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.
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