Mitie powers up with £14.5m acquisition of ICP

Mitie Group has acquired Worcester-based Rock Power Connections, an independent connections provider (ICP), in a deal worth up to £14.5m.

Rock has nationwide coverage and specialises in the design and installation of new high voltage electricity supplies, the renewal of industrial and commercial customers’ electrical assets up to 132kV, and the EV charging installation for non-residential blue-chip customers.

For the year ended 31 December 2020, Rock reported revenue of £7.4m and operating profit of £400,000. Performance so far this year has been well ahead of that achieved in 2020, with ‘significant’ growth expected to continue into the future, based on both a current order book which is underpinned by long-term framework agreements, and access to Mitie’s clients.

Rock co-founders Matt Crampton and Kev Sankar will both join Mitie.

Phil Bentley, chief executive officer, Mitie, says: “Decarbonising our energy system is an absolute imperative for the UK. As we expand the support Mitie Energy gives our clients, the acquisition of Rock will allow Mitie to capture a greater share of the fast growing high voltage electric vehicle charging market, and is in line with our strategy of investing in high growth, high return businesses within the energy space.”

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