REG - Luceco PLC - Acquisition of Sync EV

LucecoAnnouncement

22/03/2022 07:16

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RNS Number : 5729F  Luceco PLC  22 March 2022

22 March 2022

 

LUCECO PLC

ACQUISITION OF SYNC EV

Luceco acquires rapidly growing electric vehicle (EV) charge point business

 

Luceco plc ("Luceco" or the "Group"), a manufacturer and distributor of high
quality and innovative wiring accessories, LED lighting, and portable power
products, has acquired the entire issued share capital of EV Charge Points UK
T/A EVCP Limited ("Sync EV"), the UK EV charge point supplier for £10m on a
cash and debt-free basis.

 

Sync EV, based in Surrey, UK, is a well-regarded EV charge point brand among
professional installers. The business specialises in supplying smart charge
points for residential installations and has benefited from rapid growth in
this market as electric vehicle sales have accelerated.

 

Luceco acquired a 20% share in Sync EV in August 2021 and, following a period
of strong sales growth, has now completed the acquisition of the remaining
80%. The consideration has been paid in cash. For the unaudited period of 12
months ended 28 February 2022 Sync EV generated revenue of £4m, of which
almost 65% was in the second half.

 

The business will be integrated into Luceco's sales and distribution
operations in Telford. The management team will remain with the business
post-acquisition.

 

John Hornby, Chief Executive Officer of Luceco commented:

 

"Sync EV is a small but rapidly growing business with a strong brand and a
management team with an excellent understanding of the residential EV charging
product category and the professional installer. We are excited by the
potential of combining these strengths with Luceco's product development,
manufacturing and distribution capabilities.  Luceco has a large market share
of UK residential electrical products and replicating this share within the
rapidly growing residential EV charging category, as well as exploring new
sales channels in both the UK and overseas, is a huge growth opportunity for
the Group".

 

 

- ENDS-

 

For further information please contact:

 Luceco plc                            Contact
 John Hornby, Chief Executive Officer  020 3128 8990 (Via MHP Communications)
 Matt Webb, Chief Financial Officer    020 3128 8990 (Via MHP Communications)

 MHP Communications                    Contact
 Tim Rowntree                          020 3128 8990
 James Bavister                        020 3128 8170

 

Note to Editors

Luceco plc - Bringing Power To Life

Luceco plc (LSE:LUCE) is a manufacturer and distributor of high quality and
innovative wiring accessories, LED lighting and portable power products for a
global customer base.

For more information, please visit www.lucecoplc.com
(http://www.lucecoplc.com) .

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