ENGIE, a leading energy and services provider has snapped up Keepmoat's Regeneration division which includes a significant operation in Rotherham.
Keepmoat, the Doncaster-based affordable housing and community regeneration specialist, has signed an agreement to sell its regeneration arm for an estimated £330m.
Acquired at the end of 2014 by private equity firm Sun Capital and investment funds managed by TDR Capital LLP, Keepmoat operates a regeneration team at offices in Manvers, Rotherham that was previously known as Bramall Construction.
The Keepmoat regeneration business specialises in the design, build and refurbishment of buildings and places. It has an annual turnover of approximately £800m.
With long-term relationships with more than 170 local councils and many of the largest housing associations, the business currently has a £1 billion order book and a £9 billion pipeline of regeneration opportunities across the UK.
Completion of the transaction is conditional on anti-trust clearance and is expected to take place in a few months. All 2,500 employees in the regeneration business will become part of ENGIE, a French headquartered multinational firm that specialises in electricity generation and renewable energy.
In the UK, ENGIE employs 17,000 people and is a major provider of property services and energy management, including district heating, to local authorities and businesses.
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Dave Sheridan, chief executive at Keepmoat, who will also join ENGIE, said: "The regeneration business has exciting prospects as part of ENGIE. It is very clear that ENGIE shares our belief that by working in partnership with local authorities and registered providers we can help cities and communities improve the places where people live."
Alongside the repair and refurbishment of homes and buildings, the Keepmoat regeneration business has extensive capabilities in creating zero carbon new homes, retrofitting high-rise residential accommodation and supporting the cost reduction and energy efficiency targets of community regeneration projects, such as insulation and heating solutions to on-site generation and energy consultation services.
Isabelle Kocher, ENGIE CEO, said: "The acquisition of Keepmoat is closely aligned with ENGIE's strategy and is a major step in our development in the United Kingdom. It will help the Group to accelerate its growth in customers solutions, one of its strategic priorities, and to expand our offers to cities, complementing the energy and facility management solutions that we already provide in the country.
"Today, buildings account for approximately 30% of UK carbon emissions and we are convinced that with the addition of Keepmoat's renovation expertise, we will be better able to support local authorities and cities in their transition to a lower carbon future."
Wilfrid Petrie, CEO of ENGIE in the UK & Ireland, added: "ENGIE aims to be the number one partner for cities and places in the UK and with the Keepmoat regeneration business we are extending and deepening our relationships with local authorities right across the country.
"This transaction will also support our growth ambitions for decentralised energy networks and our home energy business as the regeneration activities will bring us closer to the end customer."
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