Enspec Power are set to consider acquisitions as part of their growth plan.
It comes as CTO Tim Rastall, who last year led an MBO with wife and Enspec CEO Mara Rastall, celebrates his 10th anniversary since joining as a summer intern.
Enspec has revealed plans to grow the business in the UK and abroad over the next several years through potential acquisitions.
CEO Mara Rastall and her husband CTO Tim Rastall acquired 75% of the electrical and power engineering firm in a management buyout (MBO) in February 2023.
Having joined Enspec as an intern in the summer of 2014, Tim is celebrating his 10th anniversary, with Enspec forecasting £5 million revenues this year and £10m for 2025.
Enspec, which boasts a team of 30 people across offices in St Helens, Manchester and Washington, expects to grow headcount to between 40 and 50 by the end of 2024.
“I’ve had the opportunity to see Enspec truly evolve over the last 10 years,” said Tim. “To have been here a decade and to also witness our growth since last year’s MBO feels like a fantastic achievement from the team.
“Our growth has been organic and we will continue to further this during the remainder of 2024. We will then look more actively at acquisitions to expand our value chain and reduce time to market.
“It’s a very exciting time for Enspec,” added Tim, “and one which has involved a little bit of reflection given it is 10 years since I joined this amazing business as a summer intern.”
St Helens-based Enspec has a temporary office in Manchester city centre and will be opening a new and permanent base in the city centre later this year. The company also has a design and manufacturing site near Newcastle.
Services provided by the company, which was founded in 1999, include power system studies, power quality analysis, renewable energy consultancy and site maintenance.
Enspec also designs, manufactures and commissions bespoke products, including Harmonic Filters, Reactive Compensation, Power Factor Correction and Point-on-Wave Switching.
Clients include large energy generators such as major wind farms, solar farms and hydro plants and major energy consumers including manufacturers and hospitals.
Tim added: “After last year’s MBO Enspec reorganised the business, creating separate units for manufacturing, consulting and site services. The result has been significant growth in our customer base.
“Our main focus now is the UK market but Enspec works with customers all over the world and we are in talks to expand into the US market with a potential partner.
“Alongside Mara, the leadership team and our wider team we are very much looking forward to seeing what Enspec can achieve for its growing customer base during what will surely be the most crucial period of the energy transition.”
