A Fusion Deal: Alfa Energy sold to Edison Energy

October 13, 2022 — Fusion DigiNet

Alfa Energy, the international energy and sustainability consultancy, has been sold to Edison Energy (DBA in Europe as Altenex Energy) a leading global energy and sustainability advisory firm. The Fusion team was led by Paul Kelly, Director at Fusion. The terms of the deals were not disclosed.

The two entities are coming together to help the world’s largest and middle-market corporate, industrial and institutional clients set and meet robust sustainability commitments and navigate the choices and opportunities that are emerging from the global transition to a net-zero future.

Based in the UK and with a Pan-European presence, Alfa Energy has worked with some of the world’s largest organizations to procure and manage their energy as they seek ways to meet their energy, sustainability, and technology needs.

Alfa Energy has been a trusted Edison Energy partner for more than seven years, creating strong relationships among the organizations’ leaders and team members through their mutual engagement with clients.

Paul Kelly, Director at Fusion Corporate Partners said: I have known Damir and Elvin for many years and watched them grow their company to become one of the few truly international energy and sustainability consultancies. It has been a pleasure to work with them and their leadership team. I wish them every success as they continue to build a global business, but now with the combined experience and expertise of Alfa Energy and Edison Energy.

“With more global clients seeking ways to decarbonize their operations, the time is right for Edison Energy to expand its platform across the Atlantic, with service to 22 European countries,” said Oded J. Rhone, CEO of Edison Energy. “During this time of turmoil in the energy markets, customers’ needs are rapidly evolving. The combined capabilities of Edison and Alfa more fully position us to help our clients set and meet their energy and sustainability commitments in a timely and thorough manner.”

As Edison Energy and Alfa Energy become one global company, its combined experience and expertise, technological capabilities and local market intelligence will allow the advisory firm to help organizations achieve their strategic, financial, and energy and sustainability goals.

“Alfa Energy has made a significant service contribution to commercial and industrial clients in the UK and Europe,” said Damir Ahmovic, Alfa Energy CEO. “By joining forces with Edison Energy – which has been our long-term partner in the delivery of services to global accounts – that dream is now a reality. A sustainability agenda demands systemic decarbonization. The enhanced deliverables of the combined company will position us to help our clients navigate their way towards a better future.’’

“Decarbonization is a strategy that must be implemented at a global scale,” said Hannah Badrei, Ph.D., Vice President of Edison’s Energy Supply Advisory. “In highly volatile commodity markets, our global clients are seeking integrated energy risk management and procurement solutions that are sustainable and resilient. The integration of our companies will help our clients achieve these goals.”

USA, Irving, CA and UK, London

Other Fusion Energy & Sustainability Deals

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IBM acquires environmental performance management company Envizi

January 15, 2022 — Fusion DigiNet

IBM has acquired Envizi, a data and analytics software provider for environmental performance management. The acquisition closed on January 11, 2022. Financial details were not disclosed.

Companies are under mounting pressure from regulators, investors, and consumers to progress toward more sustainable and socially responsible business operations – and to demonstrate these measures in a robust and verifiable way. In fact, corporate social responsibility and environmental sustainability risks tied as the third highest concerns for organizations, as ranked by large corporations in a 2021 Forrester report. However, the various types of data companies need to understand and report on sustainability initiatives remains highly fragmented and difficult for all relevant parties to access.

Envizi’s software automates the collection and consolidation of more than 500 data types and supports major sustainability reporting frameworks. Its user-friendly and easily customised dashboards enable companies to analyse, manage and report on environmental goals, identify efficiency opportunities and assess sustainability risk. Envizi’s solutions help streamline the management of these tasks as part of broader Environmental, Social and Governance (ESG) reporting initiatives, while also providing users with valuable sustainability insights to inform business strategy.

Kareem Yusuf, PhD, General Manager, IBM AI Applications, said, “To drive real progress toward sustainability, companies need the ability to transform data into predictive insights that help them make more intelligent, actionable decisions every day. Envizi’s software provides companies with a single source of truth for analyzing and understanding emissions data across the full landscape of their business operations and dramatically accelerates IBM’s growing arsenal of AI technologies for helping businesses create more sustainable operations and supply chains.”

Available as a SaaS solution and running in multi-cloud environments, Envizi serves leading brands such as Microsoft, Qantas, CBRE, Uber, abrdn and Celestica, and its software can be applied to activities across a variety of industries.

