Hazlewoods Corporate Finance team has advised Hercules Plc on its first acquisition in the power and energy sector.
Gloucestershire-based Hercules, which supplies skilled and semi-skilled workers for major infrastructure construction projects, has acquired Advantage NRG Ltd for a consideration of up to £15.7 million.
Advantage NRG specialises in providing skilled operatives to major utility contractors to work on overhead power lines. Advantage’s teams refurbish, upgrade, rewire, dismantle, and construct high voltage transmission systems.
Bringing the Lancashire-based firm into the Hercules stable will enable the business to tap into National Grid’s £58 billion investment plans.
Hercules has been actively pursuing a strategic mergers and acquisitions strategy to expand its footprint in key infrastructure sectors.
Hazlewoods assisted with the business’s first acquisition in November 2023, when it bought 60% of Future Build Recruitment Ltd, a specialist white-collar recruitment agency.
Paul Wheatcroft, Hercules CFO, said: “This acquisition is a transformational step for Hercules. It not only gives us a strong foothold in the power and energy sector but also supports our mission to meet the UK’s growing demand for skilled infrastructure labour. Advantage NRG’s reputation and capabilities are a perfect fit for our long-term growth strategy.
“We’d like to thank the Hazlewoods team for their expert guidance and support throughout this transaction. Their insight and professionalism have been instrumental in helping us complete this strategically important deal.”
Rich Grover, Corporate Finance Director at Hazlewoods, said: “We’re delighted to have supported Hercules on this significant acquisition.
“Advantage NRG is a high-quality business with a strong track record in a rapidly growing sector. This deal represents a significant step forward in Hercules’ diversification strategy and positions them well to benefit from the UK’s energy transition.”