Cap10’s Sureserve Group to buy Swale Heating

Swale is a heating service provider to residential and social housing customers.

  • Cap10 acquired Sureserve in July 2023
  • Swale is Sureserve’s first acquisition completed since it was made private
  • Cap10 is a European mid-market private equity firm

Sureserve Group, a portfolio company of Cap10, has agreed to acquire 100 percent of Swale Heating.

Kent, UK-based Swale Heating provides gas and renewable heating services to both public and private sector customers. It generates over £43 million ($53.6 million; €49.3 million) in sales and employs 375 people.

Cap10 acquired Sureserve in July 2023 in a deal that valued the company at £214 million.

Swale is Sureserve’s first acquisition completed since the business was made private.

The acquisition of Swale Heating will enable Sureserve to expand its heating capabilities and products to both existing and new clients, according to a release.

“This is our first major step in driving the external growth strategy of Sureserve,” said Fabrice Nottin, founding partner of Cap10. “When we took Sureserve private, we committed to support the company with capital and M&A capabilities to enhance the breadth and quality of its service. The acquisition of Swale Heating does just that.”

No financial details of the transaction were disclosed.

Cap10 is a European mid-market private equity firm based in London.

Sureserve is an energy and compliance services group based in Dartford, UK.