ABP presents plan to turn Port of Barrow into renewables hub
Sep 18, 2024 14:41 CESTUK home improvement retailer Wickes Group plc (LON:WIX) has acquired a 51% stake in the parent company of British solar installer Solar Fast in a drive to expand its offering into the home energy market.
Apart from solar panel installations, Solar Fast also provides solar battery storage, electric vehicle (EV) charging, and gas boilers. The company has finalised more than 3,700 solar projects in 2022-2023. The business reported GBP 33.1 million (USD 42.1m/EUR 38.7m) in revenue and a profit before tax of GBP 3.9 million in the fiscal year ended on April 30, 2023.
The terms of the deal imply a valuation for the targeted company of GBP 10 million to up to GBP 36 million on a debt-free, cash-free basis, based on a multiple of seven times its earnings before interest, taxes, depreciation and amortisation (EBITDA) delivered in the calendar year 2024. Wickes will pay GBP 5.1 million from its available cash upon completion as a minimum payment, with the balance to be paid in early 2025.
Additionally, the investment agreement gives Wickes an option to buy the rest of the business during the five years following completion.
The transaction hinges on regulatory clearance.
(GBP 1 = USD 1.274/EUR 1.169)
ABP presents plan to turn Port of Barrow into renewables hub
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