Irish DCC lands deal for Dutch solar panels distributor PVO

Irish sales, marketing and support services group DCC Plc (LON:DCC) has inked a deal to acquire Netherlands-based solar and clean energy technology distributor PVO International BV, making its latest inorganic growth investment in the renewables sector over the past few months.

Set up in 2014, PVO is a distributor of solar panels, invertors, batteries and accessories used in the commercial, industrial and domestic energy sectors across continental Europe. The company has an established position in the Benelux and a growing presence in eight other countries among which are Germany, Poland and Finland.

The business is headquartered in Rosmalen and employs about 50 people. It generated revenue of about EUR 190 million (USD 181.5m) in its most recent financial year.

DCC is a business support services company with a focus on three sectors --energy, healthcare and technology. The Irish firm in May outlined its strategy to accelerate the net zero journey of its customers by leading the sales, marketing and distribution of low carbon energy solutions. About 20% of DCC Energy's operating profit came from services and renewables in its last financial year.

The deal for PVO comes just a few months after Flogas Britain, a unit of DCC, in June acquired for an undisclosed amount Protech Group, a provider of renewable and energy-efficient heating solutions, maintenance and water services to commercial customers across the UK.

"A key part of DCC Energy's strategy in accelerating the net zero journey of our customers is to build a strong position in the sales, marketing and distribution of renewable energy products and services. We have already made good progress in recent years and PVO provides an excellent platform to build a pan-European business in the distribution of solar PV and associated products, such as energy storage and EV chargers,” said DCC’s chief executive Donal Murphy.

The financial terms of the transaction remained undisclosed.

(EUR 1 = USD 0.955)

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