LONDON, UK: Luceco plc has acquired the entire issued share capital of EV Charge Points UK T/A EVCP Limited (Sync EV), the UK EV cost level provider for £10 million on a money and debt-free basis.
Luceco plc is a producer and distributor of excessive high quality and innovative wiring accessories, LED lighting, and portable energy products.
Sync EV, based in Surrey, UK, is a well-regarded EV cost level model amongst skilled installers. The enterprise specialises in supplying smart cost factors for residential installations and has benefited from rapid growth on this market as electrical vehicle gross sales have accelerated.
Luceco acquired a 20% share in Sync EV in August 2021 and, following a interval of strong gross sales growth, has now accomplished the acquisition of the remaining 80%. The consideration has been paid in cash. For the unaudited interval of 12 months ended 28 February 2022 Sync EV generated income of £4m, of which almost 65% was inside the second half.
The enterprise will be built-in into Luceco’s gross sales and distribution operations in Telford. The administration team will stay with the enterprise post-acquisition.
John Hornby, Chief Executive Officer of Luceco commented: “Sync EV is a small however quickly rising enterprise with a strong model and a administration team with an excellent understanding of the residential EV charging product class and the skilled installer. We are excited by the potential of mixing these strengths with Luceco’s product development, manufacturing and distribution capabilities. Luceco has a big market share of UK residential electrical merchandise and replicating this share inside the quickly rising residential EV charging category, in addition to exploring new gross sales channels in each the UK and overseas, is an enormous growth alternative for the Group”.
www.lucecoplc.com.