LDC backs Ensek MBO

The GP acquired a significant minority stake in the company via the transaction.

Following the deal, Ensek will invest in product development and intends to grow organically through the development of its analytics platform. According to a statement issued by LDC, the business is currently growing at a rate of more than 100% per year.

As part of the transaction, LDC investment directors John Green and David Bains will take a seat on the company's board. The GP has also introduced former Centrica managing director and chief operating officer Ian Peters as non-executive chairperson and Onzo chair Eddie Minshull – who has previously worked at Gigaclear and Juniper Networks – as non-executive director.

Company
Founded in 2010, Nottingham-headquartered Ensek provides financial software for energy suppliers. It develops revenue assurance and gross margin accounting products for existing energy suppliers, in addition to end-to-end products for new market entrants. Its products focus on metering; smart metering data and communications; payment processing; and debt collection and recoveries. Ensek has a headcount of 65.

People
LDC – John Green, David Bains (investment directors).
Ensek – Jon Slade (CEO).

Advisers
Equity – Clearwater International (corporate finance); Browne Jacobson (legal); EY (financial due diligence); Credo (commercial due diligence); Baringa Partners (operational due diligence).
Management – Magma Chartered Accountants (corporate finance); Spearing Waite (legal).

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