EnServe Group sells Inenco to Vitruvian Partners, management and ICG
EnServe sells Inenco Group to Vitruvian Partners, management and ICG
EnServe Group, the energy and utility outsourcing business owned by Cinven, today announces the sale of its Energy division, Inenco Group, to funds managed by Vitruvian Partners ("Vitruvian"), management and Intermediate Capital Group Plc, subject to customary regulatory approvals.
Inenco Group is the UK market leader in strategic energy management procurement and risk management services with over 9,000 clients including corporate, public sector and SME customers. Its services are provided through three specialised brands Inenco, Inenco Direct and NIFES.
Cinven acquired the parent company EnServe Group (formerly Spice plc) in a public to private transaction in December 2010 for £360 million. Since the acquisition, the energy division has almost doubled its profitability to the year ended April 2013. In 2010 Inenco was awarded Energy Broker of the Year and in 2010 and 2011 was awarded Energy Consultant of the Year. The proceeds of this transaction will be used to reduce bank debt at the parent company level and invest in the remaining divisions.
David Cruddace, Chief Executive of EnServe Group, commented:
“Inenco Group has achieved a market leading position through its ability to provide comprehensive energy procurement, energy management and data processing services in a market which continues to expand as more companies outsource their procurement activities in this specialised field. We are delighted that Vitruvian are acquiring Inenco Group and will be investing in its future growth.
“Following the sale, we intend to invest in and remain focused on driving forward the growth of our Electricity, Water and Analytics divisions.”
Michael Abbott, Chief Executive of Inenco Group, commented:
“We’re really excited to be partnering with Vitruvian, who 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. People are at the heart of our business and Vitruvian really understand this; together we are committed to developing our people, who will ensure that we deliver our ambitious plans.
“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.”
Robert W. Baird Limited served as the exclusive financial advisor to EnServe on this transaction.