Counties Power invests into ECL Group
The consumer-owned lines company has acquired a 75 per cent shareholding in leading energy and technology solutions businesses ECL Group Fuel Systems and ECL Group Technology for an undisclosed sum.
Ownership of the other four remaining ECL companies will be retained by the current owners of ECL Group.
“This is a solid investment in Counties Power’s future, benefitting our existing and future customers from a strategic, service and financial stand point,” says Judy Nicholl, Counties Power Chief Executive.
“ECL already operates in the energy sector and there are strong synergies between us in the areas of industrial electrical solutions, smart energy, charging installations, photovoltaics and other electrical high technology fields.”
Judy Nicholl says Counties Power is investing wisely in opportunities within the energy and technologies sectors to be well placed for future changes in the broader industries.
ECL Group has retained a 25 per cent shareholding in the two businesses as they continue to see a bright future in the business model and their future. The two companies are:
Fuel Systems, which installs and maintains equipment for much of the petroleum industry and independent retailers at over 10 sites nationwide.
Technology Solutions, which installs and maintains equipment and systems for businesses throughout the country.
Both ECL companies will continue to operate as stand-alone businesses from their existing premises with current staff. Together they employ around 270 people based in 18 branches between Kerikeri and Invercargill.
“As one of the fastest developing areas of the country and facing unprecedented growth it is essential we are well-placed to expand our offerings and continue to offer a high level of service to our customers. The two ECL companies will bring diversification and further income streams to Counties Power, providing new energy and technology solutions for our customers with the proven ability to scale these offerings nationwide. We look forward to seeing innovation and growth across all three businesses in the future,” says Judy Nicholl.
Counties Power’s core business will remain as an essential services provider, committed to distributing safe and reliable power to their community. There will be no changes to staffing levels at Counties Power or how it operates.