GN Energy Solutions acquires Forest Fuels
October 10, 2012
October 10, 2012, LONDON, UK – GN Energy Solutions, a newly formed holding company focused on the UK and European energy sectors, today announced it has acquired fuel specialist, Forest Fuels.
The terms of the transaction were not disclosed.
Forest Fuels supplies premium-grade wood chip and pellet nationally from a network of 15 local depots, supported by a central office and customer service team. Forest Fuels, which also undertakes consultancy and advisory work, anticipates further growth within the wood fuel sector in the UK.
The company provides local fuel to local boilers, which reduces the haulage costs and carbon emissions while stimulating local economies and employment.
"We are delighted to announce this acquisition in Forest Fuels. The UK heat supply market has great potential; the use of biomass for heat and power generation offers significant potential to provide renewable energy to commercial and industrial-end users. This acquisition strengthens our already attractive existing position and further signals our commitment to the biomass sector," said Goran Nylin, Chairman, GN Energy Solutions.
GN Energy Solutions incorporates Forest Fuels as a wholly owned subsidiary, and is in the process of also acquiring GG Eco Solutions, a leading UK-based renewable energy supplier to the educational, industrial and commercial sectors. Both businesses will continue to focus on ambitious growth within their own market sectors.
Greg Hilton, Managing Director of GG Eco Solutions, commented: "We are very excited about the prospect of working more closely with Forest Fuels. We look forward to exploring and building on our synergies, and growing our existing relationship."
There are strong synergies between GG Eco Solutions and Forest Fuels. GG Eco Solutions' renewable energy supply business will complement Forest Fuels' supply capabilities, and as a result the group's evolving business model.
Commenting on the Forest Fuels acquisition, Peter Solly, Managing Director of Forest Fuels, said: "We are delighted with the transaction, which positions the group firmly at the forefront of the wood fuel sector in the UK. Forest Fuels has witnessed significant growth over the last few years; so this acquisition serves as both a logical and evolutionary step for us. All of the Forest Fuels staff will remain in post, including myself and Founder and Director Sam Whatmore. Forest Fuels looks forward to continuing our development as a quality, reliable supplier of premium-grade wood fuel from a network of local depots."
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