Sovereign supports Utility Bidder MBO

Financial details of the transaction remain undisclosed, though Sovereign is currently deploying capital from its £395m fourth fund, which commits up to £50m of equity per deal.

Under its new owners, Utility Bidder will pursue an acquisitive growth strategy. According to a statement issued by the acquirer, the company has generated a 40% increase in revenues in its current financial year.

Sovereign has introduced former Axa UK CEO Mark Wood as a non-executive director at the company.

Sovereign Capital IV was 40% deployed as of April 2018, according to Unquote Data, though the vehicle has since invested in financial software business Asset Control.

Company
Founded in 2009 and headquartered in Corby, Northamptonshire, Utility Bidder is a brokerage focusing on the provision of electricity, gas and water to SME customers. The company has an additional sales office in Manchester and a headcount of around 100 across both locations.

People
Sovereign Capital Partners – Jeremy Morgan (partner).
Utility Bidder – Chris Shaw (CEO).

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