LONDON, UNITED KINGDOM – Mitie, a leader in outsourcing and energy services, has acquired ESM Power, a specialist in high-voltage electrical engineering, for up to £8.5 million ($11 million).
This strategic move aims to bolster Mitie’s expertise in the expanding high-voltage power connections market, essential for the UK’s Net Zero goals.
The deal includes an initial payment of £5.5 million ($7.1 million) with up to £3 million ($3.9 million) deferred over two years. Completion of the acquisition is expected by July 31, 2024.
Expansion of Mitie’s capabilities
ESM Power’s 60 engineering designers and high-voltage installers will join Mitie’s £1.1 billion ($1.4 billion) Projects business. This division handles transformation projects in areas such as building infrastructure, telecoms, fire and security, and decarbonization technologies.
This acquisition complements Mitie’s previous purchases of Rock Power Connections and G2 Energy, enabling the company to offer a full spectrum of power connection services across all voltages.
It also enhances Mitie’s pipeline of high-voltage connections projects and adds design capabilities, private network solutions, and maintenance services to aid customers in upgrading and decarbonizing their power systems.
Benefits for both companies
Based in Lincolnshire, ESM Power brings 20 years of experience in designing, delivering, and maintaining high-voltage power connections. Their blue-chip clients include Canary Wharf Group, Cemex, Centrica, PepsiCo, and RWE.
Managing director of Mitie Projects Mark Caskey expressed his enthusiasm: “This acquisition strengthens our position as a leading provider of power connections in the UK, offering our customers a comprehensive range of design, delivery, and maintenance capabilities to support their decarbonization and asset resilience objectives.”
Roger Bamford, Managing Director of ESM Power, echoed Caskey’s statement, adding, “I am proud of the ESM Power team and the business we have built over the past 20 years. We are excited to join Mitie, share our expertise, and benefit from the opportunity to work with Mitie’s experienced colleagues and extensive customer base to grow our business.”
In the 12 months ending April 30, 2024, ESM Power reported revenue of £25.5 million ($33 million) and EBITDA of £2.2 million ($2.8 million).
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