Inspired Energy PLC has acquired Informed Business Solutions Limited, an energy procurement and environmental services provider, for an initial consideration of approximately £2.25 in cash and shares. Informed Business Solutions provides its services provider to large and multi-site corporates. It has a particularly strong presence in the multi-site retail and leisure markets. Both companies are based in Kirkham, Lancashire.
Inspired are paying an initial consideration of £1.75 million in cash and issuing 3,545,596 new ordinary shares to the shareholders of Informed. Deferred consideration of up to £2.0 million may also be paid subject to financial performance criteria based on both the contracted order book and revenue for the financial years ending 31 December 2017 and 2018. The Deferred Consideration will be payable in four tranches of up to £0.5 million each. Two tranches, in relation to the financial year ending 31 December 2017, will be payable in July 2017 and February 2018. A further two tranches, in respect of the outturn for the year ending 31 December 2018 will be payable in September 2017 and July 2018.
The directors of the business will remain with the enlarged group. Their shares are subject to a 12 month lock-in and orderly market provisions for a further 12 months from the date of admission.
For the audited financial year ended 31 December 2015, Informed delivered revenues of £1.7 million, EBITDA of £0.7 million, pre-tax profits of £0.7 million and generating operating cash of £0.8 million. Net assets as at 31 December stood at £0.5 million.
Commenting on the Acquisition, Janet Thornton, CEO of Inspired Energy said: “We are delighted to conclude the acquisition of Informed which is a highly complementary addition to the Group’s core corporate division. The Acquisition broadens our customer base, further enhances our sector specialisms and strengthens our service offering within environmental consultancy. We look forward to working closely with the highly experienced and knowledgeable team of Informed and welcoming them into our core Corporate Division as we seek to advance our position as a market leader.”
UK, Kirkham, Lancashire
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