Housing maintenance contractor Mears Group has acquired thermal imaging specialist IRT Surveys Limited for up to £4.1m.
Based in Dundee, IRT specialises in assessing the energy performance of housing, using thermal imaging to determine the most appropriate retrofit work for reducing energy bills.
Since it was founded in 2002, by brothers Stewart and Alan Little (with investment from Grand Theft Auto author Dave Jones), IRT has surveyed more than 350,000 domestic properties across the UK for more than 30 registered social housing providers.
Mears said that having IRT and its proprietary technology in the company would help grow its business in the carbon reduction retrofit market.
IRT is being acquired on a cash free, debt free basis. Mears is paying an initial £3.0m, with subsequent contingency payments of up to £1.1m over two years, subject to IRT hitting targets.
In 2021, IRT reported revenues of £400,000 and an operating loss of £100,000. It is on-track to deliver revenues of £800,000 this year and an operating profit of £200,000.
Mears chief executive, David Miles, said: “I am delighted to have completed the acquisition of IRT, as we look at ways of providing greater scale to Mears, drive our ESG agenda, and provide a broader range of services to new and existing clients.
“This deal is completely aligned with our strategy, utilising innovation and technology to drive positive change in the sphere of carbon reduction. We are excited to welcome IRT and its employees into the group.”
Image credit: Ivan Smuk/Shutterstock
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