Spice takes the plunge with Morrel
Article Date: Oct 13 2008Support services group Spice has cemented the position of its distribution division by purchasing a water industry specialist.
The group bought Morrel Consulting, which has developed software to identify unbilled and under-billed commercial and domestic properties as well as analyse consumption data to find leakage and under-recorded meters.
On completion Spice paid £150,000 in cash, but more than £5 million could be due depending on the performance of the acquired business in the two years to November 2009.
Spice chief executive Simon Rigby said the deal enhances the group’s distribution division’s water service. “Against the current uncertain economic climate, we believe that this is an ideal time to bring this innovative software to our clients.”
Morrel’s founder, Hargurdial Singh Rai, remains with the business following the acquisition.
Spice was established in 1996 and has interests in the electrical, water, telecoms, gas inspection, energy management and facilities management sectors.
