Beringea exits Chargemaster in trade sale to BP

Financial details of the transaction remain undisclosed, indicating the valuation is not considered to be a material sum by the trade buyer. However, various media reports indicate it valued the company in the region of £130m.

The transaction brings to an end the company's reported plans to float on the London Stock Exchange with a market cap in the region of £170m.

Since Beringea's initial investment in the business, Chargemaster has increased its network of public charging stations from 3,000 to 6,500, according to a statement.

Following the transaction, the business will rebrand as BP Chargemaster.

Previous funding
Beringea invested £3m in Chargemaster in 2014 with capital drawn from its ProVen VCTs.

Company
Founded in 2008, London-headquartered Chargemaster operates a network of public charging points for electric vehicles across the UK. It also designs, produces and installs charging points for use in numerous types of locations, including domestic properties.

People
Beringea – Malcolm Moss (founding partner).
Chargemaster – David Martell (CEO).

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• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Beringea Limited
• Trade sale