Both companies believe that the deal will transform the renewable energy sector in Northern Ireland.
Harvey Group has an annual turnover of £30m and more than 80 staff. Solmatix Renewables, founded by Richard and Norah-Anne Bell in 2008, has a turnover of £6m and 30 staff. Solmatix will continue to operate as an autonomous and independent company within Harvey Group.
Brian Harvey, managing director of Harvey Group, said there was a perfect fit between the two organisations. “We have been planning to grow our renewables involvement for some time, either organically or through the acquisition of an established player. Having worked with Solmatix Renewables on a number of contracts, we’d always been impressed with their engineering rigour and professionalism. In fact, there seemed to be a natural synergy between our two companies in terms of what we do and how we do it.”
He continued: “I approached Richard Bell about a year ago to float the idea of our companies coming together, but only if there was a good fit. After careful consideration we both agreed that this would indeed be mutually beneficial. From my perspective, having Solmatix as part of Harvey Group gives us a level of expertise that would have taken us years to acquire otherwise.”
Richard Bell said: “In many respects, it’s a case of ‘business as usual’. However, in real terms, being part of this larger organisation will give us access to enhanced technical skills, financial resources and purchasing power. Ultimately I believe this will lead to greater growth and investment within our operations, as well as more jobs and job security. It’s a win-win relationship that’s good for our whole organisation, as well as the economy of Northern Ireland. “