Rame Energy's acquisition of Beco complements and strengthens Rame’s established international energy consultancy business, which supplies power generation solutions to the industrial, mining and utility sectors.
Based locally to Rame’s Plymouth head office in Devon, Beco specialises in photovoltaic solar energy systems for domestic, commercial, marine and off-grid uses. In addition, Beco installs wind turbines and is a distributer for Kingspan wind turbines. Beco also manufactures its own range of solar charge controllers and specialist batteries.
“Having collaborated with Beco on a number of solar opportunities over the past five years, we are delighted to have agreed the acquisition and to welcome its multi-skilled team into the Group," said Tim Adams, Rame Energy CEO. "Beco’s proven expertise in both grid-connected and off-grid solar power projects, and the synergies between our groups, will allow Rame to substantially expand our solar power activities worldwide, and also strengthen our engineering division’s capability to deliver cost effective and reliable power solutions to blue chip customers around the world."
Beyond the potential to increase turnover and profits at Rame’s engineering division, the acquisition of Beco will support the opportunity that Rame Energy has identified to develop solar power projects as an independent power producer, Adams added. This would be similar to the wind power projects Rame Energy is currently constructing in Chile, where the first two of a multi-project 300MW three year programme are due to come on stream later this year.
Beco reported revenues of £877,344 and a loss of £17,208 for the period from 21 June 2012 to 30 June 2013. In the nine months to 31 March 2014, Beco had unaudited revenue of approximately £1.32 million and was profitable. It has a current order book valued at approximately £1.30 million to 30 September 2014. On completion, which is expected to be 1 July 2014, Beco will have shareholder loans totalling £239,255.56 (“Vendor Loans”). The Acquisition is expected to be earnings enhancing for the six months ended 31 December 2014.
Nigel Brunton-Reed, Beco CEO, believes the acquisition will immediately allow Beco to significantly broaden its foothold in the UK solar market. "Our expertise in implementing challenging projects abroad, such as most recently in the Qatar, will also serve Rame’s solar business in Chile and around the world," he explained. "We look forward to working together and growing our business under the Rame umbrella.”