NorthEdge invests £16.1m in Utiligroup

The company is being sold by parent group Bglobal. Utiligroup's management team is leading the buyout.

The sale attracted several private equity and trade buyers; however, thanks to its attractive offer and terms of the proposed deal, NorthEdge was chosen as the best option.

Bglobal stated: "The sensible approach being adopted in respect of the scope and length of warranty and indemnity protection required and the caps on liability under those warranties and indemnities, will also allow the board to return cash to shareholders much quicker than under the alternative offers." 

The investment from NorthEdge will support the development of new software.

Investment has been made via NorthEdge's maiden fund, which closed on £225m in April last year. This latest deal marks the firm's fifth investment.

Company
Established in 1997 and based in Lancashire, Utiligroup provides data management software to the energy sector. It counts 29 active UK energy suppliers on its books, including OVO Energy and Co-Operative Energy. Utiligroup employs 88 people.

People
Matthew Hirst is CEO of Utiligroup and Andrew Green is COO. Steve Gosling is joining as CFO. Meanwhile, one of the business's original founders, Martin Evans, rejoins as strategy director. The deal was led by NorthEdge partners Ray Stenton, director Jon Pickering and investment executive George Potts. Pickering will join Utiligroup's board as non-executive director.

Advisers
Equity – Seneca Partners, Gordon Lane, Andrew Stubbs (Corporate finance); DWF, Jonathan Robinson, Vicky Ross (Legal); BDO, Chris Heatlie, Sarah Cumming, Matthew Molyneux (Financial due diligence); Credo, Simon Bones, Alex Foulds (Commercial due diligence).
Vendor – KPMG, Jonathan Boyers, Alex Hartley (Corporate finance).
Management – Fieldfisher, Matthew Fleetwood, Mo Wang (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• NorthEdge Capital
• United Kingdom