EnServe Group, the energy and utility outsourcing business owned by private equity house Cinven, has sold its Energy division, Inenco Group, to funds managed by Vitruvian Partners, management and Intermediate Capital Group Plc. The terms of the deal were not disclosed.
Inenco Group provides businesses with strategic energy management procurement and risk management services. It has 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’s most recent portfolio company report on Enserve Group covers the year to March 2012. The Energy division of Enserve produced revenue for that year of £27M (2011: £27.7M) and EBITDA of £9.8M (2011: 8.2 million).
Cinven acquired the parent company EnServe Group (formerly Spice plc) in a public to private transaction in December 2010 for £360 million. The proceeds of the sale will be used to reduce bank debt at the parent company level and invest in the remaining 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.” Abbott went on to say, “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.”
UK, London and Lancashire, St Annes
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- Cash acquisition of Spice plc recommended Posted on September 27, 2010
- Spice PLC to recommend a 70p per share cash offer from Cinven Posted on September 2, 2010
- Spice PLC – Cinven offer and conditional proposal from another potential offeror Posted on September 2, 2010
- Spice PLC release their results for the year to April 2010 Posted July 8, 2010
- Spice PLC rejects a £200 million offer from Cinven Posted on June 22, 2010