Enserve sells Inenco Group to Vitruvian Parners, Management and ICG

inencoEnServe Group, the energy and utility outsourcing business owned by private equity house Cinven, has sold its Energy division, Inenco Group, to funds managed by Vitruvian Partners, management and Intermediate Capital Group Plc. The terms of the deal were not disclosed.

Inenco Group provides businesses with strategic energy management procurement and risk management services. It has over 9,000 clients including corporate, public sector and SME customers. Its services are provided through three specialised brands Inenco, Inenco Direct and NIFES.

Cinven’s most recent portfolio company report on Enserve Group covers the year to March 2012. The Energy division of Enserve vitruvianproduced revenue for that year of £27M (2011: £27.7M) and EBITDA of £9.8M (2011: 8.2 million).

Cinven acquired the parent company EnServe Group (formerly Spice plc) in a public to private transaction in December 2010 for £360 million. The proceeds of the sale will be used to reduce bank debt at the parent company level and invest in the remaining divisions.

Michael Abbott, Chief Executive of Inenco Group, commented: “We’re really excited to be partnering with Vitruvian, who share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base. Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth.” Abbott went on to say, “Inenco Group’s head office will continue to be based on the Fylde Coast in Lancashire, with NIFES offices in Glasgow, Altrincham and London operating alongside Inenco Direct’s growing presence in Liverpool. Over the course of the next three years, we intend to create new employment opportunities to support the growth in demand for our services, which is fuelled by volatile and rising energy prices and a mass of energy efficiency/carbon legislation.”

UK, London and Lancashire, St Annes

Related articles:

Inspired Energy plc trading update for the financial year ended 31 December 2012

inspiredenergyInspired Energy plc trading update for the financial year ended 31 December 2012

Inspired Energy, an energy procurement consultant to UK corporates, has provided a trading update for the financial year ended 31 December 2012.

Revenues for the full year are expected to be marginally ahead of market expectations whilst profit before tax, excluding deal costs and amortisation of intangible assets associated with the acquisition of Direct Energy Purchasing Limited (“DEP”), is anticipated to be broadly in line with forecasts.  Net Debt is expected to be approximately £1.8 million.

Trading remains strong with the contracted order book of Inspired Energy Solutions Limited rising to £6.3 million as at 31 December 2012 (31 December 2011: £4.3 million).  DEP’s order book has also grown substantially in the period since its acquisition to £2.6 million (31 December 2011: £1.7 million), taking the Group’s aggregate current, contracted, order book to £8.9 million as at 31 December 2012.

Janet Thornton, Managing Director of Inspired Energy, commented: “We have a strong contracted order book and the Board is confident of the Group’s outlook. We look forward to continued organic growth in the year ahead, alongside the pursuit of further earnings enhancing acquisitions.”

Inspired Energy expects to announce its full year results for the year ended 31 December 2012 on 21 March 2013.

UK, Kirkham, Lancashire

Related articles: