UK's Hometree buying renewable installers backed by BlackRock loan

London-based Hometree today said it is going on an acquisition spree to buy renewable energy and heat pump installers, having secured a debt facility from funds and accounts managed by BlackRock.

Hometree has expanded its initial focus on home emergency breakdown and insurance to renewable installations and financing, and aims to provide homeowners with a “whole life” solution for their energy needs.

The company simultaneously announced the acquisitions of North Shields-based Geowarmth and Kent-based The Little Green Energy Company, which together employ 55 people and have a combined GBP 15 million (USD 18.7m/EUR 17.6m) in revenues in the most recent financial year.

“Our mission has always been to support homeowners to decarbonise their homes, and this funding from BlackRock gives us the capacity to increase our scale at pace through M&A,” said Hometree founder and chief executive Simon Phelan.

“If the UK is to achieve its net zero ambition, we will need an army of installers right across the country and we’re committed to bringing together these skills, supported by financing and in-life repair and maintenance services, to make Hometree the first choice for homeowners who want to do the right thing by the planet,” Phelan added.

The company says it now has over 100,000 customers and a nationwide network of over 5,000 engineers and installers. With its investors including Legal & General Capital, Hometree has so far raised over GBP 85 million in funding.

The amount of the financing secured from BlackRock was not specified.

(GBP 1 = USD 1.247/EUR 1.171)

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