LDC invests £25m in Love Energy Savings SBO from NVM

Kenny Wastell
10 September 2018

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LDC has invested around ТЃ25m in the secondary buyout of UK-based energy price comparison platform Love Energy Savings from NVM Private Equity.

NVM has made a partial exit via the transaction, having originally invested in the business three years ago.

The company has undertaken an organic growth strategy since NVM's initial investment, primarily focusing on expansion into new segments of the energy space. It has increased revenues from £13.2m to £17.4m between 2016 and 2017, according to a statement.

Following the latest deal, the business will invest in its corporate services division, its proprietary technology and expansion into the water, telecommunications and insurance markets.

Love Energy Savings has appointed former uSwitch CEO Steve Weller as non-executive chairperson, while LDC investment director Richard Ibbett and director Jonathan Bell will take seats on the company's board of directors.

Debt
Incumbent debt provider Yorkshire Bank provided senior debt, working capital and day-to-day banking facilities to support the transaction

Previous funding
NVM invested £4.5m in Love Energy Savings in 2015 as part of an expansion round.

Company
Headquartered in Bolton and founded in 2007, Love Energy Savings is an energy price comparison platform that helps SMEs identify gas and electricity suppliers and manage their switch from existing suppliers. It has a client base of 40,000 customers across the UK.

People
LDC - Richard Ibbett (investment director); Jonathan Bell (director); Dan Gluckman (investment executive).
NVM Private Equity - Andy Leach (investment partner).
Love Energy Savings - Phil Foster (co-founder, CEO).

Advisers
Vendor - KPMG, Jonathan Boyers, Rick Stark, Charlie Morris, James Gaffney (corporate finance, financial due diligence); DWF, Jonathan Robinson, Darren Ormsby (legal).
Equity - EY, Mark Clephan, Ed Gale, Stephen McGuinness, Yasmin Giovedi (corporate finance); Pinsent Masons, Amie Norris (legal).