NorthEdge injects £11.1m into Utiligroup deal

Alice Murray
23 June 2014

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NorthEdge Capital’s management buyout of Utiligroup has been approved by shareholders of parent company BGlobal, with the GP making an £11.1m equity injection.

At the start of this month, NorthEdge announced it was supporting the management buyout of Lancashire-based data management and software company Utiligroup in a deal carrying an enterprise value of £16.1m.

Company
Established in 1997 and based in Lancashire, Utiligroup provides data management software to the energy sector. It counts 29 active UK energy suppliers on its books, including OVO Energy and Co-Operative Energy. Utiligroup employs 88 people.

People
Matthew Hirst is CEO of Utiligroup, while Andrew Green is COO. Steve Gosling is joining as CFO. Meanwhile, one of the business's original founders, Martin Evans, rejoins as strategy director. The deal was led by NorthEdge partners Ray Stenton, director Jon Pickering and investment executive George Potts. Pickering will join Utiligroup's board as non-executive director.