16 Apr 2013 07:01
16 April 2013
Utilitywise plc
("Utilitywise" or the "Company")
Acquisition of Aqua Veritas Consulting Limited ("Aqua Veritas")
Utilitywise (AIM:UTW), a leading independent utility cost management consultancy, is pleased to announce the acquisition of Aqua Veritas Consulting Limited, a leading supplier of water consultancy services.
The acquisition will add Aqua Veritas' portfolio of integrated services to Utilitywise's core energy services offering and will enable Utilitywise's clients to reduce their water utility costs, streamline their bill management processes and improve their environmental performance. In addition, the acquisition secures 'Osiris' the intellectual property used to develop Utilitywise's multi-utility reporting platform.
The initial consideration payable is £162,000, payable in cash on completion (subject to adjustment on the basis of completion accounts) with a further deferred amount payable based upon 4 times Aqua Veritas' adjusted EBITDA to April 2014 capped at £4 million. The deferred consideration will be financed equally from the Company's cash resources and through the issue of new ordinary shares in Utilitywise. Aqua Veritas reported revenue of £1,296,288 in the year ended 31 March 2012.
Geoff Thompson, CEO of Utilitywise, commented: "We have a stated strategy of supplementing our strong organic growth with selective acquisitions which enhance our range of services. Aqua Veritas has an excellent reputation for high quality service in the market for water management solutions for businesses and a blue chip client base. It fits well with our core energy services and increases the range of products and services we can offer our customers."
For further information:
Utilitywise PLC | 0870 626 0559 |
Geoff Thompson, CEO | |
Andrew Richardson, CFO | |
finnCap (NOMAD and broker) | 020 7220 0500 |
Matt Goode / Charlotte Stranner / Henrik Persson (Corporate Finance) | |
Simon Johnson (Corporate Broking) | |
Newgate Threadneedle | 020 7653 9850 |
Josh Royston /John Coles/ Hilary Millar |
About Utilitywise
Utilitywise is a leading independent utility cost management consultancy based in South Shields, Tyne and Wear. The company has established trading relationships with a number of major UK energy suppliers and provides services to its customers designed to assist them in achieving better value out of their energy contracts, reduced energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy management needs. Clients range in size from high street shops to multinationals with thousands of sites and cover the whole of the UK. In total, Utilitywise manages over 35,500 energy meters which have an overall energy consumption of approaching 4 terra watt hours per annum.
Utilitywise is a UK company quoted on the AIM market of the London Stock Exchange. For more information, please visit www.utilitywise.com.