KBS CORPORATE ACES SALE OF LEADING ELECTRICAL CONTRACTOR

KBS Corporate has overseen the sale of AC Electrical Services Group Ltd (ACE) to a company listed on NASDAQ Stockholm.

Among the leading electrical contractors in the UK, ACE provide a comprehensive range of services for commercial, industrial and private clients.

Operating nationally, and predominantly in the retail, supermarket, local government and hospitality sectors, electric car-charging installations is one of the Blackpool-based company’s specialist areas.

ACE also test and inspect fire alarms, emergency lighting, CCTV and security systems, employing 58 members of staff in total, with their clients including Tesco, B&M Retail, Bose and the racecourses at Wetherby and Catterick.

Founded in 1995 by managing director Andrew Cumpsty, ACE have enjoyed considerable growth with a regular stream of new, referral and repeat custom, some of which dates back to the start of the company’s 28-year history.

That was a factor which Alex Foster, Senior Corporate Document Writer for KBS Corporate, was keen to highlight when the groundwork for the sale was being undertaken.

“I wanted to draw attention to what was unique about the business, its significant pipeline and the considerable efforts that had been taken to support its ongoing expansion to assure buyers the company would continue on its upward trajectory throughout the transition and beyond,” explained Alex.

When it came to identifying and approaching potential acquirers, Richard Stocks, Senior Research Analyst for KBS Corporate, added: “This is a good example of an eventual acquirer coming from a slightly unexpected area. Our initial focus had been on finding a trade buyer for the business and while we engaged with parties operating in the same sector as ACE, the best partner for the business ended up being Storskorgen.

“By keeping an open mind, exploring all options and maintaining regular dialogue with acquisitive parties to understand their criteria, we are able to provide options for clients and ensure we are finding the best home for their business.”

As a result, with Jay Singh, KBS Corporate Finance Director, presiding over the deal, 80% of the shares in ACE has been acquired by Storskogen, a Swedish-based international group of businesses across trade, industry and services who were making their second acquisition through KBS.

“ACE is an excellent business and has an enviable reputation within the marketplace,” said Jay. “During our process, we generated a lot of interest in the group and met with several potential acquirers, but Storskogen were the best strategic fit and shared the long-term vision of the business.

“The transaction will allow ACE to become part of a larger organisation and build on the fantastic platform Andrew and his team have built over the years. It was a pleasure to lead on this transaction and to work with Andrew to bring the process to a successful conclusion.”

“Storskogen is a great cultural and business fit for ACE and we have shared ambitions for the future,” said ACE managing director Andrew Cumpsty.

“I am really looking forward to the next phase of growth and continuing to build the business and relationships with the Storskogen team.”

Philip Lofgren, head of Storskogen UK, said: “ACE is Storskogen’s eighth acquisition in the UK. We are delighted to add ACE to our growing portfolio of niche companies with leading market positions.

“We have worked closely with Andy and ACE and believe this is a great platform on which to grow our presence in the mechanical, electrical and plumbing space in the UK.”