Yuno Group acquires firmus energy
Yuno Group – the holding company for Yuno Energy and PrepayPower – has acquired firmus energy (Supply) Ltd, the gas supply business of firmus energy.
firmus energy (Supply) Ltd is one of the largest energy supply companies in Northern Ireland with 110,00 domestic customers.
Prior to this transaction, firmus energy (Supply) Ltd was part of the firmus energy group, which also owns and operates the Ten Towns Gas Network in Northern Ireland.
This is the first transaction for Yuno Energy in Northern Ireland, and it gives the company a leading role in the energy markets on both sides of the border.
Following this transaction, Yuno Group Ltd will be the largest gas supplier in Northern Ireland by volume.
It will have approximately 410,000 connections across the island (with 110,000 connections in Northern Ireland) and a turnover in excess of €600 million and a team of almost 600 employees.
Yuno Group is led by Cathal Fay and is based in Sandyford Business Park in Dublin. Founded by Fay in 2009, the company is one of the largest players in the Electricity and Gas retail markets in Ireland.
Speaking today, Cathal Fay, founder and Chief Executive of Yuno Group said: “This is a transformational deal for the group.
“It increases our customer base by a third, hugely increases our customer numbers in gas, and opens up an exciting new avenue for continued growth in a new market (NI).
“We believe we can add real value to firmus energy’s strong platform, and that the transaction will greatly strengthen our overall business. We recognise the outstanding service provided to customers of firmus energy and we are committed to building upon this to further enhance the services we offer to all our customers across Northern Ireland.”
Yuno Group was advised by Tughans and KPMG. firmus energy was advised by IBI Corporate Finance, Carson McDowell and PwC.
Main image: Cathal Fay, CEO of Yuno Group with Niall Martindale, CEO of firmus energy (Distribution) Ltd.