Lords Acquires Majority Stake in Ultimate Renewables to Expand Clean Heat Solutions Portfolio in UK
UK: Lords has announced the acquisition of a 90% stake in Ultimate Renewables Supplies Limited, a Bicester-based company established in December 2022 that specializes in providing comprehensive design and commissioning services for heat pumps and renewable energy products to installers and independent merchants.
Ultimate Renewables’ offerings include training, system design, supply of heat pump and renewable solutions, and MCS-accredited commissioning, supporting customers in securing grants through the Boiler Upgrade Scheme (BUS).
Lords’ Plumbing and Heating division, which distributes heat pump products nationwide and recently gained exclusive distribution rights for Italian manufacturer Clivet SpA, will enhance its market offering with Ultimate Renewables' end-to-end design and commissioning services, advancing the Group’s focus on Clean Heat renewable solutions.
For the year ending December 31, 2023, Ultimate Renewables reported $1.4 million in revenue and a post-tax loss of $85,000, with revenue surpassing $2.8 million over the twelve months ending August 31, 2024.
The deal, with a total net cash consideration of up to $838,000, will be funded from Lords’ existing resources, including an initial payment of $584,000 and a deferred $254,000 contingent on specific conditions over two years. Additionally, Lords will pay $332,000 to settle Ultimate Renewables' existing debt immediately upon completion of the acquisition.
Source: Lords Group