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Fulcrum, the Sheffield-based multi-utility infrastructure services provider, has acquired the Dunamis Group for £22m, which will significantly increase the company’s capabilities in the electricity services market.
The acquisition will enable Fulcrum to expand further into the electrical connections market, which is estimated to be worth in excess of £500 million per year.
The deal is the latest development in Fulcrum’s electrical market growth. It follows on from Fulcrum securing its Independent Distribution Network Operator (iDNO) licence, which it achieved at the end of 2017, and enables the company to adopt, own and operate electrical assets.
The Dunamis Group will become part of an enlarged Fulcrum Group and continue to trade under its existing brands.
With its headquarters in Bury St Edmunds, the Dunamis Group was founded in 2012 by Chairman Wayne Hayes and has quickly become one of the UK’s leading independent electrical connections providers.
Mr Hayes will join the board of Fulcrum as a Non-Executive Director alongside Fulcrum’s Chief Financial Officer, Hazel Griffiths, who has become an Executive Director.
Employing 48 people, the Dunamis Group has four divisions, which provide services including the design, installation and project management of renewable energy-related connections in areas such as battery storage facilities and short-term operating reserves.
Through Maintech Power Services Ltd, it builds, project manages and maintains private electricity networks, including the undertaking of any remedial works. The business provides operational and maintenance services to approximately 200 sites across the UK.
Martin Harrison, Fulcrum’s Chief Executive Officer, said: “This acquisition meets key strategic goals for Fulcrum; accelerating our future growth through the cross-selling of gas and electrical connection services, increasing electrical asset adoption opportunities and significantly expanding and extending our direct delivery capability within the electrical infrastructure market. This will reinforce our trusted ‘right first time’ service built on technical expertise.
“Under Wayne’s leadership, Dunamis has become an established and respected business within the electrical infrastructure market. Together, with the combined expertise of the enlarged Group, we have a real opportunity to rapidly develop our position within the utility services market.
“I am particularly pleased that Wayne and the senior management will become shareholders in the enlarged group and look forward to welcoming Wayne to our Board.”
Wayne Hayes, founder of the Dunamis Group, said: “This transaction marks an exciting milestone in the development of Dunamis and we are delighted to be entering the next stage of our growth strategy under Fulcrum’s ownership.
“I believe that the enlarged group will offer a highly-attractive proposition to the utility services market focused on outstanding technical expertise and project delivery. Along with my fellow directors, I am delighted in becoming a shareholder in Fulcrum, as well as joining the board of Fulcrum as a non-executive director.”