Utilitywise plc Acquisition of Aqua Veritas (4100C)
16 April 2013 - 4:01PM
UK Regulatory
TIDMUTW
RNS Number : 4100C
Utilitywise plc
16 April 2013
16 April 2013
Utilitywise plc
("Utilitywise" or the "Company")
Acquisition of Aqua Veritas Consulting Limited ("Aqua
Veritas")
Utilitywise (AIM:UTW), a leading independent utility cost
management consultancy, is pleased to announce the acquisition of
Aqua Veritas Consulting Limited, a leading supplier of water
consultancy services.
The acquisition will add Aqua Veritas' portfolio of integrated
services to Utilitywise's core energy services offering and will
enable Utilitywise's clients to reduce their water utility costs,
streamline their bill management processes and improve their
environmental performance. In addition, the acquisition secures
'Osiris' the intellectual property used to develop Utilitywise's
multi-utility reporting platform.
The initial consideration payable is GBP162,000, payable in cash
on completion (subject to adjustment on the basis of completion
accounts) with a further deferred amount payable based upon 4 times
Aqua Veritas' adjusted EBITDA to April 2014 capped at GBP4 million.
The deferred consideration will be financed equally from the
Company's cash resources and through the issue of new ordinary
shares in Utilitywise. Aqua Veritas reported revenue of
GBP1,296,288 in the year ended 31 March 2012.
Geoff Thompson, CEO of Utilitywise, commented: "We have a stated
strategy of supplementing our strong organic growth with selective
acquisitions which enhance our range of services. Aqua Veritas has
an excellent reputation for high quality service in the market for
water management solutions for businesses and a blue chip client
base. It fits well with our core energy services and increases the
range of products and services we can offer our customers."
For further information:
Utilitywise PLC 0870 626 0559
Geoff Thompson, CEO
Andrew Richardson, CFO
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode / Charlotte Stranner / Henrik
Persson
(Corporate Finance)
Simon Johnson (Corporate Broking)
Newgate Threadneedle 020 7653 9850
Josh Royston /John Coles/ Hilary Millar
About Utilitywise
Utilitywise is a leading independent utility cost management
consultancy based in South Shields, Tyne and Wear. The company has
established trading relationships with a number of major UK energy
suppliers and provides services to its customers designed to assist
them in achieving better value out of their energy contracts,
reduced energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy
management needs. Clients range in size from high street shops to
multinationals with thousands of sites and cover the whole of the
UK. In total, Utilitywise manages over 35,500 energy meters which
have an overall energy consumption of approaching 4 terra watt
hours per annum.
Utilitywise is a UK company quoted on the AIM market of the
London Stock Exchange. For more information, please visit
www.utilitywise.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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