City Electrical Factors (CEF) and The Segen Group Limited (Segen) today announced that CEF’s parent company, Labora Holdings Limited (Labora), and Segen have entered into an agreement under which Labora will acquire 100% of Segen, a leading global distributor of residential and commercial rooftop solar photovoltaic (PV) systems, and its subsidiaries in the UK, Germany and South Africa.
The transaction is expected to close October 2021 subject to regulatory and other approvals and conditions. Labora and Segen will remain separate and independent companies until closing of the proposed transaction.
Segen sells a range of renewable energy solutions, including energy storage systems (ESS) and EV charging equipment, to installers through its proprietary online portal and is a market leader in the UK and South Africa with significant and expanding operations in Europe. It has an impressive financial track record and exciting growth outlook.
“We are delighted to announce Labora’s proposed acquisition of Segen. This announcement reflects our confidence in the talented Segen team and our commitment to renewable energy,” said Thomas Hartland-Mackie, President and CEO of Labora. “Segen’s dedication to their customers and strong supplier partnerships is aligned with CEF’s culture and way of doing business. Our business is highly complementary to Segen and we are eager to explore ways to accelerate growth through new capabilities to further deliver on customer needs.”
Following the closing of the transaction, Segen will be a subsidiary of Labora, with the benefit of new scope and scale that will increase opportunities for suppliers and customers.
“There are many exciting synergies between the Segen and CEF teams,” said Andy Pegg, founder and CEO of Segen. “I am very pleased that Segen has found such a fantastic new home.”