A Dundee business which specialises in thermal imaging has been sold in a multi-million-pound deal.
IRT Surveys assesses the energy performance of houses and recommends the most efficient improvements.
Based at Prospect Business Centre, it has a focus on the affordable housing sector.
The business has been acquired by Mears Group, a provider of specialist housing services in Scotland.
Disclosing the acquisition to its investors, Mears said it would pay an initial fee of £3 million.
Additional payments of up to £1.1m will be payable over a two-year period, depending on targets being met.
Why Mears has bought IRT Surveys
Mears believes there will be significant opportunities due to requirements to decarbonise ageing housing stock.
Executive director Alan Long said: “Mears’ acquisition of IRT means we now have the in-house capacity to develop intelligent retrofit plans for our clients.
“The technology from IRT was used to win three contracts under the Social Housing Decarbonisation Fund earlier this year, highlighting that this is a tested formula for successful future bids with our clients.
“We are combining two companies with over 50 years’ experience.
“It will boost the Mears presence as one of the UK’s experts in carbon reduction.”
Thermal imaging ambitions
In the year to 31 December 2021, IRT reported revenues of £400,000 and an operating loss of £100,000.
The business is on track to deliver revenues of £800,000 this year and an operating profit of £200,000.
IRT is well-known in the sector, with more than 30 clients. It has surveyed over 350,000 properties.
IRT will continue to service its existing clients and has a strong pipeline of future work.
Earlier this year it was part of a £5.2m energy efficiency project across 100 social housing properties in Aberdeen.
IRT is working with Elgin construction company Robertson Group and smart energy specialist SMS, of Glasgow, on the scheme for Aberdeen City Council.
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