Fulcrum buys Dunamis Group for £22m
Fulcrum has increased its capabilities in the electricity services market after completing the acquisition of Dunamis Group for £22 million.
8th February 2018 by Networks
The acquisition will enable the company to expand further into the electrical connections market, which it says is estimated to be worth in excess of £500m per year.
This deal follows on from Fulcrum securing its Independent Distribution Network Operator (iDNO) licence, which it achieved at the end of 2017, and enables the company to adopt, own and operate electrical assets.
The Dunamis Group will become part of an enlarged Fulcrum group and continue to trade under its existing brands.
With its headquarters in Bury St Edmunds, the Dunamis Group was founded in 2012 by Chairman Wayne Hayes and has quickly become one of the UK’s leading independent electrical connections providers.
Mr Hayes will join the board of Fulcrum as a non-executive director alongside Fulcrum’s chief financial officer, Hazel Griffiths, who has become an executive director.
Employing 48 people, the Dunamis Group has four divisions, which provide services including the design, installation and project management of renewable energy-related connections in areas such as battery storage facilities and short-term operating reserves.
Martin Harrison, Fulcrum’s chief executive officer, said: “This acquisition meets key strategic goals for Fulcrum; accelerating our future growth through the cross-selling of gas and electrical connection services, increasing electrical asset adoption opportunities and significantly expanding and extending our direct delivery capability within the electrical infrastructure market. This will reinforce our trusted ‘right first time’ service built on technical expertise.”
Wayne Hayes, founder of the Dunamis Group, said: “This transaction marks an exciting milestone in the development of Dunamis and we are delighted to be entering the next stage of our growth strategy under Fulcrum’s ownership.”
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