Ipsum Group invests in HV company
Ipsum, a utilities and infrastructure service provider, has announced investment in Specialist Power Engineering Contracts Limited (SPEC) - a high voltage (HV) engineering business.
11th January 2018 by Networks
Ipsum, which is headquartered in Preston, was backed by Aliter Capital LLP in January 2017 and acts as the holding company for Aliter’s investments into the utilities and infrastructure support services sector.
In a statement, the company said: “Through investing in SPEC, Ipsum has broadened its specialist service offering and reach into the electricity sector; diversified its customer base; and expanded its geographical footprint across the UK. The combined business will have revenues of c.£ 23m and approximately 175 staff.”
SPEC is a specialist HV engineering business that provides a range of critical services on HV switchgear and substations for clients with private networks. It has a significant number of maintenance contracts with blue-chip customers across the UK. Headquartered in Wakefield, SPEC has branches in Aldershot, Bromsgrove, Newcastle and Oxford and currently employs 89 people.
Greg Fernie, CEO of Ipsum Group, said: “We are delighted to be announcing the investment in SPEC, a highly-regarded business that is a great fit for Ipsum and we look forward to working alongside their highly-experienced management team, led by Ian Needham and Craig Wright. The investment will enable Ipsum to develop its service offering, customer base and geographic reach and is an important milestone in our plan to establish market leadership in the utilities and infrastructure services sector.”
The directors of SPEC will continue to run their operation and be involved in the day to day management of the collective business and remain as significant shareholders. Greg Fernie, Ipsum Group CEO, a seasoned utilities industry executive appointed by Aliter earlier this year, will continue to be responsible for driving the strategic direction of the group.
Login on register to comment
Utilities mobilise coronavirus vulnerability support
£800,000 of support has been offered to support those struggling as a result of the pandemic
ENA champions network key workers in new campaign
Trade body justifies continued presence of network staff in customer communities
Surge in popularity for ‘Power Up’ safety website as parents teach at home
UK Power Networks' free website designed to help children stay safe around electricity has seen its visitor numbers rise by more than 90%
Related supplier content
People & Skills
‘Learning by doing’ on the road to net zero [test product]
DSO director Andrew Roper discusses 'Learning by doing'
Load patterns and lockdown: how Covid-19 is impacting electricity networks
Insights into dynamics on the low voltage network as the outbreak unfolds
Protect electrical equipment from insulation failure
Insulation faults are a major cause leading to the eventual failure of electrical equipment. Partial discharge (PD) is a very reliable indicator of developing insulation faults. Regular PD testing allows users to detect and analyze PD activity