Ipsum acquires Cambridgeshire-based electricity network services provider Stormport
Stormport is Ipsum’s fourth acquisition since its inception in January 2017
Ipsum Group Limited (“Ipsum”), backed by Aliter Capital LLP (“Aliter”) today announced the successful completion of its fourth investment, Stormport Professional Services Limited (“Stormport”). This is Ipsum’s second successful transaction of 2019, following the acquisition of EEG in February.
Cambridgeshire-based Stormport, founded in 2009 by Steve Wright and Pete Hulyer, is a provider of electricity network asset installation, maintenance and repair services, and network connections to the DNO (Distribution Network Operator) and ICP (Independent Connections Provider) markets.
The acquisition of Stormport will enhance Ipsum’s existing services and geographic footprint in the UK electricity sector and add new customer relationships with key DNOs. In addition, Stormport’s growing ICP presence is highly complementary to Ipsum’s existing business in that market.
Steve Wright, Co-Founder and Managing Director of Stormport said: “The main factor that attracted us to Ipsum is 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.”
Greg Fernie, CEO of Ipsum Group said: “On behalf of Ipsum, I am delighted to have acquired a successful, market leading business like Stormport, which is highly complementary to our existing business. I look forward to working with the team to achieve further success in the future.”
Greig Brown, Partner of Aliter and Chairman of Ipsum said: “We are very pleased with the progress being made on the Ipsum strategic plan. The addition of Stormport significantly increases Ipsum’s capabilities within the electricity market and we look forward to working with the Stormport management team.”