LONDON (ShareCast) - (Sharecast News) - Technology-enabled labour supply business Hercules said on Friday that it has acquired Advantage NRG, a specialist labour supply company providing highly skilled linesmen for the construction and maintenance of overhead electrical transmission lines.
Hercules will make an initial cash payment of £10.2m, plus a deferred payment of approximately £1.5m and a one-year earn-out, which could result in a maximum total consideration of £15.7m.

The AIM-listed firm noted the initial consideration was being financed through existing cash reserves and a new £6.0m loan provided by Wasdell Holdings, a company controlled by non-executive director Martin Tedham.

Hercules said the acquisition marks its entry into the UK power and energy sector and was complementary to the labour it already supplies to the wider infrastructure industry.

Chief executive Brusk Korkmaz said: "The acquisition of Advantage NRG marks another important milestone in Hercules' growth journey. As the UK accelerates investment in critical power and energy infrastructure to ensure energy security, enhance transmission and distribution networks, and meet its net-zero targets, the demand for highly skilled labour has never been greater.

"We believe this strategic investment will enable Hercules, the Hercules Academy and Advantage NRG to grow together and play a pivotal role in supporting the delivery of the UK's essential energy infrastructure."





Reporting by Iain Gilbert at Sharecast.com

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