Mid-market private equity firm ECI Partners has acquired Zenergi, an energy procurement and sustainability services provider, from August Equity. The terms of the deal were not disclosed.
Zenergi supports organisations across the UK with their energy renewals, legislation and carbon reporting, identifying ways they can reduce their energy use, and leading energy efficiency and renewable projects. Founded in 2003, the company focuses on the education, healthcare and social housing sectors. August Equity invested in Zenergi in 2017, and since 2018 the company has completed five acquisitions.
Richard Chapman, Partner at ECI, said, “Zenergi does a fantastic job supporting institutions with increasingly complex energy needs, and we look forward to working with Graham (Cooke) and the management team to deliver both organic growth and further M&A in this space. In the current energy market climate and wider environmental considerations, we expect customers to increasingly look to market experts such as Zenergi to help them find solutions. We’re delighted to partner with the team for the next stage of their journey.”
According to their website, ECI’s investment represents an exit for August Equity generating a return of 5.3x.
Mike Biddulph, Partner at August Equity said: “It has been an absolute privilege to partner with Graham Cooke and the management team over the last four years. Zenergi is another great example of us building scale with service driven businesses in secular growth markets and working with exceptional entrepreneurs, to create quality businesses with high strategic value.”