LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Wednesday said it has acquired smart metering company Providor Ltd for an initial GBP4.75 million in cash.
Lakehouse said Providor, which installs, maintains, services and repairs gas metering systems in commercial and residential properties in the UK, will be integrated into its energy services business and will boost its presence in the smart metering sector.
Under the terms of the deal, Lakehouse will pay an initial cash consideration of GBP4.75 million, with a further GBP2 million in deferred payments due based on Providor's profit performance in 2015 and 2016.
"Providor's specialist skills, client base and business infrastructure gives us a platform for capitalising on the growth opportunities from within the UK energy services industry. As stated at the time of admission, Lakehouse has a proven track record of acquiring and integrating businesses which complement and enhance our organic growth profile," said Lakehouse Executive Chairman Stuart Black.
Shares in Lakehouse were up 0.5% to 100.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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