Hyder has kicked of 2013 with a £3M cash purchase of specialist consultant Power Systems Project & Consultancy Services (PCS), underpinning its aspirations in the burgeoning UK power transmission market.
Hyder chief executive Ivor Catto said that the 42 strong Scottish based firm would bring “rare skills” to his firm’s existing power business and enable Hyder to compete for forthcoming multi-billion pound contracts to upgrade and enhance the nation’s power grids.
“We have been building out our capability across the energy sector both organically and through acquisition,” said Catto.
He stressed that energy regulator Ofgem had recently earmarked £24.2bn for investment in power and gas networks in England and Wales and a further £7.7bn in Scotland.
He pointed out that the PCS deal follows Hyder’s purchase of energy specialist ESR Technology in June 2011.
“This acquisition is about buying capability rather than revenue,” he added.
“These are very rare skills and the purchase rounds out our overall energy offering.