Adams & Remers were delighted to act on the successful exchange of contracts for the sale of the entire issued share capital of Elektromotive Limited to Chargemaster plc. Chargemaster Plc is the UK’s leading provider of electric vehicle (EV) charging infrastructure. The Brighton-based company that was the first to introduce public EV charging stations in the UK nearly 10 years ago.
Post acquisition, the Enlarged Group will be a leading European provider of EV charging infrastructure and this scale will enable the Group to compete on an international level. The combination of Elektromotive and Chargemaster is highly complementary and will form a financially, technically and operationally strong platform from which to further expand internationally.
Chargemaster has already a strong sales base in France, the Netherlands, Germany, Austria and Switzerland which complements Elektromotive’s strengths in Belgium and other European countries. Chargemaster is pleased that a British company will now have the scale to compete successfully against divisions of major international players entering this marketplace such as Schneider in France and Siemens and RWE in Germany.
Over the next eight years the majority of car manufacturers will bring out an electric or plug in hybrid car. To meet this development the European market for charging equipment is growing rapidly, EV charging point sales in Europe are expected to grow 20 fold over the next eight years and to be worth some €1.2 billion by 2020. The market is currently increasing at an annual compound growth rate of 40% (source: Pike Research, Electric Vehicle Charging Equipment in Europe, Q3 2012). The Directors of Chargemaster anticipate that this acquisition will ensure the Enlarged Group is in a robust position to take advantage of this growth.
The Group will be one of the largest if not the largest (by sales volume) of charging units in Europe.
David Martell, CEO of Chargemaster, said: “I am delighted that we have reached this agreement with Elektromotive; the two companies target highly complementary sectors of the market and offer synergistic product ranges. The Enlarged Group can now focus on growing its market share across Europe by producing the most technically advanced and value for money charging units on the market.”
Calvey Taylor-Haw, Managing Director of Elektromotive, commented: “This is an extremely positive deal, not only for the two companies but also for the industry and customers. I have respected the market drive and innovative technology that Chargemaster has brought to the sector over the last few years and my senior management team and I look forward to working with David and the rest of his team in making the Enlarged Group a worldwide force in this exciting and rapidly growing market.”
Calvey Taylor-Haw commented to our Corporate team “I have been impressed by you insistence of fully understanding my business goals and objectives before embarking on the process, your sheer dedication and perseverance with the task, which, at times has driven both of us to distraction. I thank you for your accessibility long into the night and at weekends when duty called. In short, you and your team has shown great skill and resource in helping me through this acquisition process.”