Cathal Fay, CEO of Yuno Group
Energy provider Yuno Group, the company behind both Yuno Energy and PrepayPower, has expanded into Northern Ireland by buying Firmus Energy (Supply) Ltd.
The business is one of the largest energy supply companies in Northern Ireland with 110,00 domestic customers. Prior to the sale Firmus Energy (Supply) Ltd was part of the Firmus Energy Group, which also owns and operates the Ten Towns Gas Network in Northern Ireland.
The deal is the first cross border transaction for Yuno Energy and will mean the wider group now has approximately 410,000 connections across the island of Ireland with a combined turnover in excess of €600m and almost 600 staff.
Yuno Group is led by Cathal Fay, who set up the business in 2009 initially by launching PrepayPower which is the largest provider of electricity and gas to the domestic market on a prepaid basis in Ireland.
The group launched the Yuno Energy brand last year as a ‘bill pay’ provider for domestic customers, initially of electricity and adding gas in September of this year.
The companies said customers of Firmus Energy (Supply) Ltd will not be affected by the change of ownership. Yuno CEO Cathal Fay said the transaction will be transformational for the group.
“It increases our customer base by a third, hugely increases our customer numbers in gas, and opens up an exciting new avenue for continued growth in a new market (NI),” he said.
Yuno Group was advised by Tughans and KPMG. Firmus Energy was advised by IBI Corporate Finance, Carson McDowell and PwC.