Kie is paying £2,435,157 in cash for Beco, of which a maximum of £750,000 is contingent. The vendors are Nigel Brunton-Reed, Hilary White and Finance South West Growth Fund Ltd Partnership. Kier has also taken on Beco’s £486,686 debt to Finance South West.
Beco designs and installs renewable energy sources, principally using photovoltaic (PV) technology to produce CO2-free energy. It was one of the first organisations to become a government-approved installer of PV cells to help consumers and organisations reduce emissions and electricity bills.
Kier said that Kier Energy Innovations will position the company to respond to the government's drive to substantially reduce CO2 in the next decade and beyond. Beco managing director Nigel Brunton-Reed joins the board of KEI.
Kier Group chief executive, Paul Sheffield, said: "We are delighted to complete this acquisition which gives us the capability to design and deliver PV installations across our wide network of businesses across the country. It will accelerate our access to a growing opportunity and enable us to respond to the needs of our customers to provide energy saving solutions to their commercial and domestic premises."