ECI-backed MIC bolts on Smart Utility Management

The transaction comes almost two years after ECI provided MIC with expansion capital to expand its range of services in energy, telecoms and insurance. It is the company's third acquisition since the GP's investment.

The deal will enable MIC to provide Smart Utility Management's clients with additional services beyond the energy-related products they currently receive. It will increase the group's number of contracts under management to around 215,000, according to a statement.

ECI is invested in MIC via ECI 10, a £500m vehicle that held a final close in September 2014. The fund was 89% deployed as of December 2018, according to Unquote Data.

Company
Founded in 2014 and headquartered in Chester-le-Street, County Durham, Smart Utility Management provides SMEs with energy utility management and switching services.

People
ECI Partners – Richard Chapman (partner).
Make it Cheaper – Paul Galligan (CEO).
Smart Utility Management – Peter Kirkham, Jonathan Bell (co-CEOs).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• ECI Partners
• Build-up