USA, Armonk, NY & Australia, Eveleigh NSW

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Schneider Electric acquires renewable energy platform Zeigo

January 15, 2022 — Fusion DigiNet

Schneider Electric has acquired start-up climate-tech platform Zeigo. The acquisition will complement Schneider Electric’s portfolio of clean energy services and solutions and advance the company’s digital energy transformation ambitions. The terms of the deal were not disclosed.

Steve Wilhite, SVP for Schneider Electric’s Sustainable Business Division, said, “As the world’s largest advisor to corporations on renewable energy procurement, we know that speed and complexity are two of the barriers that keep some corporations out of the PPA market. By adding the Zeigo technology and team to our existing portfolio of services and solutions, we will be able to provide even greater value to our clients worldwide.”

Organisations face increasing pressure to decarbonise as climate risks and global ambitions for an equitable energy transition both accelerate. For the past 10 years, one of the most common and effective means for companies to begin to decarbonise has been utility-scale renewable energy power purchase agreements (PPAs). To date, organisations have voluntarily purchased more than 77 gigawatts of wind, solar, and geothermal power via PPA.

The demand for PPAs is expected to grow as net-zero ambitions accelerate globally. More than 2,000 companies have already joined the Science-based Targets Initiative with the intention of mapping their decarbonisation aspirations to a 1.5 degree Celsius global warming threshold. A further 300+ corporations have joined the Climate Group’s RE100, committing to achieve 100% renewable energy in their operations. Taken in total, these commitments have led Bloomberg New Energy Finance to predict a shortfall in corporate renewable energy of 269 terawatt-hours by 2030.

Renewable energy procurement is time-consuming and complicated, requiring significant expert evaluation of projects and risks alongside the satisfaction of stakeholders up to and including corporate boards. By combining Zeigo’s AI capabilities with its existing advisory services, Schneider Electric will deploy enhanced collaborative intelligence in the energy and environmental commodity procurement process.

France, Rueil-Malmaison & USA, Andover, MA & UK, London

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BidEnergy acquires Optima Energy Systems

December 12, 2020 — Fusion DigiNet

BidEnergy, an Australian company which provides Utility Bid Expense Management Solutions in Australia, the UK and the USA, has acquired energy management software business Optima Energy Systems, a Skipton, UK-based energy management software business providing: bill validation, budgets and accruals, and tenant and self-billing.

Terms of the transaction

Bid is paying £5.4 million for Optima, plus a conditional Deferred Payment as follows:

  • £3.2 million, payable in cash upfront
  • 3.384 million Bid shares are to be issued to Optima vendors at an issue price of A$1.16 per share (~A$3.9m)
  • Shares will be subject to escrow as follows
    • 25% – 9 months from completion
    • 50% – 12 months from completion
    • 25% – 15 months from completion
  • A Deferred Payment, payable in cash, subject to Optima achieving certain performance milestones regarding revenue and costs within the year following the Completion Date
  • The “Deferred Payment” has two components:
    • A £250,000 payment on achievement of certain recurring cost reductions prior to 31 March 2021; and
    • A payment based on recurring run rate revenues achieved in the Optima business in the 12 months following completion (Bid has provisioned for a payment of F750,000, but the payment could be higher or lower).
  • Steve Wright, Optima’s Managing Director will remain engaged by Optima for at least 12 months, with the potential for a consultancy arrangement thereafter.

The transaction terms value Optima at a multiple of 2.9 times FY20 revenue.

The Optima acquisition adds a further A$3.4m1 to Bid’s annualised subscription revenue, taking overall expected group earnings to A$17.9m as at Nov. 2020

Optima was established in 1998 and has 127 full time employees. In the year to 31 March 2020 Optima had unaudited revenue of £2.18 million and was EBITDA positive (figure not disclosed). The company directly manages energy data for 51 clients, who in turn are responsible for 196,400+ meters under management across the UK. Clients are multi-site MNCs, TPI/Brokers, property management agents, etc

Bid already had a long term relationship with Optima, having provided data collection services to support a limited part of their core business.

Full transaction details here

Australia, Melbourne and UK, Yorkshire

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eEnergy Group plc to acquire Beond Group

December 11, 2020 — Fusion DigiNet

eEnergy Group plc is to acquire Beond Group Limited, a UK renewable energy consulting and procurement business.

