Energy investor acquires letting agency platform
Pharaoh Capital has acquired UtilityMix, the UK’s leading technology platform for letting agencies, in an undisclosed seven-figure deal.
The acquisition sees Leeds-based energy sector investor Pharaoh Capital expanding its range of integrated energy management and billing software. UtilityMix helps active management of energy consumption through smart metering, energy consultancy and energy supply services. Its platform provides in-depth, all-inclusive energy billing for property lets, including purpose-built student accommodation, built-to-rent and private landlords.
The deal was structured as a full buyout of Leicester-based The Mix Group, with Pharaoh Capital taking control with immediate effect. Grant Nicholson, founder and chair of Pharaoh Capital, is appointed as chair and Tom Cadzow is appointed as chief finance of the newly acquired business.
Pharaoh says the acquisition expands its existing service offering in the energy sector, and says it will increase inward investment to Utility Mix to ensure profitable growth in the future. It plans complementary acquisitions in coming months.
Grant Nicholson said, “UtilityMix is a recognised leader in its specialist field, with a strong track record and an impressive record of customer retention and growth. We were extremely impressed by the management team, and we have great confidence in supporting and investing in the future of UtilityWorks as we continue our expansion in the energy management space.”
James Aveyard, managing director at UtilityMix, said, “UtilityMix has been trading for seven years, through some incredibly turbulent and difficult times. We have seen many competitors come, and many more go, and we have survived the challenges presented by crisis, competition and hearsay by focusing on the needs of our customers.
“The benefit of investment will provide us with valuable security in an unpredictable market, and we are excited to be able to develop cutting-edge products, services and opportunities to ensure that UtilityMix remains the market leader in billing and utilities systems for the lettings industry in the UK.
“The board and the team at UM remain as committed as ever to the provision of technological innovation, market-leading service, and independent energy rates. Rob, Matthew and I are proud of what we have achieved, and by what targeted investment enables us to provide to our clients going forward.”