Aliter Capital’s Ipsum bolts-on SPEC

SPEC

Ipsum Group, the utilities and infrastructure service provider backed by Aliter Capital, has acquired Specialist Power Engineering Contracts (SPEC), a high voltage (HV) engineering business.

SPEC is based in Wakefield and is the second investment that Ipsum has made since their Complete Asset Life Management Solutions Group (CALM) transaction in February 2017.

The deal sees Preston-based Ipsum broaden its service offering by moving into the electricity sector and expand into other parts of the UK.

Ipsum’s strategy is to build a national utilities and infrastructure specialist services provider with coverage across multiple sectors, including utilities, rail, highways, nuclear and renewable energy. Ipsum is led by cheif executive Greg Fernie.

SPEC is a specialist HV engineering business that provides a range of critical services on HV switchgear and substations for clients with private networks. SPEC has branches in Aldershot, Bromsgrove, Newcastle and Oxford and currently employs 89 people.

“The investment strategy behind Ipsum is to create a modern and progressive utilities and infrastructure services consolidator that can deliver innovative and specialist services to clients wherever they are in the UK,” Aliter partner Greig Brown said.

Aliter Capital closed its £92m specialist support services fund in February 2017. Founded by Billy Allan, Greig Brown, Andy Galloway and Andrew Busby, it is one of the first funds of its kind and is focused on small and mid-sized businesses in the UK support services sector, a market now valued at over £300bn.

Aliter is based in London and Glasgow.