Nottingham software firm enters European market with Benelux deal
ENSEK, the Nottingham software supplier to UK energy providers, has bought NrgFin, a Benelux-based consultancy and data analytics company.
The deal represents the first acquisition completed by ENSEK. The business, which has been backed by mid-market private equity firm LDC since October 2017, has more than doubled its revenues in the past two financial years following an increase in contracted recurring software revenue.
The acquisition will enable ENSEK to expand its SaaS platform solutions into the Benelux region and beyond. Following the deal, NrgFin has been rebranded ENSEK Benelux.
Established in 2014, NrgFin is headquartered in Beringen, Belgium and also has operations in the Netherlands. The company provides finance solutions for energy suppliers and has a range of B2B and B2C end customers including Total Gas & Power, Lampiris, Octa+, Elegant, Antargaz and Essent.
NrgFin’s 12-strong team will continue to operate from the company’s operations in Belgium and the Netherlands. The company’s founders, Ilse Melotte and Gunther Walmagh have retained a large minority stake and will continue with ENSEK in senior management roles.
In addition to acquiring NrgFin, GaliliAI, a data science startup, will also join the ENSEK Benelux team. ENSEK Benelux has already secured its first pilot phase implementation for the ENSEK platform with the energy supplier Eneco in Belgium, the third largest utility provider in the country, serving close to a million connection points.
Jon Slade, CEO, ENSEK said: “This acquisition represents a significant and exciting milestone for our business. Energy retail sectors across Belgium and the Netherlands have many synergies with our own core UK market, and we’re looking forward to working alongside our new colleagues to integrate our service offerings and maximise future growth opportunities.”
John Green, investment director at LDC said: “With ENSEK, one of our key investment objectives was to support the management team in converting complementary acquisition opportunities, whilst maintaining continued strong organic growth. NrgFin is a high-quality business and this deal brings a well-established Benelux footprint to ENSEK. This transaction reaffirms our commitment to support our investment portfolio with their buy and build growth plans.”
Ilse Melotte, managing director at ENSEK Benelux said: “ENSEK and NrgFin are complementary – we can’t wait to bring our knowledge together, creating new services that will only benefit our customers. There is a significant growth potential, especially in Belgium and the Netherlands, and this acquisition is key for the combined company to continue its international growth.”