Acquisition

RNS Number : 5878W

Kier Group PLC

22 November 2010

 



22 November 2010

KIER ACQUIRES RENEWABLE ENERGY COMPANY

Kier Limited, a wholly-owned subsidiary of Kier Group plc, has completed the acquisition of the entire issued share capital of Beco Limited ("Beco") from Nigel Brunton-Reed, Hilary White and Finance South West Growth Fund Limited Partnership ("Finance South West").  The aggregate maximum consideration for the acquisition is £2,435,157, of which a maximum of £750,000 is contingent.  In addition, Kier Limited procured the repayment of £486,686 owed by Beco to Finance South West. The consideration is to be satisfied in cash.

Beco designs and installs renewable energy sources, principally using photovoltaic (PV) technology to produce CO²-free energy. One of the first organisations to become a government-approved installer of PV cells, Beco assists households, businesses and communities to reduce emissions, to become more self-sufficient in relation to their energy requirements and to limit the impact of rising electricity costs. 

Beco will become the delivery arm of Kier Group's newly formed business unit, Kier Energy Innovations (KEI) and will strategically position Kier to respond to the government's drive to substantially reduce CO² in the next decade and beyond. Beco managing director Nigel Brunton-Reed joins the board of KEI.

Kier Group plc chief executive, Paul Sheffield, said: "We are delighted to complete this acquisition which gives us the capability to design and deliver PV installations across our wide network of businesses across the country. It will accelerate our access to a growing opportunity and enable us to respond to the needs of our customers to provide energy saving solutions to their commercial and domestic premises."

Ends

Contacts:

Haydn Mursell             

Group Finance Director

Kier Group                    01767 640111

Faeth Birch      

Conor McClafferty       

Finsbury                       020 7251 3801

 

END

 

 

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