Fulcrum acquires The Dunamis Group Limited for £22m and raises £10.4m through share placing.

Specialist lawyers at Walker Morris have advised the AIM quoted multi-utility infrastructure and services provider, Fulcrum Utility Services Limited, on the acquisition of The Dunamis Group Limited for £22m and on the associated share placing to raise £10.4 million, before expenses.

Based in Sheffield, Fulcrum provides utility infrastructure services to the residential, commercial and industrial markets throughout the UK. Its acquisition of Dunmais, a leading electrical infrastructure services company, will significantly expand and extend Fulcrum’s capabilities and specialist knowledge in the electrical infrastructure services sector and create one of the UK’s leading gas and electrical infrastructure services groups.

The cash consideration will be funded through a combination of Fulcrum’s existing cash reserves and a placing of 17,376,000 new Ordinary Shares to raise £10.4m. Fulcrum will also issue £11.2m of new Ordinary Shares to the sellers as part of the consideration.

On completion of the acquisition, Wayne Hayes, Dunamis’ Chairman and founder, will join the Board of Fulcrum as a Non-Executive Director.