LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Monday said it has acquired energy broker and energy management services provider Orchard (Holdings) UK Ltd for GBP7 million in cash.
Orchard advises corporate clients on managing energy costs, particularly on energy procurement and usage, and provides energy management services to commercial and industrial customers.
Lakehouse said the deal will boost its existing business offering advice to social housing tenants on fuel poverty and said it will add cross-selling opportunities within Orchard's commercial customer base.
In addition to the initial GBP7 million in cash, Lakehouse will pay a further GBP3 million dependent on Orchard's financial performance up to September 2017.
"Bringing together energy efficiency, water management and smart metering expertise alongside Orchard's brokering service, the Group's Energy Services division offers an increasingly broad, national proposition to clients looking to manage their energy usage and meet challenging carbon savings targets," said Lakehouse Executive Chairman Stuart Black.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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