Utilyx acquired in £16m deal
Northampton energy and carbon management specialist Utilyx Holdings has been bought by outsourcing giant Mitie Group for £16.2m.
Mitie, based in Bristol, paid £15m in cash on completion. The balance, which is capped at a maximum of £1.2m, is to be paid dependent on future business performance.
Established in 2000, Utilyx, which has offices in Northampton and London, purchases a "significant" proportion of the UK corporate energy market on behalf of its clients, including Scottish Water, Iceland and McDonald's.
It has revenues of more than £7m and will enhance Mitie's existing CarbonCare energy services capabilities, the group said.
Mitie's chief executive Ruby McGregor-Smith said: "There is no doubt that the need for all organisations to use fewer natural resources is changing our marketplace. Energy management is integral to what we do and this acquisition forms part of our considerable investment to further develop our energy services capability."
Utilyx chief executive Chris Bowden added: "We are excited by the opportunity this presents for us and our clients. The energy sector is fast-moving and by bringing together our expertise and experience, we will be in an even stronger position to help our clients meet the challenges and opportunities that the new low-carbon economy provides."
McGregor-Smith was awarded a CBE in the New Year Honours List.
