Greenarc Ltd, a UK supplier of fuel and green energy solutions which trades as Greenarc Energy (part of the Craggs Energy Group), has bought Lancashire-based Key Finance & Leasing Limited (KeyFleet), a provider of vehicle leasing, fleet management services and electric vehicles, for an undisclosed amount.
Chris Bingham is the chairman and CEO of Greenarc and Marc McLoughlin, KeyFleet Managing Director, will join the Greenarc board as part of the acquisition deal, according to a press release.
Chris Bingham said: “Greenarc supports both homes and businesses across the UK with their fuel and low carbon energy services, and with the green evolution a huge priority, being able to offer our customers a one-stop solution for their fuel, solar, batteries, EV charging points and now their electric vehicles is a great place for us to be.
“We’ve worked closely with Marc and the team at KeyFleet for several years and we’re delighted to have them with us on our journey. With their focus on electric vehicles, they are the perfect business to join Greenarc as we continue to grow and develop to become a central figure in the transition to renewable energy and sustainable transport for both the commercial and domestic markets.”
McLoughlin of KeyFleet said: “Since the business was formed back in 2007 my aim has always been to build a unique and worthwhile business that would genuinely make a difference and leave a legacy that we can all be proud of, and I’ve been fortunate enough to attract a highly skilled team that buy into that vision.
“This acquisition by Greenarc Ltd allows us to fulfil our potential as a business by providing both the platform and the resources we require to take advantage of the electrification of vehicles which is no doubt the single biggest opportunity in the fleet sector since the invention of the motor car.
“We are excited to lead the charge towards sustainable motoring and electrification nationally as part of the Greenarc group of businesses that will see us expand our services into other renewable solutions as we build a total decarbonisation offering.”
The Sunday Times’ list of the UK’s fastest-growing businesses ranked Greenarc Energy 14th in July, after posting sales growth of 140.95% in the past three years.
KeyFleet is based in the Ribble Valley and currently employs a team of 22 which includes regional relationship managers based across the UK. KeyFleet will join northern-based Greenarc which employs over 50 people within its existing group of businesses.
This acquisition was facilitated by Clarion Solicitors. Tax advice was provided by BHP Chartered Accountants and funding was by Barclays Bank.