-super-Mare has been acquired for an undisclosed sum.
Low Carbon Exchange (LCX), on Gazelle Road, has become part of Sureserve – the UK’s largest provider of energy and compliance services to the social housing sector – following the deal.
LCX offers installation and maintenance services for solar panels, air source heat pumps and whole house retrofits, and has revenues of £29m. All of the company’s staff have transferred over to Sureserve following the transaction.
According to the boss of Sureserve, the deal will increase its geographic coverage as well as “deepening” its service offering.
Graham Levinsohn, group chief executive of 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 151 employees to Sureserve and we look forward to working with LCX’s clients, staff, and management in continuing to build on a successful platform.”
Kevin Childs, director at LCX, added: “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.”
Grant Thornton advised LCX on the deal. Usman B Malik, corporate finance partner and UK head of business services at Grant Thornton, said: “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.”