Spice, an AIM-listed utility support services company, has completed its second deal in a week, buying broker Saturn Energy for an initial £3.5 million in cash.

Spice, an AIM-listed utility support services company, has completed its second deal in a week, buying broker Saturn Energy for an initial £3.5 million in cash.

A further £4.75 million is available, dependant on financial performance of Saturn to May 2009. Including interest and working capital adjustments to be made at completion, the total amount available is £9 million.

Liverpool-based Saturn is a commercial energy broker for SME companies and acts as an agent to procure gas and electricity from suppliers under medium and long-term contracts.

Saturn yielded a turnover of £1.4 million and adjusted operating profits of £800,000 in the 11 months to July 2007, with the deal sum comprising four times this amount.

Spice CEO Simon Rigby said: “The acquisition of Saturn enables us to extend the range of our energy brokerage services into the SME sector. We intend that Saturn will continue to operate as it always has done but that its services will be enhanced.”