Inenco plots expansion after winning deal approval
LANCASHIRE energy analyst Inenco is planning a string of acquisitions after a private equity takeover of the group was approved by regulatory authorities.
Vitruvian Partners and Intermediate Capital bought the Lytham St Annes-based business for a reported £140m in July.
It was sold by EnServe Group – formerly Simon Rigby’s Yorkshire-based Spice until it was acquired by Cinven in 2010 for £360m.
Inenco manages nearly £1bn of gas and electricity for 9,000 customers such as Marks & Spencer and food manufacturer Kellogg’s. It has 400 staff across five offices. 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.
Chief executive Michael Abbott said: “Vitruvian 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.”
Abbott added: “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.”
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.
HSBC’S Birmingham-based leverage finance team provided a debt facility to support energy company Inenco’s expansion.
