Electrical contractor Clarkson Evans has acquired a solar panel installation firm, for an undisclosed sum.
The Gloucestershire firm has taken a majority share in Northampton-based Futurelec, which fits solar power systems on new-build homes. As part of the agreement Futurelec will be rebranded to Clarkson Evans Solar.
The deal was facilitated by funding from bank HSBC, which Clarkson Evans had secured to undergo a management buyout.
Clarkson Evans said it had been working closely with Futurelec over the last few months to fulfil contracts with customers nationwide, as demand for greener tech has continued to increase.
Chief executive Lindsey Young said: “The deal with Futurelec is a significant step forward in our growth strategy as a business, which is focused on diversifying into renewable technologies whilst maintaining our market share for wiring new homes nationwide.
“Clarkson Evans shares many parallels with Futurelec, including our commitment to high quality, strong customer service and investment in training apprentices, so it seemed a natural move to cement our partnership.”
The new Clarkson Evans Solar division will be overseen by Futurelec’s former managing director Lee Chadwick, who has nearly 15 years of experience delivering solar PV projects. The division will also work on commercial projects.
James Shepherd, head of corporate banking in the South West for HSBC UK, said: “We’re delighted our financial support has helped the new Clarkson Evans team in their growth journey. There is huge demand for greener homes and renewable technologies in the construction sector so we look forward to continuing to see the business flourish.”
Based at the Meteor and Anson business parks near Gloucestershire airport, Clarkson Evans was established in 1981. The company operates around 20 branches around the country, and wires around 24,000 new homes each year.
Following the Futurelec deal, it employs 925 people.
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