LONDON: Amcomri Group plc (AIM: AMCO), the “Buy, Improve, Build” UK focused, specialist engineering services and industrial manufacturing group, announced that its new wholly owned subsidiary, GridCore Electrical Services Limited, has entered into a conditional business purchase agreement to acquire the business and assets of the National Compliance and Testing division of the Infrastructure Solutions business of Enerveo Limited, a subsidiary of SSE plc, for a consideration of £1.
The Acquisition provides Amcomri with an established, UK wide specialist electrical test and compliance operation, and opens a further significant opportunity for the Group to expand its activities in the ‘private network’ electrical-infrastructure market, a key strategic target sector.
The National Compliance and Testing division has an established long standing customer base with a significant level of recurring revenue, supported by a highly experienced operational team. The Acquisition also creates a strong opportunity for the Group to leverage synergies with its other companies operating in the power electrical maintenance and engineering sector.
Amcomri has a proven track record and extensive experience in successful completion and subsequent growth of business and asset type transactions, most recently with the Group’s acquisition of Drurys Engineering Limited and Claro Precision Engineering Limited, in March 2024.
For the year ended 31 March 2025, the National Compliance division being acquired generated revenues of approximately £5 million (unaudited). Amcomri will acquire net assets of approximately £1.5 million on completion for £1.
Completion is expected to occur on or around 31 May 2026 and is conditional on customary conditions including the novation of material contracts to GridCore and completion of the TUPE process (the “Conditions”). If the Conditions have not been met or waived by GridCore (where permitted under the BPA) on or before 31 July 2026, the BPA will terminate. As part of the transaction, Enerveo (or a member of its group) will provide customary transitional and managed services arrangements to GridCore.
A further announcement will be made as appropriate.
Mark O’Neill, Chief Operating Officer of Amcomri, commented: “We are pleased to announce our third acquisition since our admission to AIM in December 2024. The acquisition of the business and assets from Enerveo’s National Compliance and Testing division is an opportunity to develop a key strategic target area of the Group, as well as having the potential to broaden our service offering into specialist electrical-infrastructure markets, as we continue to roll out our proven ‘Buy, Improve, Build’ model.
The Acquisition and subsequent development opportunities have significant synergy potential with other established Amcomri Embedded Engineering businesses. We now look forward to working towards completion with the team at National Compliance on this exciting development for the Group.”