Bishop Fleming, has advised on the sale of Worcester based high voltage electrical specialists, Rock Power Connections, to London headquartered Mitie for initial consideration of £10mn.
It revealed the deal will enable Mitie to provide services including new connections to the electric grid, high voltage assets renewals, end-to-end electric vehicle charging infrastructure solutions and upgrading the electrical network up to 132kV.
Rock’s expertise will also allow Mitie to ensure that its customers have the right cabling and power systems in place to support their EV transition ambitions.
Charles Davey, partner at Bishop Fleming, said: “It has been a pleasure working with the shareholders of Rock on this transaction which sees Mitie acquire an exceptional business at the forefront of EV charging and the move to zero carbon transport.
“We wish all involved every success as they continue to grow as part of the Mitie group, and I am pleased that our Corporate Finance and Tax specialists were able to deliver and advise on another successful deal.”
Kev Sankar, co-founder of Rock, added: “Thanks to all the team at Bishop Fleming for their great work, providing excellent guidance and knowledge to ensure we were supported throughout the process to meet our many and varied objectives.
“Bishop Fleming was crowned as ‘Business of the Year’ at the British Chamber Awards in 2019 and is currently ranked in the Top 30 in the Accountancy Age league table.”