HSBC provides the debt facility for Inenco deal
HSBC’S Birmingham-based leverage finance team has provided a debt facility to support energy company Inenco’s expansion.
The facility – for an undisclosed amount – forms part of the transaction which saw Inenco acquired by funds managed by Vitruvian Partners and Intermediate Capital Group, along with the company’s management.
Lancashire-based Inenco Group is a provider of energy procurement, management and risk management services.The company manages the procurement of approximately £3.3bn of energy spend for more than 800 corporate, 8,000 SME and 150 public sector clients across 67,000 sites and 106,000 gas and electricity meters.
Corporate clients include retailer Marks & Spencer and food manufacturer Kellogg’s
Headquartered in Lytham St Annes, the company employs more than 400 people across its sites, which also includes Glasgow, Liverpool, Altrincham and London.
Sharon Hill, a director in HSBC’s Midlands leverage finance team, led the transaction on behalf of the bank. She said: “Inenco Group is the UK’s market leader in strategic energy procurement and risk management.
“Strong sustainable market growth, combined with a diverse customer base, makes Inenco an attractive proposition both as an investment opportunity and from a debt financing perspective.
“Vitruvian is a priority financial sponsor for HSBC, having supported them in previous investments, most recently in its acquisition of Burton-based Healthcare at Home, but also OpenBet and IMD during 2011.”
Philip Russmeyer, partner at Vitruvian, said: “Our relationship with HSBC and confidence in its ability to deliver this innovative financing proposition were key enablers to our success in this transaction.”
