The acquired operations have annualised revenue of around £40m and an operating margin in line with the Enterprise group average.
Bethell Power Services delivers specialist services to the UK District Network Operators (DNOs). It operates in areas of maintenance and renewal activity that are complementary to the existing Enterprise businesses. It has particular expertise in Underground Cables and New Connections, which Enterprise does not offer currently and enhances the company’s capability in Overhead Lines. The acquisition will also broaden the customer base of Enterprise in the power sector.
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The acquired operations work to the same high standards of Health and Safety as Enterprise. The workforce is highly trained and experienced and brings valuable additional skills to the core Enterprise power business.
The power sector in the UK is experiencing significant growth. OFGEM is proposing to increase further expenditure in the markets in which Enterprise operates. The DNOs have requested a 65% increase in spend in the next Regulatory period, 2010-2015. The expected increase in renewable energy capacity will require additional investment in and renewal of the UK distribution infrastructure.
Owen McLaughlin, Chief Executive of Enterprise, said: "We are delighted to have made this acquisition in an attractive market. We welcome the 450 Bethell employees who will join Enterprise; they will provide further impetus to our rapid growth and increase the wide range of services and skills we provide to the utility sector in the UK. We share the same commitment to delivering high levels of performance at the least cost to the consumer."
(CD/JM)
