SURESERVE has announced the acquisition of Low Carbon Exchange Limited (LCX), a renewable energy installation and maintenance business based in Weston-super-Mare.

Sureserve, a UK energy and compliance services providers, delivers a range of essential and affordable heating, renewables, energy savings and compliance solutions to social housing and the public sector including a number of Local Authorities and housing associations across the UK.

LCX, the largest renewables provider in the South West, is a market leader in providing installation and maintenance services for renewable energy solutions with expertise across solar PV, air source heat pumps (ASHPs), and whole house retrofits.

LCX has grown to revenues of £29 million and will increase Sureserve’s geographic coverage, as well as deepening its service offering.

Commenting on the acquisition, Graham Levinsohn, group CEO, Sureserve said: “The acquisition of LCX aligns with Sureserve's mission - to be the trusted partner of choice to the social housing and related public sector in delivering essential and affordable heating, energy savings and compliance solutions as we continue to play a key and progressive role in decarbonisation.”

“We are delighted to welcome LCX and their 151 employees to Sureserve and we look forward to working with LCX’s clients, staff, and management in continuing to build on a successful platform.”

Kevin Childs, director at LCX, said: “LCX are equally delighted at becoming part of the Sureserve family.

“As one of the leading providers of decarbonisation services, as well as providing repairs and maintenance services of all renewable equipment, this move gives us the ability to continue our growth, as well as offering our services across the wider group.”

Usman B Malik, corporate finance partner and UK head of Business Services at Grant Thornton UK LLP, said: “We are delighted to have acted as Lead sell side advisors to the shareholders of LCX on the sale to Sureserve.

“The two companies have excellent synergies in their commitment to delivering decarbonisation solutions to the social housing sector.

“LCX has an excellent reputation in the renewables sector and the strategic acquisition will be a valuable addition to Sureserve as it further builds on its leading position in the industry.”