Fusion Corporate Partners acted as corporate advisor for the vendors of both companies. The Fusion team was led by Paul Kelly, director at Fusion.
energyTEAM, a privately owned company based in Burgess Hill, West Sussex, has been running for nearly 40 years. Led by joint managing directors Chris Best and Brian Rickerby, energyTEAM has over 800 UK clients including public and private sector organisations. The company provides an integrated and fully managed energy management service comprising energy procurement and energy services. energyTEAM employs 60 staff. The deal was completed on Thursday 9th April 2015.
ENER-G Procurement, owned by Salford-headquartered international renewable and sustainable energy specialist ENER-G Group, is based in Studley, Warwickshire. ENER-G Procurement was formed through the merger of the energy procurement arm of CMR Consultants and Utility Auditing Limited. Both companies were acquired by ENER-G Holdings plc in 2006 and 2007 respectively. ENER-G Procurement’s clients range from single energy-intensive sites, to large multi-site groups. ENER-G Procurement employs 52 staff. The deal was completed on Friday 10th April 2015.
Both companies were sold to Warrington based procurement services firm Inprova Group. The deals have been funded through a debt facility from Barclays. Investment from private equity house LDC is fuelling Inprova’s growth plans, which consist of a UK and international acquisition strategy focused on technology and category expertise that will complement the existing business. The terms of the deals are not being disclosed.
“It is highly unusual to sell two companies to the same acquirer at almost the same time. Both deals attracted multiple offers from prospective acquirers in two separate competitive processes. However, both vendors selected Inprova Group as their preferred choice,” said Kelly. “Neither vendor knew who the other was and, beside the normal complications of any sale process, the Fusion team also had to ensure confidentiality was maintained at all times. I am proud of the way the team managed these processes and I am delighted at the successful outcomes for both of our clients”.
Inprova Group is based at Olympic Park, in Birchwood, Warrington and has been set up by the founders of purchasing firm CEL Procurement, which has been providing procurement services since 1987, and was rebranded as Inprova in preparation for the group’s ambitious growth strategy. The company launched with Bob Holt as its chairman. Mr Holt drove the expansion and stock market flotation of property repairs giant Mears Group.
“Purchasing these two energy brokers ties in with Inprova’s wider strategy of building scale and capability across new procurement markets.” Commented Inprova group chief executive Paul Kennedy. For many of our customers, utility spend is becoming an increasingly complex and volatile area of spend and as such, they require a greater level of support and guidance in this spend category. The integration of these two businesses into the Inprova Group will enable us to negotiate better energy prices as we’ll take a far larger aggregation of spend to market. It is also likely that there’ll be opportunities for us to deliver wider procurement related services into the enlarged customer base.”
“Inprova Group will be turning over in excess of £12m per year following these two acquisitions.” Kennedy added: “My aim is to at least double this figure over the next two to three years. We’ll do this through our strong customer base in existing markets, which offers significant growth opportunities and also by continuing our ambitious UK and international expansion strategy.”
The Fusion Team has completed over 80 UK and cross border Business Support Services, Energy & Environmental Services, Media, Business Information & Technology, Exhibitions & Conferences, TV Broadcast & Production, Healthcare and Online Commerce transactions. Fusion specialises in the sale of middle-market companies with transactional values ranging from £5 million to £100 million. The sales of energyTEAM Limited and ENER-G Procurement Limited are our 7th and 8th sales of energy management companies.
UK, Warrington, Cheshire & Burgess Hill, East Sussex & Studley, Warwickshire
Other Fusion Deals:
Business Support Services and Energy & Environmental Services
- Energy specialist Utilyx sold to MITIE Group
- Utility Masters Limited sold to M&C Energy Group
- Encore International sold to McKinnon & Clarke
- John Hall Associates, the leading supplier of Energy market intelligence and procurement services, sold to EnergyQuote
- Euromoney Institutional Investor PLC sold Energy Information Centre Ltd, an energy intelligence provider, to Broadfern Partners
Media & Business Information
- Law Business Research sold to Bowmark Capital
- NHiS sold to Wilmington Group
- CRU Group acquires Fertecon Research Centre
- Kingsman SA, the Switzerland-based provider of price information and analytics for the global sugar and biofuels markets, sold to Platts
- E-consultancy.com sold to Centaur Media plc
- Fertilizer market information and analysis business Fertecon sold to Informa Group
- FMB Consultants sold to Argus Media
- www.Bit-Tech.net, the leading PC customisation online community and review site, sold to Dennis Publishing
- DMG Information sold Hobsons, its pan-European corporate recruitment print, web, event and market research operations, to Group GTI
- Hedgefund Intelligence, global B2B newsletter publishers and online data provider to the hedgefund sector, sold to Euromoney Institutional Investor
- www.digitalspy.co.uk the UK’s largest independent entertainment news website sold to Hachette Filipacchi UK
- www.CarDesignNews.com, a leading international B2B community website sold to Ultima Media
- MyHobbyStore.co.uk has acquired Model Collector and Stamp Magazine from IPC Media
- Trusted Reviews the UK’s premier electronic product review website sold to IPC Media
- Kable Ltd, the B2B online market intelligence provider and event organiser for the ICT sector sold to Guardian News & Media
- Petrolheads, the leading sports car enthusiast community and classified website, sold to Haymarket Publishing Group
- Visordown Ltd, owner of the leading UK motorcyclist community website www.visordown.com sold to Magicalia Ltd
- Euromoney Institutional Investor PLC sold Raven Fox Ltd, publisher of B2B journal Duty Free News to The Metroplolis Group
- Magicalia, the leading consumer special interest community website publisher, sold to Exponent Private Equity
- Euromoney Institutional Investor PLC sold Atalink Ltd, a specialist contract publisher, to Ten Alps PLC
- Global Professional Media Ltd, publisher of leading B2B weekly Legal Week, sold to Incisive Media PLC
Exhibitions & Conferences
- Sale of 50.1% stake in Global Pacific & Partners’ worldwide conference portfolio to ITE Group plc
- Global Grain Geneva and Global Grain Asia, sold to Euromoney Institutional Investor
- Carson Systems sold to Wellesley Information Services
- eLitigation business Legal Inc is acquired by Grant Thornton
- UKIP Media & Events sold its aviation exhibition division, incorporating Aircraft Interiors Expo, to Reed Exhibitions
- Telcap Ltd, a leading B2B events and publshing business, sold to Euromoney Institutional Investor Plc