Tue, 16 Aug 2022 | BUSINESS SALE
IRT Surveys, a data-led services firm focused on addressing issues including decarbonisation, energy efficiency and fuel poverty, has been acquired by Mears Group for £4.1 million. The sum represents close to a 11.4x multiple of IRT’s £360.1k turnover for 2021, on which it generated gross profits of £259.8k and a post-tax loss of £69.2k.
IRT, which is based in Dundee, has developed DREam, a proprietary technology platform designed to “simplify and accelerate” retrofitting for domestic properties. Decarbonisation of housing is becoming an increasingly prevalent issue amid rising energy costs and growing environmental awareness.
The deal will be completed on a cash-free, debt-free basis, with Glasgow-headquartered Mears Group paying an initial consideration of £3 million, which will be followed by a contingent consideration potentially rising £1.1 million, which is payable over a two-year period post-completion. The deferred consideration is subject to IRT achieving satisfactory performance in business development targets.
Mears Group’s board has said that it sees “significant opportunities in the structurally growing field of carbon reduction”, which it says will be “complementary and additive” to the group’s existing service offering.
The listed group said in a statement: "The requirement to decarbonise an ageing housing stock, especially in affordable housing, is accelerating in the current environment given the significant increases in energy costs, and the agenda to meet the Government's targets of achieving Net Zero by 2050.”
Mears Group Chief Executive David Miles added: "I am delighted to have completed the acquisition of IRT, as we look at ways of providing greater scale to Mears, drive our ESG agenda and provide a broader range of services to new and existing clients.”
"This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction. We are excited to welcome IRT and its employees into the group."
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