Keepmoat Limited signed an agreement to sell its regeneration arm to energy and services provider ENGIE.
TDR and Sun Capital acquired Keepmoat in 2014; TDR and Sun Capital will continue investing in Keepmoat Homes, and the current management team will remain in place led by Peter Hindley.
Hindley said, “Keepmoat has grown significantly by serving the huge demand for quality new homes that are well designed and offered at prices people can afford. We have the investment and sites to build more homes than ever before, and help yet more people secure a place of their own. Keepmoat will keep growing strongly.”
The Keepmoat regeneration business specialises in the design, build and refurbishment of buildings and places. Completion of the transaction is conditional on anti-trust clearance and is expected to take place in a few months.
All 2,500 employees in the regeneration business will become part of ENGIE. In the UK, ENGIE employs 17,000 people and is a major provider of property services and energy management, including district heating, to local authorities and businesses.
Keepmoat chief executive Dave Sheridan, who will also join ENGIE, said, “The regeneration business has exciting prospects as part of ENGIE. It is very clear that ENGIE shares our belief that by working in partnership with local authorities and registered providers we can help cities and communities improve the places where people live.”
Wilfrid Petrie, CEO of ENGIE in the UK & Ireland, said, “ENGIE aims to be the number one partner for cities and places in the UK and with the Keepmoat regeneration business we are extending and deepening our relationships with local authorities right across the country.
“By combining our energy expertise with an expanded services capability we can make a bigger impact as we help to improve lives of the communities we serve. Today, buildings account for 30% of UK carbon emissions and our investment in Keepmoat’s regeneration business underlines our long-term commitment to the UK as it transitions to a lower carbon economy.
“This transaction will also support our growth ambitions for decentralised energy networks and our home energy business as the regeneration activities will bring us closer to the end customer.”