Firmus energy group has sold its gas supply business firmus energy (Supply) Ltd to Yuno Group, the holding company for Yuno Energy and PrepayPower.
Neither party has put a price on the acquisition deal.
The firmus supply business, which commenced operations in 2005, has grown to become Northern Ireland’s largest gas supplier by volume, serving more than 113,000 domestic and commercial customers across the region.
Yuno Group is based in Sandyford Business Park in Dublin. Founded by Cathal Fay in 2009, it is one of the largest players in the electricity and gas retail markets in Ireland.
The acquisition will give Yuno a turnover in excess of €600 million and team of almost 600 people.
Firmus energy (Distribution) Ltd will continue to own and operate the ‘Ten Towns’ gas network across the north. It will continue to focus on connecting customers to the gas grid, and enabling the injection of locally produced renewable gases, such as biomethane, into the network.
The change in ownership of firmus energy (Supply) Ltd will be seamless for customers, who will not be required to take any action as a result of the acquisition.
Niall Martindale, chief executive of firmus energy (Distribution) Ltd. said: “We are very proud of the gas supply business which has been built over the last 19 years and we are grateful for the loyalty which customers have shown to us over that time.
“The supply business is now ready to stand alone, and we are confident it will go from strength to strength under the new ownership of Yuno Group, following tremendous growth under its tenure with Equitix.
“We will continue to own and operate the networks business, where our focus will be the continued growth of connections to our gas network, and the injection of renewable gases such as biomethane, which will support a strong local, and circular, decarbonised economy for Northern Ireland.”
Equitix chief operational officer Sion Jones said: “We’re delighted to be handing over the firmus energy supply business to Yuno Group, who we believe will continue to grow the business.
“The partnership between Equitix and firmus has achieved incredible outcomes in the last five years and we’re proud to have been participants in firmus’ story of growth while delivering critical infrastructure across the UK.”
