Energy Services Group (ESG), which provides transaction management, billing, and wholesale energy services in the US, Canada and Japan, has acquired Chorley-based Utiligroup Ltd. Utiligroup has been owned by private equity firm, NorthEdge Capital, since 2014. The Financial Times has quoted a purchase price of c£100m, but no official figure has been disclosed.
Utiligroup provides SaaS-based solutions specifically for energy providers. It turned over £12.5m in the year to the end of March 2016 (+44%) with EBITDA up 80% to £4.5m. The purchase is an important strategic move that gives ESG access to a new geographical market, coupled with Utiligroup’s technology that can support ‘challenger’ energy providers. The Government is keen for the UK’s energy market to become more competitive, positioning ESG/Utiligroup well for any market shake-up.
ESG is backed by private equity investor, Accel-KKR, which last year saw another of its portfolio firms, Datapipe, break into the UK with the acquisition of Adapt.
Posted by Kate Hanaghan at '09:23'
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