Aurelius, the pan European investment group, has completed the purchase from SSE plc of its Contracting business. Aurelius has a track record of investing in public and private companies to enhance their growth potential.
SSE’s sale of its Contracting business to Aurelius was first announced on April 1st and is part of SSE’s strategy to focus on its core networks and renewables businesses, supported by businesses clearly complementary to that core. It is also designed to give the business a strong platform for future success outwith SSE.
Stuart Chaston, Managing Director of SSE Contracting and Rail, said the news was another key milestone for the Contracting business. He said: “I’m pleased to confirm that we have now completed the sale process with Aurelius. Since we first announced the sale was taking place on April 1st, we’ve made huge strides working with Aurelius to move the Contracting business forward.
“Today’s news confirms that our journey as a standalone business begins in earnest from today. Aurelius has a proven record of supporting the companies they work with, so this partnership confirms an exciting era of growth for our business.”
SSE Contracting is one of the biggest contracting businesses in the UK providing mechanical, electrical and street lighting services. It is the largest street light contractor in the UK and its HV [high voltage] engineers install energy infrastructure for clients including schools, hospitals and substations. Its rail division delivers mechanical, electrical and civils activity for the likes of Transport for London and Network Rail.
The completion of the sale process confirms that around 1,900 Contracting employees will now work under the new Aurelius ownership.
SSE plc has a clear strategy to refocus investment on its core networks and renewables businesses, with plans to invest £7.5bn mainly in low-carbon energy infrastructure over the five years to 2025, and to treble its renewable electricity output by 2030.
In September 2020 SSE plc announced in its half year results that the SSE Contracting and Rail business would be part of the group’s overall disposals programme. Since then the Contracting management team have focused on ensuring the business can thrive as a standalone company and capitalise on growth opportunities under its new ownership.