M&C snaps up two rivals as it targets global enlargement

M&C Energy Group, the Fife-based company which is the world's largest independent energy consultancy, yesterday announced a double acquisition as it took a further step towards hitting a £60 million turnover target by 2013.

The company, formerly known as McKinnon & Clarke and which employs 100 staff at its Dunfermline headquarters, has bought Melbourne-based Creative Energy Solutions along with German firm ETT.

The deals, for an undisclosed sum, will see M&C's turnover rise to 38m.

M&C, which was acquired by mid-market growth investor Lyceum Capital for 22m last December, specialises in energy procurement, bill auditing and energy price risk management across Europe, Asia Pacific and the US.

It buys more than 4bn of energy each year for 3,500 of the world's largest energy users across 40 countries.

Simon Northrop, its chief executive, said "Creative Energy Solutions is Australia's leading energy consultancy servicing a significant share of its largest energy users. The company has been at the forefront in the development of exciting products and we believe these can be rolled out on a global scale."

Dan Adler, partner at Lyceum Capital, said: "Like the UK, both the Australian and German energy markets are highly deregulated and demand for M&C Energy's services is increasing rapidly as firms look to their energy usage as a means of driving efficiencies and creating value.

"In Creative Energy Solutions and ETT we've acquired businesses which have strong strategic footholds in their markets thanks to first class reputations, established client bases and track records of innovation and service quality."

The acquisitions follow the purchase in June of Budapest-based Encore in a 6.3m deal. At the time M&C said it was in talks with other businesses in mainland Europe and Asia Pacific,