Preston infrastructure group acquire electrical firm

La Salle can report that Preston-based Ipsum Group, backed by Aliter Capital, have made their second acquisition of 2019 with the takeover of Cambridgeshire-based Stormport, a specialist electrical services provider.

Businesses acquired: Stormport Professional Services Limited

Activities: Incorporated in 2009, the company has positioned itself as a total service provider for the electrical industry. With approximately 130 staff they have a wealth of experience in building, maintaining and replacing overhead, underground, and switchgear assets associated with Electrical Distribution Networks.
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Purchaser: Ipsum Group Limited

Activities: Incorporated in 2017, the company is a full service, specialist solutions provider to the Utilities and Infrastructure Markets. Based in Preston, Lancashire their 400 staff service the utilities, industrial, commercial, renewables, highways, and infrastructure sectors. This acquisition will see revenues increase from £54m to £65m.

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Greg Fernie, chief executive of Ipsum Group, said: "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 distribution network operators."

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."