Centrica plc announced that it has acquired Newnova Group Limited for a cash consideration of up to £3.5 million.
Centrica plc, through its British Gas Business division, today announced that it has acquired Newnova Group Limited, which trades under BMS Solutions Ltd and BMS Setpoint Ltd, for a cash consideration of up to £3.5 million. This acquisition further strengthens British Gas' position in the expanding business energy services market in the UK.
BMS Solutions provides British Gas with an on-demand engineering capability and access to new skills, including scheme design and project management to fulfil the initial installation and upgrading of building control equipment. BMS Setpoint provides a maintenance and servicing facility for businesses.
British Gas has now made five acquisitions in the energy services and management sector in the past 12 months, providing it with a leading position and a strong platform for further growth. The previous business service acquisitions of BMSi and Energy and Building Management Solutions, combined with the renewable energy acquisitions of Semplice Energy and Solar Technology have already enabled British Gas to establish a specialist service and maintenance offering, along with the ability to provide energy advice audits, metering with building controls to optimise energy usage and renewable generation.
Phil Bentley, Managing Director of British Gas, said: "These recent acquisitions strengthen our leading position in the growing low carbon energy services market for business customers, and is a key plank in British Gas' growth strategy".
Notes to editors
- 1. Centrica plc is acquiring Newnova Limited though its wholly-owned subsidiary, British Gas Energy Services Ltd.
- 2. The business energy services market is expected to grow to £2 billion over the next five years based on market data including Federation of Environmental Trade Association, Building Control Industry Association (BCIA), UKCEED, Energy Systems Trade Association, Carbon Trust, and SMT Consulting.
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