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Segen Group, a distributor of residential and commercial rooftop solar photovoltaic systems, has been acquired by the parent company of City Electrical Factors (CEF).
Labora Holdings, CEF’s parent, has entered into an agreement to acquire Segen and its subsidiaries in the UK, Germany and South Africa.
Segen sells a range of renewable energy products, including energy storage systems and EV charging equipment, to installers through its proprietary online portal. It operates in the UK and South Africa with significant and expanding operations in Europe.
“This announcement reflects our confidence in the talented Segen team and our commitment to renewable energy,” said Thomas Hartland-Mackie, president and chief executive of Labora.
“Segen’s dedication to their customers and strong supplier partnerships is aligned with CEF’s culture and way of doing business. Our business is highly complementary to Segen and we are eager to explore ways to accelerate growth through new capabilities to further deliver on customer needs.”
Following completion, Segen will be a subsidiary of Labora, with the benefit of new scope and scale that will increase opportunities for suppliers and customers.
“There are many exciting synergies between the Segen and CEF teams,” said Andy Pegg, founder and chief executive of Segen. “I am very pleased that Segen has found such a fantastic new home.”
The transaction is expected to close October 2021 subject to regulatory and other approvals and conditions. Labora and Segen will remain separate and independent companies until closing of the proposed transaction.
CEF is a wholesaler of electrical goods.
Lincoln International acted as exclusive financial adviser to Segen and its shareholders, working with the founder, Andy Pegg, and his management team throughout the sale process. K&L Gates acted as legal adviser.
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