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European law firm Fieldfisher has advised AIM-listed eEnergy Group plc, an integrated Energy Efficiency-as-a-Service (EEaaS) company that helps organisations transition to "net zero", on its acquisition of UK energy consultancy Utility Team Trading for up to £21 million.
eEnergy provides energy management and capital-free solutions that enable organisations to reduce their carbon footprint and achieve cost savings.
Since its IPO in 2020, eEnergy has sought to expand its service and product offering through both organic and acquisitive growth, and has acquired several complementary businesses.
Fieldfisher's equity capital markets team previously advised the company on its acquisition of Renewable Solutions Limited in July 2020 and Beond Group Limited in December 2020 as well as its investment in a smart metering business.
Utility Team is a top 20 energy consulting and procurement business based in Coventry, which focuses on reducing clients' energy costs and provides support in their transition to net zero.
As part of the deal, eEnergy acquired the entire issued share capital of Utility Team for up £21 million, comprising a combination of up-front cash consideration and the issue of shares in eEnergy and an earn-out.
The acquisition was carried out in tandem with a £12 million placing to new and existing institutional shareholders. The placing and the acquisition were inter-conditional and completed simultaneously on 17 September 2021.
Commenting on the completion of the acquisition, corporate partner Dominic Gurney-Champion who led the Fieldfisher team advising eEnergy said:
"We are pleased to have brought another successful transaction to a close for eEnergy and to be supporting the company in delivering its M&A strategy.
"The growth of EEaaS providers has become a defining trend in the energy and utilities market and companies like eEnergy are performing a vital role in helping UK businesses meet their commitments to achieve net zero emissions by 2050."
Dominic was assisted on the transaction by corporate senior associate Jessie Abrahamson-Flynn, solicitor Jack Mason-Jebb and director Tom Martin; commercial senior associate Vicky Reinhardt; tax partner Andrew Loan and director Tamsin Nicholds; and employment senior associate Hannah Disselbeck.
About Fieldfisher
Fieldfisher is a European law firm with market leading practices in many of the world's most dynamic sectors. We are an exciting, forward-thinking organisation with a particular focus on energy & natural resources, technology, finance & financial services, life sciences and media.
Our network has more than 1,700 people working across 25 offices providing highly commercial advice based on an in-depth understanding of our clients' needs.
We operate across our offices in Amsterdam, Barcelona, Beijing, Belfast, Birmingham, Bologna, Brussels, Dublin, Düsseldorf, Frankfurt, Guangzhou, Hamburg, London, Luxembourg, Madrid, Manchester, Milan, Munich, Paris, Rome, Shanghai, Turin, Venice and Silicon Valley.