Smart Metering Systems buys Utility Partnership

14th Apr 2014 10:34

Smart Metering Systems (SMS) has bought Utility Partnership, a UK manager of electricity meters, for 14m pounds. The consideration will be settled through a payment of £9.7m in cash, funded through a new corporate debt facility provided by the company's existing club of lenders, with the balance of £4.3m to be satisfied with the issue of 1,246,277 ordinary shares of 1p each.Utility Partnership's turnover for the year ended July 31st 2013 was £11.1m with gross profit of £3.7m and earnings before interest, tax, depreciation and amortisation (EBITDA) after exceptional items of £2m."The acquisition of Utility Partnership will enable SMS to expand its service offering across the gas and electricity sectors, and the enlarged group will now offer a fully integrated service in these markets," said SMS Chief Executive Alan Foy. RD