Inspired Energy acquire Squareone Enterprises

inspired-logo3Inspired Energy has acquired Squareone Enterprises Limited in a deal worth up to in a £1.375 million. Squareone is a provider of energy procurement, energy management and water procurement services with a strong presence in the education and manufacturing sectors.

Inspired are paying £0.75 million in cash, plus an earn out of up to £0.625 million based on revenue targets for the 12 month periods ending 31 March 2019 and 2020.

In financial year ending March 2018, Squareone had revenues of £0.5 million, EBITDA of £0.25 million, and generated operating cash of £0.23 million. Net assets as at 31 March 2018 stood at £0.1 million.

Commenting on the acquisitions, Mark Dickinson, CEO of Inspired Energy said: “We are delighted to conclude the acquisition of Squareone, which is a highly complementary addition to Inspired’s core Corporate Division. The Squareone team are well respected within the sector, and were deservedly recognised as such at the 2018 Energy Live Consultancy Awards. The Acquisition further enhances our customer base and strengthens our sector specialisms.”

The business is based in Boldon, Tyne and Wear, close to the head office of Churchcom Limited, a company acquired by Inspired in April 2017. Michael Harkus, co-founder and Managing Director of Squareone, will remain with the Group after completion.

UK, Kirham, Lancashire & Boldon, Tyne and Wear

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GoCompare.com acquires energy switching specialist Energylinx for £10M

go-compare-logo-newGoCompare.com Group plc has acquired Energylinx for £10m in cash.

Energylinx is an energy comparison and switching specialist and has commercial relationships 69 domestic energy and 40 business energy suppliers. Customers include Which? and Citizens Advice Bureau. The company operates a white-label proposition, with around 200 active affiliates.

Matthew Crummack, CEO of GoCompare, said: “We are pleased to announce this acquisition, which marks yet another significant milestone for the Group as we continue to build services that work for both our customers and partners. Energylinx has an excellent reputation in the industry among energy suppliers and those who use its white-label services, and we will leverage our strong brand, tech and product capabilities to expand its reach and impact to help save even more people time and money.

Energylinx is headquartered in Alloa, Scotland and employs a team of 20 staff. Following completion, Ken Geddes, founder and CEO will join the Group.

UK, Wales, Newport & UK, Scotland, Alloa

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Duke Energy assumes full ownership of California-based REC Solar

Duke EnergyDuke Energy, one of the largest energy companies in the U.S., announced today it has acquired full ownership of California-based REC Solar, a provider of renewable energy solutions for commercial customers throughout the country. Details of the deal were not disclosed. Duke Energy first acquired a majority interest in REC Solar in February of 2015.

REC Solar is a nationwide provider of complete commercial, public sector and utility-scale solar solutions, founded in 1997. The company offers all design, engineering, financing and maintenance services in house, allowing for a simple customer experience.

“REC Solar complements our strengths in forming strategic partnerships with customers of all sizes,” said Chris Fallon, vice president Duke Energy Renewables and Commercial Portfolio. “Energy solutions specifically tailored to the commercial consumer will expand renewable energy opportunities for enterprise, municipal, educational and business customers, large and small.”

USA, Charlotte, NC, San Luis Obispo, CA

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LDC back MBO of energy software supplier ENSEK

ensek-news-05102017Private equity investor LDC has backed the management buyout of ENSEK, a software supplier to UK energy providers. The terms of the deal were not disclosed.

Headquartered in Nottingham, UK, ENSEK uses its software-as-a-service (SaaS) platform to provide existing energy suppliers with its revenue assurance and gross margin accounting product. It also provides new market entrants with the end-to-end software solution required to enter and operate in the UK energy sector.

Led by CEO Jon Slade, the business has grown rapidly since its launch in 2010. This has led to a diverse customer base, revenues that are currently growing at 100%+ year-on-year and an employee base of 65 people.

Jon Slade, CEO at ENSEK, said: “The energy sector is facing a period of unprecedented change, driven largely by the number of smaller suppliers entering the market. We want to build on our work of providing market-leading software services to energy suppliers, large and small, across the UK and continue to help them use data to become more efficient and competitive within the growing market.

“Partnering with LDC will give us both the financial firepower and strategic expertise required to take the business to the next level, and we’re looking forward to working closely with the team as we grow the business together.”

The deal was led by investment directors John Green and David Bains at LDC in Nottingham, and both will join the board as non-executive directors.

Ian Peters has been appointed as non-executive chairman with Eddie Minshull joining as non-executive director. Ian was formerly a member of Centrica’s Executive Committee and held the MD and COO roles during his 12 years with the business. Eddie has more than 30 years’ experience supporting the growth of technology businesses such as broadband provider, Gigaclear, as well as network performance specialist Juniper Networks. Eddie is currently also Chairman of energy technology provider Onzo.

UK, Nottingham

Next Fifteen Communications Group acquires Charterhouse Research

Next 15Next 15 Communications Group plc, the digital communications group, has acquired Charterhouse Research Limited through its data and insights subsidiary, MIG Global Limited. Charterhouse is a specialist financial market research consultancy.

