Sureserve joins tide of London-listed takeover targets with £200m deal

April 20, 2023

A provider of social housing energy services will on Friday become the latest in a queue of listed companies waiting to leave the public markets when it discloses a £200m offer from a French private equity firm.

Sky News has learnt that Sureserve, which had a market capitalisation of £145m at Thursday's closing share price of 90p, will announce that it has received a takeover bid from Cap10.

One source said the offer would be pitched at a significant premium to the current stock price and would value Sureserve at about £200m.

Sureserve, which employs about 2,500 people, installs and maintains services on behalf of social housing landlords.

It trades through a number of subsidiaries, including Everwarm, Cor Energy and Providor, which delivers smart metering services.

The approach from Cap10 marks the latest in a string of private equity approaches for London-listed companies in recent weeks.

Apollo Global Management has made offers for both THG, the online health and nutrition retailer, and oil services group John Wood.

Network International, a Gulf-focused payments company, has said it is minded to recommend a bid from CVC Capital Partners and Francisco Partners.

Bankers at Evercore are understood to be advising Sureserve on the approach.

Sureserve's public relations adviser did not respond to calls seeking comment.

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