Global industrial services group Bilfinger has acquired renewable energy specialist nZero Group as it bids to grow its footprint in the Ƶ’s hydrogen and gas sectors.
The German group has bought Cheshire-based nZero as well as subsidiaries Orbital Gas Systems and Thyson Technology. The group has offices in Ellesmere Port, in Bristol and in Staffordshire, with some 240 employees specialising in advanced energy systems and gas technologies.
The deal sees NVM Private Equity successfully exit its investment in nZero Group, with NVM saying the deal delivered a 2.6x return. The value of the deal has not been disclosed.
Under NVM nZero has broadened its focus from gas distribution and biogas to work in clean energy infrastructure, hydrogen and energy transition, through organic growth and acquisition. In 2024 its revenues stood at around £30m.
Sandy Bonner, president of engineering & maintenance Ƶ at Bilfinger, said: “We are looking forward to welcoming the talented nZero team to Bilfinger. This acquisition not only enhances our technological capabilities but also strengthens our commitment to the Ƶ market. By leveraging the combined excellence of both teams, we will deliver innovative solutions tailored to the Ƶ’s specific needs. We will be perfectly equipped to support the process industry in meeting the government’s ‘net zero by 2050’ target.”
Bilfinger says the deal will add to its global expertise in conventional and renewable energies.
Thomas Schulz, Bilfinger Group CEO, said: “This acquisition marks a further step in the strategic diversification of our portfolio and strengthens our position in the energy sector.
“Integrating nZero’s complementary expertise puts us at the forefront as solution provider of choice. We are pressing ahead with our strategy to be customers’ No. 1 in enhancing efficiency and sustainability.”
Matt Allen, managing director of nZero Group, said: “We are excited to become part of Bilfinger and their journey to drive innovation and sustainability with combined forces. The integration will facilitate knowledge sharing and enhancing each other’s skills, as Bilfinger and nZero share their strong commitment to employee growth and development.”
NVM’s exit was led by Andy Leach and Karl Cockwill. Mr Allen added: “The investment and support from NVM has been outstanding. We have been privileged to work with Karl, Andy and the NVM team. It is an outstanding private equity investor and has helped lead us to our next phase.”
Andy Leach said: "We are proud to have supported the nZero team as they have evolved into a highly respected partner in the energy transition space. Their contribution to the Ƶ net zero agenda, particularly through hydrogen and biogas projects, has been impressive and aligns with the type of impactful, sustainable growth NVM is keen to support. The acquisition by Bilfinger will provide a strong platform for continued innovation and expansion and we wish Matt and the team well in their future growth plans."
Advisors to NVM on the sale were Malte Richter, MD at EC Mergers & Acquisitions (corporate finance); Matt Noon, partner at Hill Dickinson (legal); and Catriona Lang, partner at Dow Schofield Watts (vendor assist to shareholders).
