Tue, 16 Apr 2024 | BUSINESS NEWS
Residential energy services company Hometree has secured a debt facility from funds and accounts managed by BlackRock. The funding will be used to acquire renewable energy installation firms and Hometree has already moved to acquire two regional installation companies.
The company has acquired Tyne & Wear-based GeoWarmth Heat Pumps and Kent-based The Little Green Energy Company. The latest deals bring Hometree’s total number of acquisitions up to seven.
The two target companies have installed approximately 12,500 renewable systems in homes across the UK over the past decade. They employ a total of 55 staff and have combined revenues of £15 million and EBITDA of £2.5 million in the most recent financial year.
Hometree was founded in 2015 and initially focused on home emergency breakdown and insurance, but has since expanded into renewables installations and financing. The company now has in excess of 100,000 customers, as well as a portfolio of residential heat, solar and battery leases managed through its Hometree Finance division.
Since it was founded, the company has raised more than £85 million in funding. In addition to the new debt facility from BlackRock, HomeTree is backed by leading European asset manager Legal & General and several specialist energy investors, including Inven Capital, Energy Impact Partners and 2150.
Hometree founder and chief executive Simon Phelan (pictured above) commented: "To be able to secure financing from BlackRock to support our M&A program is a fantastic boost and shows we’re on the right track towards achieving our ultimate aim of building Europe’s leading residential energy services company.”
"Our mission has always been to support homeowners to decarbonise their homes, and this additional funding gives us the capacity to increase our scale at pace through M&A.”
Discussing the latest acquisitions, Phelan added: "We are incredibly excited to be partnering with the founders and management teams of two exceptional renewable installation companies and look forward to helping them scale their companies significantly."
Tim Fenwick, director at BlackRock Venture & Growth Lending, said: "This new debt facility will support the company in scaling up its plan to manage all aspects of sustainable homeownership and give our clients exposure to an innovative, growing business.”
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