A Devon-headquartered energy company has acquired the assets and customer base of a Sheffield-based coal merchant’s wood fuel business.
Located in Higher Stockley Mead in Devon, Aggregated Micro Power Holdings plc (AMP) has acquired the the wood pellet assets and customer base of CPL Distribution.
AMP specialises in the sale of wood fuels and the installation of distributed energy projects including biomass boilers and completed the acquisition for the assets, part of CPL’s wider fuels distribution business, for £485,000.
In addition to the customer base, AMPH acquired CPL vehicles, machinery and eight members of CPL staff.
In the year ended 31 March 2017, CPL’s wood pellet customer base delivered revenue of £5.1m, while AMP’s equivalent Forest Fuels reported revenue of £15.8m and profit of £426,000
Richard Burrell, chief executive of AMP, said: “CPL has built a strong and well-regarded business in the wood pellet market in England over the last five years, with approximately 1,200 customers.
“The acquisition is in line with AMP’s strategy to expand Forest Fuels with strategic in-fill acquisitions to build on its existing customer base in the wood fuels market.”