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Dow Schofield Watts advises on sale of energy service company in cross-border deal

Dow Schofield Watts’ corporate finance team in the North West has advised Aivita Group Inc. on the sale of its UK subsidiary, Eurosite Power Limited (Eurosite Power), to global energy group TEDOM AS (TEDOM).

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EuroSite Power is one of the key players in financing and operating Combined Heat and Power (CHP) units for commercial clients, including hotels, stadiums, sports facilities, and wellness centres. In the UK market, which is estimated to be growing at an annual rate of more than 6%, the company operates nearly 50 units with a total capacity of almost 6 megawatts (MW) under their On-Site Utility or OSU model.

TEDOM is an engineering and energy company that has been developing, manufacturing, and operating cogeneration units since 1991. It operates four production and development plants in the Czech Republic and has seven international sales offices. The TEDOM Group’s portfolio also includes sustainable energy solutions and comprehensive energy services.

There is strong long-term demand for EuroSite Power’s services, particularly in the context of the UK’s energy decarbonisation efforts, the preference for decentralised heat production, and the reduction of carbon footprints. The company’s references include prestigious projects such as three Hilton hotels, the Coventry Building Society Arena, and the Clifton NHS Hospital.

The acquisition of EuroSite Power provides TEDOM with an opportunity to further strengthen its position in the CHP and broader low-carbon energy segment, specifically within the 20–4500-kilowatt (kW) range. It could also boost TEDOM’s business in the UK by approximately 25%.

The Dow Schofield Watts team comprised partner Gerard Lucas and manager Alex Odlin.

Gerard Lucas, partner in the corporate finance team at Dow Schofield Watts in the North West, added: “We are very pleased to have been able to assist the shareholders and management of Aivita Group with this transaction that will allow the business to maximise its potential and continue to support the UK energy market with its net zero strategy”.

TESTIMONIAL: Paul Hamblyn, COO of Aivita Group

“The sale of our UK subsidiary presented several challenges due to the size of the transaction, the business model deployed and because we are a US public company however, DSW were up to the challenge and worked diligently to understand our business and structure a deal that worked for all parties. Their advice and counsel were invaluable throughout. I am particularly grateful for the time they took to share their experience and explain each step as we navigated our way through the process.

Like all deals, we experienced bumps in the road, but the DSW team, made up of Gerard and Alex, kept us focused on the goal, helping to guide us to solutions, particularly when challenged during due diligence or when negotiating the final deal. I have no hesitation in recommending DSW”.

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