Grant Thornton UK LLP’s Corporate Finance team has led the sale of fast-growing Electric Vehicle (EV) charging specialists EB Charging to US-based Blink Charging.
The deal, for up to $23.4m (£19.4m)., represents Blink Charging’s first step in the UK market. The Florida-based group, which is listed on the NASDAQ stock market, said the transaction would add 1,150 EV chargers to its global footprint, which now spans 18 countries.
Founded in 2015, St Albans-based Electric Blue Ltd, known widely as EB Charging, has grown rapidly, servicing over 80 customers, principally local authorities, NHS healthcare trusts, universities and fleets.
EB Charging’s diverse suite of Level 2 and DC fast products have been installed in over 40 towns and cities across the UK. Like Blink, EB Charging offers an owner-operator model, providing customers and partners with flexible, personalised and strategic business opportunities to achieve customer goals whether they want to own, partner with, or host their charging infrastructure.
Michael Farkas, Founder and CEO of Blink Charging said, “EB Charging is an established and well-known EV charging company with a proven track record of success. Blink will expand EB Charging’s product offerings to include new commercial and home chargers, new global network services and apps, and new EV fleet management tools. The acquisition will further solidify Blink’s goal of creating a seamless global experience for all EV charging customers.”
“Blink and EB Charging have a shared mission to advance EV charging through strategic owner-operator models that provide for greater flexibility and better outcomes. With the recent government incentives, EB Charging is the ideal business to integrate into the Blink umbrella.
“We’re excited to have a significant presence in an important market through this acquisition and play an integral role in helping the UK to achieve its electrification goals,” said Mr. Farkas.
The acquisition of EB Charging will allow Blink to tap into the opportunities for growth in this market and increase its footprint across Europe.
EB Charging Managing Director Alex Calnan said: “Blink’s experience, supply chain, and investment will enable us to install more charge ports, more quickly, serve more EV driving customers, and deliver on our commitment to customer excellence and innovation. Working with Blink, we can quickly and efficiently serve our current £12 million order book, significantly growing the EV charger footprint in the UK. Blink is a substantial business in the US and will continue to add tremendous value to its international acquisitions and partners. We are delighted to become part of the Blink family.”
Grant Thornton Corporate Partner Mike Tillson, who led the team said: “EB Charging is an outstanding entrepreneurial success story. Founded just seven years ago, it has developed fantastic IP and market position and is now well-placed to scale with the resources of a larger international; group behind it.
“Alex is a highly impressive individual and I thrilled for him in reaching this milestone in EB’s journey.
“At Grant Thornton we have a large automotive advisory team and are passionate about the move to net zero. We are immensely proud to have advised on this landmark deal in the UK market and wish Alex and his team every success in the future.
“We expect to see a lot more M&A and investment activity in this sector going forward, both in relation to companies that own EV charging infrastructure, but also the service providers who support them.”
The Grant Thornton team also included Doug Bentley, George Harvey and Andreas Caicedo.