Beond, based in West London, helps its clients to transition to the lowest cost zero carbon energy available in the market. Working with small businesses to large corporates and public sector organisations it runs competitive reverse auctions through its proprietary technology. This ensures that its clients have access to the lowest prices across the market while achieving their net zero energy ambitions. It offers a Risk Managed service for clients that wish to have access to the energy wholesale markets and implements hedging strategies to help protect against rising market prices.

The total consideration for the Acquisition (which includes £0.7 million of surplus cash in the business) comprises approximately £2.4 million in cash and the issue of 64,948,456 consideration shares.

For the year to 31 December 2019, Beond’s revenue grew 10.5% to £3.3 million, with EBITDA of approximately £0.5 million at a margin of 14.1%;

eEnergy Group expects Beond to generate:

  • revenue growth at an annual average rate of 22% from the year to 31 December 2020 to 31 December 2022
  • base case EBITDA for the year to 31 December 2021 of approximately £0.8 million;
  • EBITDA margin improvement from 14% for the year to 31 December 2019 to 28% for the year to 31 December 2022;

The cash component will be funded through a placing of a minimum of £3.0 million to new and existing institutional and other investors, at a Placing Price of 10.0 pence per placing share.

CEO of Beond, Derek Myers, is expected to join the Board of eEnergy on completion of the acquisition.

An integration team, led by new (non-Board) Chief Operating Officer, Robert Van Leeuwen, is expected to work closely with the Beond management team and oversee initiatives to accelerate growth.

Harvey Sinclair, CEO of eEnergy, commented: 

“The acquisition of Beond is the next step in our journey to delivering a sustainable future for our clients. Beond’s, a climate action business, leverages award-winning technology to secure the best zero carbon energy supply for their customers. With a focus on energy management, their technology will add significant value to eEnergy’s existing client base by helping to make ‘Net Zero’ a reality. Beond’s platform is one of a very small number of specialised reverse auction technologies available to customers, securing the best priced zero carbon energy through a highly competitive auction process. 

eEnergy, listed on AIM, is the parent company of eLight and RSL, which help businesses and schools switch to energy-efficient LED.

UK, London

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The Monarch Partnership acquires EIC and T-Mac Technologies

April 5, 2019 — Fusion DigiNet

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

Related Fusion Deals

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Arrow Business Communications acquires European Utility Management

January 10, 2019 — Fusion DigiNet

arrow-communicationsArrow Business Communications has acquired European Utility Management Ltd, an Energy broker specialising in Property Development and Management companies. EUM will be integrated into Pulse Business Energy, the energy specialist division of Arrow.

London based EUM was founded by Stephen Perfect in 1998 and has successfully installed electricity and gas connections for temporary builders, landlord and commercial supplies, energy centres and domestic plots. The company also assists clients to minimise costs through bulk purchasing energy and reducing energy consumption.
All EUM employees will join Arrow, including Stephen who will become a member of the Pulse management team and play a key role in customer management.

Chris-Russell-CEO-of-Arrow-e1547117069161Chris Russell, CEO of Arrow commented, “We’re delighted to welcome Stephen and his team on board and equally excited to bring their skill set and market specialism to Pulse. We believe EUM’s customer focus and passion is a great fit for Pulse and look forward to offering those customers access to POD and the highest levels of customer service”.

UK, Newton-le-Willows, Merseyside & London

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

December 7, 2018 — Fusion DigiNet

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 SystemsLink 2000 Limited and Energy Cost Management Limited

March 18, 2018 — Fusion DigiNet

Inspired Energy has acquired SystemsLink 2000 Limited, a supplier of energy management software, in a £3.8m deal and Energy Cost Management Limited, a specialist provider of water and energy management services in a £1.5m deal.

SystemsLink is a supplier of energy management software, enabling public and private sector customers to effectively monitor and manage their utilities consumption. ECM provides a range of water management services to corporate customers, including water procurement, bill validation, retrospective audit of water bills, leak detection and repair and compliance services.

Commenting on the acquisitions, Mark Dickinson, CEO of Inspired Energy, said: “We are delighted to conclude the acquisitions of SystemsLink and ECM, which are highly complementary additions to Inspired Energy’s core Corporate Division. These acquisitions broaden our customer base and further enhance our sector specialisms and service offering.

UK, Kirkham, Lancashire & Bedford

 

 

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LDC back MBO of energy software supplier ENSEK

October 5, 2017 — Fusion DigiNet

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

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