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Residential energy provider Eaga Group has bought White Horse Group, a social housing maintenance company, for an undisclosed sum.

The deal gives Eaga control of Heat, Energy and Associated Technology Ltd, a central heating installation business owned by White Horse.

Eaga chief executive John Clough believes the deal cements the company’s standing in the heating industry.

"This acquisition demonstrates our commitment to strengthening our position as a major player in the social housing heating sector, delivering high quality services in that market," he said.

Bill McCandless, managing director of HEAT, is confident the deal will prove beneficial to both parties. He said: "Eaga and HEAT share very similar company values and ethos.

"Working together with customers in the social housing sector, we expect to offer an unrivalled service as part of Eaga’s growing and successful Social Housing Services business."

Barclays Corporate financed the deal, providing Eaga’s management with a £35 million revolving credit facility.

"Having built a sound knowledge of the business and a good relationship with a strong management team, the acquisition of HEAT proved to be an exciting opportunity for this progressive company and one Barclays was keen to support," said Barclays relationship director Mark Burton.

The funding package was arranged less than three weeks after Barclays was enlisted by the acquirer.

A Barclays statement said: "Having completed the transaction, Mark and the Barclays relationship team very much look forward to supporting this dynamic business in its ongoing corporate development."

Blackett Hart & Pratt Solicitors provided legal advice to the acquirer, with Gary Copeland, head of the business and company law department, and Neil Hilton leading the team.

The firm helped complete the deal within a week of meeting Eaga’s management.
Commenting on the deal, Copeland said: "As lead advisers, our aim was to ensure that the acquisition was bought to a successful conclusion within the required timescales. We were delighted to assist Eaga in this transaction and continue to support them through this exciting period of growth."

Eaga provides energy efficiency services to UK residents. It was set up in 1990 to improve living conditions for elderly people through government funded schemes.

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