The Monarch Partnership acquires EIC and T-Mac Technologies

MonarchUtilities management company The Monarch Partnership has acquired Energy Intelligence Centre (EIC) and T-Mac Technologies. EIC and T-Mac Technologies made up the corporate division of Utilitywise Plc, the energy and utilities brokerage business that went into liquidation in February 2019. The terms of the deal were not disclosed.

Monarch Partnership is a wholly owned subsidiary of Majestic Securities Limited, which also owns ESS Utility Consultants and Smith Bellerby. All 130 staff from EIC and T-Mac Technologies will join The Monarch Partnership. Following the acquisition, the combined group will have 250 employees and combined revenues of £20 million. In the year to March 2018, Monarch Partnership had profits after tax of £2.45 million. The Majestic Securities group had profit after tax of £2.65 million on a turnover of £6.47 million.

Utilitywise acquired EIC from Broadfern Partners in 2013. After the acquisition Utilitywise rebranded the company as Energy Intelligence Centre. It was previously called Energy Information Centre.

Fusion Corporate Partners had sold EIC to Broadfern Partners in September 2007

Acting for Euromoney Institutional Investor, Fusion Corporate Partners sold Energy Information Centre to Broadfern Partners in September 2007 for £4.7 million. EIC had been bought by Euromoney in October 2006 as part of its £22 million acquisition of metal market news service Metal Bulletin.

EIC was founded in 1975 and now supports over 1,000 industrial and commercial businesses and public sector organisations in managing their energy and water requirements. T-Mac Technologies provides energy management and intelligent buildings systems to help clients reduce and monitor their energy consumption. Both businesses will continue to trade under their existing brand identities and operate out of their headquarters in Redditch, supported by offices in Newcastle and Bury St Edmunds.

Peter Dosanjh, Chairman and CEO at The Monarch Partnership, said: “We are building a premier utility consultancy focused on helping our customers to become fully sustainable energy users. Our depth and breadth of expertise is unrivalled, and we are now working with colleagues and clients across the organisation to integrate the businesses and become the UK’s leading intelligent utilities partner. It is great to have Brin (Brin Sheridan, Managing Director of EIC and T-Mac) on board and welcome EIC and T-Mac to the Group.” 

UK, Wallington, Surrey & Redditch, Worcestershire

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Marlowe acquires waste water solutions business Atana for up to £5M

 

Marlowe+PLC+logoMarlowe plc, the support services group, has acquired Atana Limited for up to £5 million.

Founded in 2001, Atana is a provider of wastewater treatment solutions to commercial organisations across the UK. Atana provides recurring services which ensure compliance with wastewater discharge regulations and reduce waste disposal costs. The business is headquartered in Leicestershire and employs around 20 staff.

AtanaFor the year to 31 December 2017, Atana had revenues of £5.1 million, profit before tax of £0.5 million and net assets of £0.4 million. The total enterprise value will comprise an upfront cash consideration of £3 million and a cash earn-out expected to be in the region of £3 million and capped at £5 million for regulatory purposes. The achievement of the £3 million earn-out is dependent upon the business generating EBITDA of £1.4 million in the 12-month period to 31 December 2020.

Alex Dacre, Chief Executive of Marlowe plc, said:

“The acquisition of Atana accelerates Marlowe’s strategy of broadening the capabilities of our Water division across the entire regulated water management cycle. It enables us to provide additional water services to our customers and strengthens our competitive proposition and ability to cross-sell, both within and across our operating divisions.”

UK, London & UK, Coalville, Leicestershire

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Sovereign Capital Partners backs MBO of Utility Bidders

utility bidderPrivate Equity Buy & Build specialist Sovereign Capital Partners has backed the management buy-out of Utility Bidder, an energy broker, offering energy procurement services to UK, SME customers.  The terms of the deal were not disclosed.

Founded in 2009, and headquartered in Corby, Utility Bidder employs around 100 staff and has a sales office in Manchester. The company currently brokers energy and other utilities contracts to over 14,500 SME clients across a number of industry sectors in the UK.

sovereignUtility Bidder has performed strongly growing sales by over 40% in the current year. The team is led by an CEO, Chris Shaw; Sovereign has augmented the management team with the appointment of Mark Wood, formerly CEO of Axa UK, as non-executive Chairman. Founders James Longley and Sally Martin remain with the business, James as Utility Bidder’s MD.

Jeremy Morgan, Partner at Sovereign, said, “We are very pleased to be supporting this business and strong management team in what is a burgeoning market. Utility Bidder has already achieved tremendous success and enjoys established relationships with both its SME customer base and its energy suppliers.  We look forward to working with Chris and the team to help take this top ranked energy broker to the next stage of growth.”

UK, London & Corby, Northamptonshire

Inspired to acquire energy procurement business Inprova Finance Limited for £19.5M

inspired-logo3Inspired, an energy procurement consultancy, has conditionally agreed to acquire Inprova Finance Limited (IFL) for £19.5 million in cash from Inprova Group Limited .

