LONDON, UK, NOVEMBER 22, 2023: Cap10 portfolio company Sureserve Group Ltd (“Sureserve”), the leading energy and compliance services group, has today announced that it has agreed to acquire 100% of Swale Heating Ltd (“Swale Heating”).
Swale Heating delivers gas and renewable heating solutions to both public and private sector customers. The business currently generates over £43mn in sales and employs 375 people.
Cap10, the specialist pan-European private equity firm based in London, acquired Sureserve in July 2023 in a deal that valued the company at £214mn. It was Cap10’s first acquisition and a rare instance of a first time Fund completing a Public-to-Private deal as its first transaction.
This acquisition represents an important milestone for Sureserve, being the first acquisition completed since the business was taken private.
The acquisition of Swale Heating will enable Sureserve to further expand its heating capabilities and suite of solutions to both existing and new clients.
Fabrice Nottin, Founding Partner of Cap10 said: “We are thrilled to support Sureserve in the acquisition of Swale Heating. This is our first major step in driving the external growth strategy of Sureserve.”
“When we took Sureserve private, we committed to support the company with capital and M&A capabilities to enhance the breadth and quality of its service. The acquisition of Swale Heating does just that.”
Graham Levinsohn, CEO of Sureserve, said: “We are delighted to welcome Swale Heating and their 375 employees to the Group and look forward to working with the management and employees there in furthering our shared success.”
“This acquisition expands Sureserve’s footprint and helps support our 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, playing a key and progressive role in decarbonisation, always delivering for customers, employees, residents and the environment with safety, integrity and respect at the forefront of everything we do.”
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