Private 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.
Utility 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