
LDC exits Inprova via dual sale
LDC has exited UK procurement business Inprova Group via the £19.5m sale of the energy division to AIM-listed Inspired Energy and the management buy-back of the non-energy procurement division.
Under the GP's tenure, Inprova undertook an acquisitive growth strategy, bolting on five businesses during the course of a five-year holding period.
The company also widened its range of of services to include the private sector, doubled its headcount to 70 and undertook international expansion, with a particular focus on the US market.
According to a statement, the group trebled its revenues during LDC's tenure, reaching £15.3m for the year ending in June 2018.
Previous funding
LDC acquired a minority stake in Inprova (then known as CEL Procurement) in 2014.
Company
Headquartered in Warrington and founded in 2008, Inprova provides outsourced procurement services and consultancy for private and public sector organisations in the UK.
People
LDC – Richard Ibbett (investment director); Jonathan Bell (director).
Inprova Group – Paul Kennedy (CEO).
Advisers
Equity – Dow Schofield Watts, Mark Watts, Peter Barkley, Keith Benson (corporate finance); Beyond, Jim Truscott, Mark Lupton (legal).
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