N Ireland co Harvey Group buys Solmatix Renewables
Aug 11, 2015 20:08 CEST
August 11 – Mechanical and electrical (M&E) services company Harvey Group has acquired fellow Northern Ireland firm Solmatix Renewables as part of a five-year growth plan in the UK and Ireland, the two said Monday.
The deal, whose value was not disclosed, will serve as a springboard for further expansion into the UK and Ireland renewable energy markets, the companies said. It will see Solmatix continue to operate as an independent company within Harvey Group.
Solmatix provides biomass boilers, solar photovoltaic (PV) and solar water heating systems to homeowners, businesses and farmers. It is a family business set up in 2008 with 30 staff and turnover of GBP 6 million (USD 9.3m/EUR 8.4m). The acquisition will bring Harvey Group’s headcount in Northern Ireland and Great Britain to 110.
Brian Harvey, managing director of Harvey Group, said the company has been looking to grow its renewables involvement either organically or through an acquisition. “From my perspective, having Solmatix as part of Harvey Group gives us a level of expertise that would have taken us years to acquire otherwise,” he said.
Solmatix’s founder and managing director, Richard Bell, said that being part of a larger organisation would provide access to enhanced technical skills, financial resources and purchasing power.
(GBP 1.0 = USD 1.557/EUR 1.406)
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