Energy Services Group (ESG), the retail energy industry’s provider of SaaS solutions including transaction management (EDI), billing and CIS, wholesale energy services, and sales and pricing, supported by private equity firm Accel-KKR, has acquired UK-based Utiligroup from NorthEdge Capital. Founded in 1997, Utiligroup is a provider of Software-as-a-Service (SaaS) solutions to the utilities and energy industries. The terms of the deal were not disclosed.
NorthEdge initially backed Utiligroup in a £16.1 million management buyout from owners Bglobal (now part of Energy Assets Group) in June 2014. Story Link
Global had acquired Utiligroup in 2010 for a reported maximum consideration of up to £12.8 million. Story Link
The sale to ESG is the fifth exit from NorthEdge’s maiden £225m Fund I and has generated a gross 5.7x return on investment. NorthEdge is reinvesting alongside
Accel-KKR as part of the new deal.
“ESG continues to build on our strategy of providing best-in-class technology solutions and services to energy resellers and empowering energy choice around the world,” said CEO Phil Galati. “We are incredibly excited about the opportunity to grow our market presence and strengthen our product offerings through the partnership with Utiligroup.”
According to Matthew Hirst, CEO at Utiligroup, “We have built a leadership position in the UK market by consistently innovating, using our deep industry expertise to help our customers grow and evolve with the market.” “We look forward to this next chapter, bringing the best of ESG and Utiligroup to our customers across the globe.”
The UK entity will continue operations as Utiligroup, and Matthew Hirst will remain as CEO of the UK business, reporting to Phil Galati, ESG CEO. Matthew will also join the board of directors of ESG.
The acquisition of Utiligroup by ESG follows the acquisition of Latitude Technologies in November 2016.
USA, Norwell, MA and UK, Chorley, UK
Related articles:
- Bglobal sell Utiligroup NorthEdge Capital: plans to return money to shareholders and de-list from AIM Posted on June 2, 2014
- Bglobal acquires Utiligroup Posted on August 13, 2010
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