Charterhouse ResearchCharterhouse was founded in 2004 by four market researchers, Julie Irwin, Mark Dennis, Sara McFadzean and Mervyn Flack. Julie will continue to run the business as Managing Director with Mark and Sara continuing in their position as Directors; Mervyn is relinquishing his role as Chairman.

Next 15 are paying an initial consideration of £2.75 million. That is £1.74 million for the business and £1.01 million for the net assets. £2.58 million is being paid in cash with the balance through the issue of 41,598 new ordinary shares.

Further cash payments may become payable based on the profits of Charterhouse for the years ending 31 January 2019 and 31 January 2020. .

For the year ended 31 August 2016, Charterhouse reported turnover of £2.69 million, adjusted profit before tax of £0.59 million and net assets of £0.78 million.

Tim Dyson, CEO of Next 15, commented: “Next 15 is committed to building a deep data and insight capability at its core. Charterhouse is an important step in that strategy, significantly enhancing our financial services offering. The combination of MIG’s technology driven consultancy and data offering with Charterhouse, a leading specialist in financial market research, will help drive deeper and more actionable insights to the financial services industry.”

Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to AIM and it is expected that admission will take place on 29 September 2017. Following the issue and allotment of the new ordinary shares, the Company will have 75,516,196 ordinary shares in issue. No ordinary shares are held in treasury.

UK, London

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TClarke plc acquires Eton Associates

tclarkeTClarke plc, a building services group, has acquired Eton Associates Limited a London based privately owned control systems specialist offering a variety of Building Management Systems.

ETON specialises in installing and maintaining sophisticated building controls systems on complex office buildings.  Recent projects ETON has been involved with include, 20 Fenchurch Street, Chiswick Park, One Canada Square, Bloomberg London, Lacon House and Angel Court.

TClarke has paid an initial cash consideration of £1.5 million, and a further £0.5 million will be released following agreement of the final completion accounts.  A further £0.6 million will be payable subject to earnings targets being met in the two years to 4th August 2019.

For the year ended 31 May 2016 (the latest financial period for which audited results are available), ETON reported revenues of £9.5 million and a pre-tax profit of £0.3 million.  As at 31 May 2016 it had gross assets of £3.2 million and net assets of £0.7 million.

ETON employs around 80 people and is currently based in London Docklands with a manufacturing plant in Essex.  The intention is to co-locate the operations of ETON at TCLarke’s London Head Office at Moorgate and at their prefabrication facility at Stansted.

Mark Lawrence, CEO of TClarke commented, “We welcome the ETON team to TClarke and I am confident that the business will reach new potential as part of a larger group enabling them to build upon the scale and number of projects undertaken.  Increasingly, our clients are demanding ever more sophisticated systems to control their buildings.  With this acquisition we are able to deliver a joined up ability to meet these demands.

Jamie Ward and Graham Millward were the two principal directors and owners of the business. Ward will remain with the business for a minimum of two years and Millward will remain available as a consultant to the business for a two-year period. 

UK, London

A Fusion DEAL: TEAM (Energy Auditing Agency Limited) sold to EDW Technology

TEAM EDW-TechnologyTEAM (Energy Auditing Agency Limited) has been sold to EDW Technology Holdings Limited. Fusion Corporate Partners acted as corporate advisor for TEAM. The Fusion team was led by Paul Kelly, Director at Fusion. The terms of the deals were not disclosed.

TEAM specialises in energy management – monitoring and targeting software, EDI software solutions, tenant billing software, outsourced energy management services and energy consultancy.

Founded in 1985 by Paul Martin, TEAM has over 500 Commerce, Industry and Government customers in the UK and worldwide.

paul-kelly_f_1_120_1

Paul Kelly

Speaking about the sale, Fusion’s Paul Kelly said, “It was a pleasure to represent Paul Martin and Peter Howell; and to work with their management team. They are a highly professional group with great industry expertise. Software is at the heart of the business and I am sure that with EDW’s support, TEAM’s innovative and highly scalable technology platform will unlock new opportunities in the UK and internationally. I wish them every success”.

EDW Technology has an extensive history of developing, implementing and supporting best-in-class retail electricity supply software solutions. With proven systems to support B2B electricity suppliers in the GB market EDW Technology has implemented solutions for energy retail start-ups as well as system replacements for more mature suppliers.

Simon-Miles-CEOSimon Miles, EDW Technology CEO said “We are incredibly excited about working with TEAM to grow our combined market presence and strengthen our product and service offering within the industrial and commercial utility supply and large energy consumer sector”.

TEAM founder Paul Martin, who will take up the position of non-executive director on the TEAM board said “We have built a leadership position in the UK market by consistently innovating, using our deep industry expertise to support our customers and evolve with the market. Being located in Milton Keynes, sharing the same software technologies and energy expertise makes EDW Technology a natural partner to continue the journey.”

Tim Holman, Head of Operations, Jon Lindop, Head of Development, and all other Managers will continue in their current roles.

UK, Milton Keynes

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