Funds swoop for Inenco
LANCASHIRE energy analyst Inenco Group has been bought by funds managed by Vitruvian Partners and Intermediate Capital.
The value was not disclosed but the deal could be worth £140m.
The business has been sold by EnServe Group – formerly Simon Rigby’s Yorkshire-based Spice until it was acquired by Cinven in 2010 for £360m.
Lytham St Annes-based Inenco manages nearly £1bn of gas and electricity for 9,000 customers such as Marks & Spencer and food manufacturer Kellogg’s.
It was set up more than 40 years ago in an office above the former Woolworth’s shop in St Annes with a handful of staff. It is now the UK’s largest independent energy analyst and operates through three brands: Inenco, Liverpool-based Inenco Direct and NIFES, which has a base in Altrincham.
Enserve’s chief executive David Cruddace said: “Inenco Group has achieved a market leading position through its ability to provide comprehensive energy procurement, energy management and data processing services in a market which continues to expand as more companies outsource their procurement activities in this specialised field.
“We are delighted that Vitruvian are acquiring Inenco Group and will be investing in its future growth. Following the sale, we intend to invest in and remain focused on driving forward the growth of our electricity, water and analytics divisions.”
Michael Abbott, chief executive of Inenco, said: “We’re really excited to be partnering with Vitruvian, who share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base.
“Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth. People are at the heart of our business and Vitruvian really understand this; together we are committed to developing our people, who will ensure that we deliver our ambitious plans.
“Inenco Group’s head office will continue to be based on the Fylde Coast in Lancashire, with NIFES offices in Glasgow, Altrincham and London operating alongside Inenco Direct’s growing presence in Liverpool. Over the course of the next three years, we intend to create new employment opportunities to support the growth in demand for our services, which is fuelled by volatile and rising energy prices and a mass of energy efficiency/carbon legislation.”
Robert W. Baird Limited served as the financial advisor to EnServe.
