(Alliance News) - Energy services provider Sureserve Group PLC on Friday said it has reached a takeover agreement with Cap10 Partners.
Sureserve said it reached an agreement with Cap10 4NetZero Bidco, a company indirectly owned by Cap10 Partners, on an all-cash takeover.
Cap10 is a Pan-European mid-market private equity firm.
Cap10 will pay 125 pence for each Sureserve share, a 39% premium to its closing price of 90p on Thursday. The company said this values it at around GBP214.1 million.
Sureserve shares surged 37% to 123.26p each in London on Friday morning.
The Sureserve board said it considers the terms of the acquisition to be "fair and reasonable". The board intends to unanimously recommend the acquisition at a general meeting, expected to be held in June.
Sureserve Chair Nick Winks said: "Under Bidco's private ownership, without the costs and regulation of a listed company, Sureserve should be able to pursue its strategy more productively and thereby sooner achieve leadership in helping our customers transition from traditional heating fuels to renewable alternatives."
Meanwhile, Cap10 said it believes that Sureserve is a "high quality business with a demonstrable track record of delivering growth in a mission critical market." It also said it expects Sureserve will accelerate its growth through mergers & acquisitions under private ownership.
Co-Managing Partners of Cap10 Fabrice Nottin & Serge Touati said: "Sureserve is well-positioned to bring a full suite of products and services to its customer base to support them in all aspects of their energy transition journey. We are fully supportive of Sureserve's intention to become the strategic partner to social housing landlords, local authorities and other public sector bodies to help them achieve their goals to (i) reduce fuel poverty across, and the carbon footprints of, their estates, and (ii) enhance the quality of living of their tenants."
Takeovers have dominated company news the past week.
Middle East and Africa-focused payments provider Network International Holdings PLC jumped 9.5% to 394.20 pence in London on Friday. It said it has received another takeover offer, this time from Brookfield Asset Management Ltd.
On Monday, Network International confirmed that it has received a non-binding takeover proposal from a private equity consortium.
Prior to this, Dechra Pharmaceuticals PLC had surged some 40% last Friday, as it confirmed it had entered discussions about a possible offer from private equity firm EQT.
By Sophie Rose, Alliance News reporter
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