Lawyers at Walker Morris have advised the AIM-quoted multi-utility infrastructure and services provider Fulcrum Utility Services on its acquisition of The Dunamis Group for £22 million and on the associated share placing to raise £10.4 million.
Based in Sheffield, Fulcrum provides utility infrastructure services to the residential, commercial and industrial markets throughout the UK.
Its acquisition of Dunmais, an electrical infrastructure services company, will significantly expand and extend Fulcrum’s capabilities and specialist knowledge in the electrical infrastructure services sector and create one of the UK’s leading gas and electrical infrastructure services groups.
The cash consideration will be funded through a combination of Fulcrum’s existing cash reserves and a placing of more than 17 million new ordinary shares to raise £10.4 million.
Fulcrum will also issue £11.2 million of new ordinary shares to the sellers as part of the consideration.
Richard Naish, Simon Cuerden, Ed Brown and Luke Riley (all corporate) and Sarah Bruce (tax and share incentives) of Walker Morris provided legal advice to Fulcrum.
On completion of the acquisition, Wayne Hayes, chairman and founder of Dunamis, will join the board of Fulcrum as a non-executive director.
Martin Harrison, CEO of Fulcrum, commented: “This acquisition meets key strategic goals for Fulcrum–accelerating our future growth through the cross-selling of gas and electrical connection services, increasing electrical asset adoption opportunities and significantly expanding and extending our direct delivery capability within the electrical infrastructure market. This will reinforce our trusted ‘right first time’ service built on technical expertise.”
“Under Wayne’s leadership, Dunamis has become an established and respected business within the electrical infrastructure market. Together, with the combined expertise of the enlarged group, we have a real opportunity to rapidly develop our position within the utility services market.
“I am particularly pleased that Wayne and the senior management will become shareholders in the enlarged group and look forward to welcoming Wayne to our board.”
Commenting on the deal, Naish of Walker Morris said: “We’ve been delighted to work with Martin and the team on this acquisition and share placing, having worked with the business for a number of years. This acquisition will significantly expand Fulcrum’s capabilities and marks a milestone in the implementation of its strategy.”