SSE has bought back its former mechanical and electrical (M&E) contracting arm, now called Enerveo, three years after selling it.<\/p>\n
Announcing the deal this week, an SSE statement said: \u201cEnerveo has found it challenging to operate as an independent business.\u201d<\/p>\n
It did not reveal the value of the deal.<\/p>\n
\u201cFollowing the repurchase, SSE will now work with Enerveo management to conduct a review to develop and then implement a longer-term strategy for each part of the business,\u201d it added.<\/p>\n
The power giant offloaded the company, then called SSE Contracting, to private equity firm Aurelius for \u00a327.5m in 202<\/a>1<\/a>.<\/p>\n At the time, Aurelius managing director Tristan Nagler said the company wanted to build its position in the M&E market and saw \u201cconsiderable scope for consolidation\u201d within it.<\/p>\n However, Enerveo, which was rebranded later that year, has been consistently loss-making since the sale.<\/p>\n