Energy Assets targets multi-utility growth with IDNO acquisition
Metering specialist adds Northampton's Dragon group as part of expansion strategy
Industrial and commercial metering specialist Energy Assets Group has added an independent distribution network operator (iDNO) to its portfolio of companies in a bid to expand into the residential market.
The group today announced the acquisition of Northampton’s Dragon Group, which includes the company’s utility distribution network (UDN), adding an IDNO licence to its offering.
Energy Assets said the deal was part of its strategic aim of becoming a nationwide multi-utility network designer, constructor and operator for both the industrial and commercial and domestic markets.
The acquisition also includes Dragon Infrastructure Solutions (DIS), an independent connections provider (ICP) and utility infrastructure provider (UIP), with a primary focus on the residential new development market.
Both DIS and UDN will now become part of the Energy Assets Utilities brand, which was launched during 2016.
Colin Lynch, managing director of networks at Energy Assets Utilities, said: “Dragon is an excellent fit for our business, not only through clear strategic synergies but also our shared ethos of operational excellence.
“DIS adds geographic coverage and significant technical strength to our dual fuel network design and construction operations, enhancing our high quality proposition to both the commercial and residential markets across Britain. At the same time, UDN’s iDNO licence complements our iGT status perfectly and completes our dual fuel network operator product portfolio.”
DIS director Simon Phipps, added: “The acquisition is another exciting milestone in Dragon’s history which further strengthens the company’s capabilities as a leading ICP in Britain. The investment is excellent news for both the core Dragon business and our recently established iDNO UDN and marks the next stage of growth for the business.
“It was extremely important for us to find an owner that shares our drive for continued growth through a client-driven strategy and Energy Assets, with its market leading utility metering and gas network connection products, fits that bill.”
Dragon Group was started 15 years ago and generates annual revenue of more than £14m. It employs 90 staff at its Northampton headquarters.
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