ANNOUNCEMENT OF COMPANY ACQUISITION
I.C ELECTRICAL will be part of VEO-Group. Finnish Technology Company VEO Oy has acquired a major ownership of British Electrical Installations and contracting Company IC.Electrical Ltd. (ICE).
ICE became part of VEO group on 15th December, when the deal was closed.
VEO has headquarters in Vaasa at west coast of Finland and it has subsidiaries in Sweden and Norway. This acquisition strengthens its position in UK market which is in line its internationalization and growth strategy.
During the last 10 years the Companies have made successful co-operation in UK markets and this acquisition shows our customers the commitment to stay, grow and develop our services in UK despite the uncertainty of Brexit.
“ICE’s extensive experience in the UK market combining with VEO’s products and expertise creates a strong foundation to build on. Growth and internationalisation will continue to play an important role in VEO’s plans for the future,” says CEO Marko Ekman from VEO.
The two Electrically biased companies first worked together back in 2008, bringing Finnish expertise and UK local knowledge together on two Biomass Projects in the North of England.
In 2010 ICE and VEO needed to meet to finalise a combined offer for another Biomass Project in the UK. Unfortunately, the infamous Icelandic ash cloud prevented air travel.
With the deadline for the final offer looming the ICE management team of Tim McNeilly and Chris Emmerson took the decision to drive to Finland, utilizing ferries where the water mass prevented progress.
The ICE team completed the 1800 km journey in less than 48 hours, the two Companies met and were successful in winning the Project.
This set the tone for the co-operation – the “can do” attitude has prevailed and is at the forefront of the Business as a combined unit today.
“The synergies between our Companies are enormous, this matched with an unrivalled level of trust and co-operation alongside engineering knowhow gives us a winning formula” Says Tim McNeilly
ICE will be integrated into the VEO Group with following changes:
- Tim McNeilly has been appointed to Managing Director. Tim has been working previously as Commercial and Contracts Director in the Company
- Jarkko Aro has been appointed to Sales and Operative Director. Jarkko has been working previously at VEO as a Vice President of Industry business unit and since August as a Director of VEO UK business development.
“We are a reliable local partner that provides a variety of flexible services and products ranging from major turnkey deliveries to individual installation and product deliveries. Moving forward, our broad expertise can be utilised particularly in Waste to Energy plants, which generate electricity to the network and heat to local houses or businesses by incinerating waste, which normally would go to landfill” says Jarkko Aro, who joined the ICE organisation as Director following the acquisition. Jarkko has previously served as Vice President for the Industry business unit at VEO and since August as responsible of VEO’s business development in the UK.
VEO’s own products and in-house production creates competitive advantage that supports the company’s growth in international markets.
“Product design and production at own factory supports the flexibility and efficiency of our operations,” Aro explains.
- Chris Emmerson will remain in the company as Director, but will be working on a part time basis
Otherwise the Company and its employees will continue normally day to day business as usual.
The new ICE strengthened with VEO’s range of products and engineering will offer its customers and partners more added value by means of wider scope of supply, turnkey EAI engineering and high-end technology products made either locally or in Finland.
Tim McNeilly Managing Director commented
“This acquisition represents a positive step forward for VEO in the United Kingdom and is evidence of our genuine desire to continue on the path of growth despite the uncertainty created by Brexit. Together, VEO and ICE can provide their customers with the most suitable comprehensive deliveries on a project-specific basis, with products delivered from either Finland or the United Kingdom. ICE offers engineering, design, control panels and installations that complement VEO’s existing product and services range. We at ICE look forward to sharing the benefits of the cooperation with both our new and existing customers.