BI Electrical buy Bel-Air
BI Electrical Services (NI) Ltd, a specialist in commercial and industrial electrical installation contracts and maintenance, acquired the trade and assets of Bel-Air for an undisclosed sum.
Wayne Horwood, partner of Horwood & Holmes Corporate Finance LLP, which managed the deal, said: "Bel-Air provides a good strategic fit for BI Electrical Services. With the initial acquisition and planned financial and operational investment, Bel-Air will be well positioned for future growth."
BI Electical’s Managing Director, Ian Humphreys, said the company intended to build on the 60 jobs saved.
He said Bel-Air had increased its order book in the past two months "in excess of £1m with new works". "Whilst Bel-Air has been acquired by new owners it will continue trading as normal.
"The acquisition of Bel-Air provides a strategic fit with our existing business, providing electrical services to the public and private sector across Northern Ireland." He said the two companies would continue to trade independently.
Mark Montgomery of Bel-Air Services, who has worked for the company for over 20 years, said the acquisition provides a solid foundation for continued growth. He said: "The acquisition secures the future of Bel-Air given that BI Electrical Services is a very well established business and there will be new opportunities that will arise as a result."
"In the past, we have been one of Mitsubishi Electric Europe’s most successful distributors and that is something that we want to repeat with our immediate goal of becoming the number one provider of Mitsubishi electric conditioning products across the island of Ireland."