£9m share placing tees up Emerald Isle acquisition for Inspired Energy

Lancashire-based energy procurement specialist Inspired Energy is raise up to £9m in a share placing after striking a deal to acquire Horizon Energy Group, headquartered in Cork, Ireland.

AIM-listed Inspired has also agreed a new funding facility agreement with Santander to refinance its existing borrowings to the tune of about £35m and to provide further headroom for the company’s future growth and acquisition strategy.

It said once the Horizon deal has completed it would take the combined procurement corporate order book for the group to in excess of £41m.

Inspired will also generate cross-selling opportunities as Horizon’s sales team will be able to offer its customers a wider range of services and allow the group to benefit from lower costs in Ireland.

Horizon has 34 employees based in Ireland.

Inspired chief executive Janet Thornton said: “Inspired continues to look to deliver on its growth strategy and Horizon provides an opportunity to drive growth from Inspired’s platform as it is an established business in a relatively untapped market.

“It will bring high earnings visibility, supported by a strong procurement corporate order book, and Horizon’s sales team will benefit from the cross-selling opportunities with access to Inspired’s broader capabilities, ultimately benefitting clients.”

“Ireland’s energy procurement sector is relatively underdeveloped compared to the UK, providing a significant opportunity for Inspired to deploy its expertise in increasing its presence in this market, leveraging the Enlarged Group’s experience of growth in the UK market.”

Gateley advised Inspired on the deal.