Inprova powers up in energy market
PRIVATE equity-backed Cheshire procurement outsourcing service company Inprova Group has strengthened its presence in the energy market with a bolt-on acquisition.
The Warrington firm, backed by LDC, has snapped up 20-strong business UES Energy for an undisclosed sum.
UES Energy, based in Caerphilly, near Cardiff, has bought from owne- managers Andrew Diplock and Gruff Dodd, who are joining the senior leadership team of Inprova’s energy division, which is branded as energyTEAM.
Inprova Group’s latest purchase forms part of ambitious plans to at least double the size of its business over the next two to three years and further acquisitions are planned.
UES Energy was launched in 2003 and clients major utilities such as National Grid and Wales & West Utilities, along with G4S, Celtic Manor Resort, PHS Group, Zodiac Aerospace and Wiley publishing group.
UES Energy procures and manages over £150m of energy contracts on clients’ behalf and turnover is expected to be in excess of £2m this financial year.
The deal, funded through a debt facility from Barclays, follows Inprova’s April acquisition of two non-domestic energy brokers, energyTEAM and ENER-G Procurement.
Paul Kennedy, Inprova Group chief executive, said: “This deal further consolidates Inprova’s growing energy services offer and brings us closer to our ambition to be among the top five TPIs (third-party intermediary) in the country.
“Acquiring UES Energy and welcoming Andrew and Gruff to the business is the latest step towards establishing Inprova Group as an international force in the procurement markets.”
Andrew Diplock, managing director of UES Energy said: “I’m looking forward to a very exciting future with Inprova Group. Being part of an ambitious business will enable us to play a key part in taking the energy consultancy business to a completely new level.
“That was what made the deal so appealing – the opportunity to be part of a larger, fast-growing firm that will be a leading player nationally and internationally.”
Advisers on the transactions were Fieldfisher (legal), Dow Schofield Watts (corporate finance and financial due diligence), PMSI (commercial due diligence) and BDO (tax) for Inprova Group and Capital Law (legal) and Advantage Accountancy & Advisory (corporate finance) for UES Energy.
