Ipsum Group acquires Stormport
Utilities and infrastructure services group Ipsum Group Limited has completed the acquisition of Stormport Professional Services Limited - a provider of electricity network asset installation, maintenance and repair services.
1st May 2019 by Networks
Stormport also provides network connections to the DNO (distribution network operator) and ICP (independent connections provider) markets.
In a statement, Ipsum Group said: “The acquisition of Stormport will enhance Ipsum’s existing services and geographic footprint in the UK electricity sector and add new customer relationships with key DNOs. In addition, Stormport’s growing ICP presence is highly complementary to Ipsum’s existing business in that market.”
Greg Fernie, CEO of Ipsum Group, commented: “The acquisition of a market leading business like Stormport creates a very exciting business prospect for Ipsum Group to operate in the electricity distribution market. Across the group we have developed a range of innovative technology solutions that help digitise business which we now want to deliver to UK DNOs.”
Steve Wright, co-founder and managing director of Stormport, added: “We were attracted to Ipsum because of the strength of the management team. It’s quite evident that Ipsum is spearheaded by exceptionally entrepreneurial people with the track record, ambition and funding to allow Stormport, as part of a larger combined and growing group, to reach its full potential.”
The acquisition will see Ipsum Group combine the Stormport business into its own, growing revenues from £54 million to £65m and increasing its headcount from 400 staff to approximately 530 staff.
Comments
Login on register to comment
Related content
Power
The future for vegetation management
Why networks should focus on data not trees to overcome the costly challenges involved in vegetation management
Power
An unprecedented opportunity for change
Why short interruptions will matter in RIIO-ED2 and how to address them.
Power
Funding for SSEN electric vehicle scheme
Innovation initiative will bring forward portable EV charging devices
Related supplier content
Power
Load patterns and lockdown: how Covid-19 is impacting electricity networks
Insights into dynamics on the low voltage network as the outbreak unfolds
Downloads
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
Heat
How E.ON. is helping the City of London become a zero emissions city
Discover Citigen. Deep in the heart of our bustling capital