Charge of the fuel-lite brigade as Blink pledges $23.4m to buy EB Charging
Florida-based Blink Charging could pay up to $23.4 million for Hertfordshire electric vehicle charging specialist EB Charging.
Grant Thornton’s Corporate Finance team led the deal which represents the US company’s first step into the UK market.
NASDAQ-quoted Blink Charging said the acquisition 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 to service 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.”
The acquisition 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.”
Grant Thornton Corporate Partner Mike Tillson led the advisory team which also included Doug Bentley, George Harvey and Andres Caicedo.
Tillson 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.”
Grant Thornton has a large automotive advisory team and expects 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 and the service providers who support them.