Smart metering firm Utility Funding has been acquired by private equity-backed asset provider Foresight Metering.

Utility Funding, based in Salisbury, Wiltshire, rents out 150,000 advanced and smart meters and works with 53 of the UK’s energy suppliers.

It has worked with the wider Foresight Group for four years and that relationship has been cemented amid the rollout of smart meters in the UK.

Tom Thorp, CEO of Foresight Metering, said: “We are delighted to have acquired UFL.

“There are strong synergies between our two organisations with Utility Funding having a strong reputation for reliable meter operational excellence, whilst Foresight Metering brings an extremely competitive cost of capital and commercial innovation.

“We are enormously excited about the acquisition.”

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All meter asset provision operations and administration will continue to be conducted out of UFL’s Salisbury office, and for customers there will be no day-to-day operational change.

Over time the UFL brand will be phased out and the combined entity will trade under the Foresight Metering brand.

UFL was set up in 2009 by Hugh Mullens.