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AURELIUS has acquired SSE Contracting Limited (SSEC) from SSE Plc in a complex carve-out of the multi-disciplinary Mechanical and Electrical (M&E) contracting business for an enterprise value of GBP27.5 million.
As a standalone business SSEC is one of the biggest M&E contractors in the UK and Ireland providing mechanical, electrical, rail, street lighting and high voltage engineering services to install and maintain key infrastructure.
Operating from its nationwide network, SSEC has around 1,900 employees and high voltage (HV) engineers that provide essential energy infrastructure for a range of public and private sector clients, including hospitals and schools. It is the largest street light contractor in the UK, and maintains over one million streetlights in the UK and Ireland. SSEC’s Rail division works with vital transport services such as Transport for London and Network Rail to deliver mechanical, electrical and civils activity.
The transaction has been executed by AURELIUS Equity Opportunities SE & Co KGaA and will be funded jointly with co-investing AURELIUS entities. The financial terms of the deal, which is subject to approval by the competent competition authorities and certain other conditions, have not been disclosed. Closing is expected in the second quarter of 2021.
SSEC is well-positioned to capitalise on a strong pipeline of new infrastructure projects planned across the UK, and in-house operational experts from AURELIUS will work with SSEC management and employees to ensure its smooth transition into a standalone business that continues to deliver for customers, suppliers and industry partners with minimal disruption to day-to-day operations.