Keepmoat, a major maintenance services provider to local authorities and housing associations, has agreed to sell its regeneration arm to French energy and service provider ENGIE.
The deal, believed to be worth around £330m, will see all 2,500 employees in the regeneration business along with Keepmoat chief executive Dave Sheridan join ENGIE’s UK division.
Dave Sheridan said:
“The regeneration business has exciting prospects as part of ENGIE. It is very clear that ENGIE shares our belief that by working in partnership with local authorities and registered providers we can help cities and communities improve the places where people live.”
Wilfrid Petrie, CEO of ENGIE in the UK & Ireland, said:
”Today, buildings account for 30% of UK carbon emissions and our investment in Keepmoat’s regeneration business underlines our long-term commitment to the UK as it transitions to a lower carbon economy. This transaction will also support our growth ambitions for decentralised energy networks and our home energy business as the regeneration activities will bring us closer to the end customer.”
In the UK, ENGIE employs 17,000 people and is a major provider of property services and energy management, including district heating, to local authorities and businesses.
Completion of the transaction is conditional and expected to take place in a few months.
Keepmoat Homes, the new build division of the firm, will continue its operations under the ownership of investors TDR and Sun Capital.