ENGIE purchase of regeneration business announced
02 March 2017
Acquisition of the Keepmoat regeneration business for the sum of £330m has been announced by ENGIE today.
Following the conclusion of the deal with TDR and Sun Capital, ENGIE stated that this shows its ongoing comment to investment in the UK.
Keepmoat specialises in the design, refurbishment and upgrade of buildings of all description.
Its acquisition will enable ENGIE to offer a range of complementary services to local governments, cities and businesses across the UK, further strengthening its existing network of local authority partnership, the company stated.
With an annual turnover of approximately £800m, Keepmoat employs 2,500 staff and has long-term relationships with more than 170 local councils established over the last 30 years.
It has a £1bn order book, with a £9bn pipeline of further regeneration opportunities around the UK.
The acquisition is the largest completed by ENGIE in the last five years.
ENGIE chief executive officer Wilfrid Petrie said the deal will further his company's aims to be the "number one partner for cities and places in the UK".
"By combining our energy expertise with an expanded services capability we can make a bigger impact, as we help to improve the lives of the communities we serve."
He further stated the investment in Keepmoat aligns with the UK's journey to adopt carbon-reduction strategies.
"This transaction will also support our growth ambitions for decentralised energy networks and our home energy business as the regeneration activities will bring us closer to the end customer," said Mr Petrie.
Keepmoat chief executive officer Dave Sheridan said: "It is very clear that ENGIE shares our belief that by working in partnership with local authorities, registered providers and the private sector we can help cities and communities improve the places where people live."