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Private equity firm Sovereign Capital has made a fifth bolt-on acquisition in two years for its subsidiary Kinetics Group, a utilities support services company to the social housing sector.

The purchase of Sureway Gas, a heating and plumbing contractor, has strengthened Kinetics’ services in the Midlands. Additional backing for the deal was provided by Yorkshire Bank.

Kinetics, based in Surrey, was formed by Sovereign in December 2006 following the £16 million buy-out of DC Group. Since then it has pursued a ‘buy and build’ strategy which has seen turnover rise from £32 million to more than £115 million.

Sovereign director Phil Hinson said: “Sureway’s maintenance expertise and IT systems fit well with Kinetics’ existing gas capability in and around Birmingham through Walmotts. We look forward to continuing to grow the group further with acquisitions.”

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