The deal will allow the company to expand its range of services and develop a presence in new sectors, specifically the electricity distribution network (DNO) market.
For over 20 years, Wakefield-based Freedom has provided engineering capital replacement projects and ‘hard FM' maintenance services, particularly within utilities through its four divisions; Infrastructure Services, Networks, Power and Professional Services.
The Group works primarily with DNO's and private network owners across substations, overhead lines, underground cables, buildings and associated infrastructure. Its key customers include Northern Powergrid, UK Power Networks, Scottish Power, Electricity North West, Yorkshire Water and the Port of Felixstowe.
As part of the acquisition, the expanded business will have a turnover of more than £600 million a year and 3,600 employees, with Freedom's existing management team continuing to run the £120m turnover business under the existing brand.
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David Hurcomb, NG Bailey's Chief Executive, said: "Bringing Freedom Group into the NG Bailey family provides a natural extension to the range of services we already offer – particularly engineering and maintenance services.
"Combining our offerings strengthens both our market positions, but it also creates significant new opportunities for both businesses. It will enable NG Bailey to compete more effectively in new markets, specifically the electricity distribution sector. It is an area where our combined skills and market-leading approach to principal contractor management, design and BIM will add considerable value.
"Having Freedom's skills and expertise will increase our capabilities within electrical infrastructure. It makes strategic and commercial sense to have Freedom as part of our group, as it's a well-respected company in a sector with strong future growth opportunities."
David Hartley, Chief Operating Officer of Freedom Group, added: "This transaction marks an exciting milestone in the development and growth of Freedom, which has become a well-established, successful business with a strong presence in its core market.
"Our existing knowledge of and relationships with, the distribution network operators, combined with NG Bailey's innovative approach to large engineering and services projects, provides a strong platform for sustained growth for both companies.
"The enlarged group will offer a highly-attractive end-to-end proposition across electrical, mechanical and fabric maintenance services to a number of markets, focusing on outstanding technical expertise and project delivery."
(LM)
