DCC Energy, a division of the Dublin-based sales, marketing and support services group DCC, said on Wednesday that it has spent some £160 million (€187.2 million) on five acquisitions since announcing its annual results in May.
The London-listed Flogas owner said the deals are aimed at expanding its offering in the distribution of lower-carbon products.
Among the companies acquired by DCC Energy in the period are Centreco, a UK-based solar PV and energy consultancy, and Dutch energy efficiency and insulation specialist Isolatiespecialist. The Emo Oil owner acquired bought one of Norway’s largest solar businesses, Solcellkraft, along with French solar company Sler40 and US propane distributor San Isabel Services Propane.
The group said the acquisitions are expected to add a “mid-teen return on capital employed” within the first year of ownership.
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Donal Murphy, chief executive of DCC, which hosted an investor insights day in Paris on Wednesday, reiterated the group’s goal of doubling adjusted profit by 20230 and significantly reducing its customers’ carbon emissions. He said the five acquisitions will help the group “we execute this strategy and accelerate the growth of our energy management services. The world’s need for cleaner energy presents a huge opportunity for DCC Energy and we are making it happen.”
In a July trading update, the group said operating profit for the first quarter of the year was modestly ahead of last year, with DCC Energy continuing to record strong growth, by its Energy Solutions business.