Inspired proposes to raise up to £19 million by way of a conditional placing of 115,151,516 new Ordinary Shares at 16.5 pence per Ordinary Share to finance the balance of the Consideration and associated advisory fees relating to the Acquisition.

IFL provides energy procurement and consultancy services to its help it customers buy energy efficiently and monitor and reduce their carbon footprint. The company has access to 19,000 meter points through over 1,000 customers. It operates in four main sectors – data centres, social housing, education and construction.

In the year ended 30 June 2018, IFL had revenues of £7.8 million and EBITDA of £2.9 million; at 30 June 2018, IFL’s order book stood at c.£11.6 million

Commenting on the proposed acquisition, Mark Dickinson, Chief Executive Officer of Inspired, said: “We are delighted to have agreed the acquisition of IFL and its group of energy businesses. This acquisition provides an opportunity to drive further growth from Inspired’s established platform and deliver value creation, both strategically and operationally, in addition to strengthening the Group’s position as a leading TPI in the UK and Ireland. We look forward to working with the team as we continue to accelerate our next phase of growth.”

In April 2015, Fusion completed the sale of two business to Inprova Group in two days: Two Fusion Deals in Two Days: The sale of energyTEAM and ENER-G Procurement – full story

UK, Kirkham, Lancashire & Warrington, Cheshire

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Inspired Energy acquires Professional Cost Management Group

inspired-logo3Inspired Energy, an energy procurement consultant to UK and Irish businesses, has acquired Professional Cost Management Group Limited (“PCMG”), a national cost recovery specialist, for up to £700,000Inspired Energy is making an initial cash payment of £150,000, with a potential further £550,000 subject to the achievement of targets based on future EBITDA performance. 

For the financial year ended 31 December 2017, PCMG had revenues of £2.84 million, EBITDA of £(0.17) million, and a net loss of £(0.19) million. Net assets as at 31 December 2017 stood at £0.7 million.

PCMG provides a forensic auditing service to identify and recover overpayments of utilities and telecoms bills on behalf of its clients and provides optimisation analysis to enable customers to improve their tariff and billing structure. The company was founded in 1993 and was acquired by Alma Consulting Group SAS (a subsidiary of the French Ayming Group) in March 2008.

The Managing Director of PCMG will remain with the enlarged Group after completion and Inspired Energy intends to incentivise the Managing Director and other key employees of PCMG by granting share options in the Group following completion. PCMG is based in Blackpool. The business will be relocated to Inspired Energy’s Kirkham head office on expiry of the current lease that runs to November 2018.

Commenting on the acquisition, Mark Dickinson, CEO of Inspired said: “We are delighted to conclude the acquisition of PCMG, which is a highly complementary addition to Inspired’s core Corporate Division. The PCMG team and brand are well respected within the sector.”

UK, Kirkham, Lancashire and Blackpool, Lancashire

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FC Business Intelligence targets growth with LDC investment

LDCMid-market private equity investor LDC has backed the management buyout of global events company FC Business Intelligence. The value of the transaction is undisclosed.

FCBI delivers conference and exhibition events with a focus on providing thought leadership in a diverse range of sectors that are facing both challenges and opportunities from technological and strategic innovation including the energy, insurance, pharmaceuticals transportation and travel sectors. Its offering is designed to help senior business professionals stay at the forefront of change through insight sharing and networking with peers.

The investment will enable FCBI to target further organic growth as it plans to increase the scale of its events and expand into new markets, including Asia. The business will also look to make a number of acquisitions both at home and overseas.FC Business Intelligence

With 130 employees based at its head office in Shoreditch, FCBI operates globally with 65 per cent of the company’s annual turnover of £30 million generated in the US, 20 per cent in continental Europe and 10 per cent in the UK.

LDC is backing FCBI’s existing management team, led by Chief Executive Officer Piers Latimer. The investment marks an exit for its original founders.

The deal was led by investment director David Andrews and investment manager Alex Wilby. David Andrews and Rob Schofield will join the board of the business with Tim Trotter joining as Non-Executive Chairman, bringing significant experience of growing PE-backed people businesses internationally. David Gilbertson, former CEO of EMAP and Informa, also joins as a Non-Executive Director, bringing a wealth of industry experience.

Piers Latimer, Chief Executive Officer of FCBI, said, “We have established a worldwide reputation for developing high-quality strategic events that deliver the insights business leaders need to direct their companies and shape their markets. With demand for our services only set to increase, we’re in a great position to accelerate growth. Bringing on board an experienced and well-connected investment partner in LDC felt right at this juncture and we’re excited to be moving forward with their support”.

David Andrews, investment director at LDC in London, added, “Piers and his management team have overseen a remarkable period of growth for FCBI thanks to their focus on content-rich, delegate-led events that deliver real value to more than 9,000 attendees and 1,400 sponsors and exhibitors each year. The opportunity now is for the management team to strengthen and extend this growth and we’re looking forward to supporting them on this journey.”

UK, London

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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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