Earnz, the energy services company helmed by leading South West entrepreneur Bob Holt, has completed another acquisition as it continues on its mission to capitalise on the drive for global decarbonisation.
The £2.8m takeover of A&D Carbon Solutions is Cheltenham-based Earnz’s third since it was transformed from a London Stock Exchange shell company by Mr Holt into a trading business.
Swansea-based A&D Carbon Solutions specialises in a range of decarbonisation services incudling cavity wall insulation, air source heat pumps and solar panels and is primarily focused on improving residential properties’ Energy Performance Certificate ratings through government funding schemes.
A&D reported an unaudited revenue of £2.89m, EBITDA (earnings before interest, taxes, depreciation, and amortisation) of £216,000, and profit before tax of £163,000 for the nine months ended April 30.
Last August Earnz took over Cosgrove & Drew (C&D) and South West Heating Services (SWHS) to establish itself in the fast-growing property decarbonisation market.
Mr Holt is best known for taking Gloucestershire-based Mears Group from a small local maintenance contractor in to a £3bn national business. He stepped down as chairman in 2019 after 23 years with the company.
Last month Earnz said it had made a successful start to its journey “to build a significant group in the energy services sector focusing on the decarbonisation of public and private sector building fabric”, as the Government continued to provide investment in the net zero transition and UK clean energy industries.
It comments attached to its annual results, it said it had an active list of potential acquisition targets across the decarbonisation agenda.
“Due to the difficulties of the capital restrictions to date, our acquisition strategy has been highly selective as we work within our financial constraints,” it added.
“As we have established a profitable platform for growth, the board is looking at more significant opportunities for acquired growth which will enhance service offerings and provide a more stable base.”