M Group Services has acquired the trade and assets of Salient Systems Limited, including its proprietary software, people and client contracts, to add further capabilities to its data management offering.
Founded in 2001 and based in Newcastle, Salient Systems Limited is a specialist provider of technology solutions to the UK utilities metering market.
M Group Services is a leading essential infrastructure services provider operating within water, energy, transport and telecommunication sectors across the UK & Ireland. It has a turnover of £1.7billion and employs over 10,000 people.
The acquisition will enhance M Group Services’ offering for the market-wide half hourly programme being implemented from 2024, enabling the business to monitor energy usage half hourly through a cloud-based solution, as the industry transitions towards net-zero.
Azets Corporate Finance and Corporate Tax teams in Newcastle advised the Salient management team, alongside Sintons law firm. Steve Plaskitt, Lucy Elliott and Oliver Williams from the Corporate Finance team worked closely with Alastair Wilson, Claire Smailes and Ryan Keltie from the Corporate tax team to progress the deal and agree a deal structure that worked for both the buyer and Azets’ client, the seller.
Les Edgar, Director at Salient said:
“We’ve worked successfully with Callisto, part of M Group Services’ Energy Division, for several years and are excited for our next chapter with them. I’m sure the business will go from strength to strength.
We have received excellent support from the teams at Azets and Sintons who have helped us navigate and negotiate the deal. I appreciate the dedication of the teams in managing the process throughout and securing a successful transaction.”
Steve Plaskitt, Corporate Finance Partner at Azets said:
“It has been a pleasure to work closely with the team at Salient and with Matt Collen and Jonathan Tutu at Sintons to complete the deal, as well as the team at M Group, who have been extremely professional throughout. We wish the team all the best in their next exciting chapter with M Group Services and Callisto.”