Contractor merges with 250-strong Everwarm
Lakehouse has merged with 250-strong Scotland-based energy efficiency and renewables business Everwarm, taking its total headcount to 1,200.
Everwarm was founded in 2011 and has installed carbon-saving measures in more than 45,000 homes and businesses across the UK.
In the last financial year Everwarm recorded a turnover of £46m and pre-tax profits of £6m. It employs 250 staff across its offices in Bathgate in West Lothian and Bedford in the east of England and offers services including heating, insulation, energy efficiency, renewables and micro-generation.
Everwarm joins Lakehouse through an all share deal.
Stuart Black, executive chairman of Lakehouse, said: “This merger represents another milestone in Lakehouse’s programme of acquiring successful, complementary businesses that expand our capabilities and reach.
“With so much debate about the direction of policy in the sustainability sector, we see this deal as a vote of confidence in the green economy and the fact that energy efficiency, fuel poverty and zero carbon homes are going to remain central to any government’s agenda.
“Sustainability is a fundamental plank of our business and we’ll be drawing on Everwarm’s impressive delivery record to expand our retrofit division.
“There are huge opportunities in London and south east England – a domestic market which is remarkably immature in terms of retrofit and energy efficiency.
“The merger will allow Lakehouse and Everwarm to leverage each other’s strengths and service offerings across the areas we cover.
“We share a culture of aspiration, entrepreneurship and flexibility in delivery, and this deal opens up new opportunities both for us and our clients.”
Michael McMahon, managing director of Everwarm, said: “Our deal with Lakehouse is the result of a year-long search for a suitable partner.
“Rather than a corporate investor, we were looking to join with a business that would allow us to diversify our range of services and help us build on our success to date.
“We have found a like-minded partner in Lakehouse and joining the group will allow us to offer more to our clients.
“Becoming part of the Lakehouse group gives us scope for long-term growth in England. Working in Scotland, where green funding is significantly more generous, we have rapidly built expertise through delivering funding and installation across more than 45,000 properties in just three years.
“Now, we look forward to growing our English operation within the Lakehouse group and bringing a wider asset management offer to clients in Scotland.”