Recommended Final Cash Acquisition of Kinovo plc
LONDON: Sureserve Compliance Holdings Limited, an indirect wholly-owned subsidiary of Sureserve Group Limited, has reached a final agreement to acquire Kinovo PLC in a cash deal valued at approximately £56.4 million.
Under the terms of the acquisition, Kinovo shareholders will receive 87.5 pence per share in cash. The deal, endorsed by the boards of both companies, is set to be implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The acquisition marks a significant step for Sureserve as it expands its portfolio in compliance-focused services. The companies stated that the offer represents a strategic move to enhance operational synergies and long-term value.
Sureserve is acquiring Kinovo to expand its compliance and energy services, aiming to improve UK social housing standards and support national decarbonization. The acquisition strengthens Sureserve’s portfolio with Kinovo’s expertise in electrical compliance, reinforcing its commitment to safety, energy efficiency, and regulatory compliance.
Key highlights:
– Strategic Fit: Kinovo’s expertise complements Sureserve’s vision for compliance and energy transition.
– Growth Potential: Sureserve plans to expand Kinovo’s electrical services beyond the South East.
– Implementation: The acquisition will proceed via a court-sanctioned scheme, requiring shareholder and regulatory approvals.
– Expected Timeline: The deal is set to be finalized by July 2025.
Executives from both companies express confidence in the merger, citing improved service offerings, employee opportunities, and long-term strategic benefits.
Commenting on the Acquisition, Graham Levinsohn, the Executive Chair & CEO of Sureserve, said: “We believe the acquisition of Kinovo, with its focus on compliance and energy transition in social housing, fits perfectly with our strategy, and that bringing the two businesses together will enhance our offering to our clients. This is another significant step in delivering our mission, which is to be the trusted partner of choice to the social housing and related public sector in delivering essential and affordable heating, energy savings, and compliance solutions, playing a key and progressive role in decarbonisation, always delivering for customers, employees, residents and the environment with safety, integrity and respect at the forefront of everything we do.”
Commenting on the Acquisition, Sangita Shah the Non-Executive Chair of Kinovo said: “I am pleased to announce Sureserve’s intention to acquire Kinovo. The potential of the combined group – Sureserve’s stature within UK compliance and energy services and Kinovo’s reputation within its housing association and local authority clients – is compelling. I am particularly proud of the opportunity that this will present to our dedicated and committed employee base, whom I believe will be afforded enhanced opportunities to develop personally and professionally.
As a board we unanimously recommend this deal to our shareholders, believing that this acquisition presents an opportunity to realise immediate value and at a meaningful premium.”.