Member Article

Cheshire-based Inprova Group acquires two energy brokers protecting 112 jobs

Cheshire-based procurement outsourcing service company, Inprova Group has bought two non-domestic energy brokers, energyTEAM and ENER-G Procurement.

A total of 112 jobs across the two companies will transfer to the Inprova Group.

energyTEAM, based in Burgess Hill, West Sussex has been purchased from its two owners for an undisclosed sum.

The company has been running for nearly 40 years, helping over 800 clients such as Virgin Atlantic, Hotel du Vin Group and fashion retail chain White Stuff to find the most suitable commercial gas and electricity contracts.

energyTEAM’s 60 staff will all be employed by Inprova Group.

ENER-G Procurement, based in Studley, Warwickshire has been purchased from international renewable and sustainable energy specialist ENER-G Group for an undisclosed sum.

The company’s 52 staff will continue to be employed by Inprova Group.

The two deals, which have been funded through a debt facility from Barclays, completed last week.

Inprova group chief executive, Paul Kennedy, said: “Purchasing these two energy brokers ties in with Inprova’s wider strategy of building scale and capability across new procurement markets.

“For many of our customers, utility spend is becoming an increasingly complex and volatile area of spend and as such, they require a greater level of support and guidance in this spend category.

“The integration of these two businesses into the Inprova Group will enable us to negotiate better energy prices as we’ll take a far larger aggregation of spend to market.

“It is also likely that there’ll be opportunities for us to deliver wider procurement related services into the enlarged customer base.”

“Inprova Group will be turning over in excess of £12m per year following these two acquisitions.

“My aim is to at least double this figure over the next two to three years. We’ll do this through our strong customer base in existing markets, which offers significant growth opportunities and also by continuing our ambitious UK and international expansion strategy.”

The Group is currently in advanced discussions with a US based partner regarding the roll-out of a national procurement solution in specific vertical markets. Inprova is also looking to acquire more energy market companies as well as procurement technology businesses.

Advisors on the transactions were Fieldfisher (legal), Dow Schofield Watts (corporate finance and financial due diligence), PMSI (commercial due diligence) and BDO (tax).

This was posted in Bdaily's Members' News section by Sophia Taha .