Mechanical and electrical engineering firm Harvey Group has targeted the renewables sector by acquiring Northern Ireland-based installer Solmatix Renewables.
The company said it intends to “transform” the country’s renewable energy sector before expanding into further markets across the UK.
Financial details of the deal have not been disclosed, but Harvey Group confirmed that Solmatix will continue to act as an autonomous and independent company and will bolster Harvey Group’s headcount by more than a third (37.5%) to around 110.
Brian Harvey, managing director at Harvey Group, said the company had been looking into expanding into the renewables sector “for some time” and that the deal was a “perfect fit” for both companies.
“I approached [Solmatix founder] Richard Bell about a year ago to float the idea of our companies coming together, but only if there was a good fit. After careful consideration we both agreed that this would indeed be mutually beneficial.
“From my perspective, having Solmatix as part of Harvey Group gives us a level of expertise that would have taken us years to acquire otherwise,” Harvey said.
Richard Bell said the deal would give Solmatix access to greater technical skills, financial resources and purchasing power in the future. He added: “Ultimately I believe this will lead to greater frowth and investment within our operations, as well as more jobs and job security. It’s a win-win relationship that’s good for our whole organisation, as well as the economy of Northern Ireland.”