Mazars advises on double acquisition by innergy Group

13 December 2016

Mazars, the integrated and independent international organisation specialising in audit, accountancy, tax and consulting services, has advised innergy Group, the Yorkshire-based gas and equipment experts on the acquisition of Castleford-based Castle Energy Group and Harrogate-based HB Dobson (Gas) Limited.

One of the largest independent suppliers of solid fuels in the UK, Castle Energy supplies hundreds of forecourts, restaurants, garden centres and wholesalers with coal, charcoal, wood and bottled gas throughout Yorkshire, Humberside, Lancashire and the North Midlands. HB Dobson is a leading supplier of bottled gas to local businesses in North Yorkshire.

Castle Energy will become innergy Solid Fuels Ltd and HB Dobson (Gas) Limited will be integrated into innergy LPG Ltd, divisions of the fast growing innergy Group.

Gez Walsh, Managing Director of innergy said: "Both businesses have built a wonderful reputation with their customers for exceptional service, which is something that has always been a focus for us. We see fantastic opportunities to introduce Castle Energy’s product range in to our customer base, coal to our network of Calor Gas stockists and catering charcoal to the pubs and restaurants who rely upon us for their drinks dispense gases. We also expect to achieve significant operational efficiencies from the HB Dobson acquisition, expanding our bottled gas offering further in North Yorkshire."

The acquisitions are the fourth and fifth for innergy and part of their Mission 2021: to achieve £10m in turnover by 2021.

innergy were advised by the Mazars Leeds Corporate Finance team of Alex Baskeyfield, Corporate Finance Director and Josh Thorneycroft, Corporate Finance Executive and Gary Caplan from GC Business Lawyers. Funding was supported by Yorkshire Bank Commercial Finance.

Neil Mehta, Managing Director of Castle Energy said: "It was important for us to be able to entrust Castle Energy and its customers to a company that shares our customer focus and understands the importance of being a considerate employer.”

Peter Dobson, Managing Director of HB Dobson, added that: “innergy has the expertise, ambitions and resources to grow the business further, while maintaining a significant degree of integrity in dealing with all stakeholders in the business."

Mehta will remain with the business in an advisory capacity and all members of staff will transfer to innergy on improved terms.

Alex Baskeyfield, Corporate Finance Director at Mazars, added: "innergy has an ambitious and well-funded growth plan. innergy’s strategy allows it to fairly price potential acquisitions whilst achieving excellent levels of return. We are working with innergy to build a pipeline of potential acquisitions and expect to see rapid progress in delivering on its ambitions."

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