NVM invests £4.5m in LES

Following completion of the deal, LES will look to grow via an organic strategy and increased marketing activity.

In particular, the business is aiming to increase awareness among non-domestic energy users of the benefits of regularly revisiting their suppliers. LES claims SMEs have been more reluctant to switch suppliers than domestic customers in the 13 years since the UK gas and electricity markets were deregulated.

The transaction marks the third investment for NVM in 2015. To date, the GP has invested £3.5m in the merger of Cleveland Biotech and Biological Preparations, in addition to joining Inflexion in a £100m SBO for media agency CloserStill.

Furthermore, in July, NVM's portfolio company Kitwave Wholesale Group made its 11th bolt-on via the acquisition of Angelbell, which trades as Hulleys Frozen Foods.

Company
Headquartered in Bolton and founded in 2007, LES helps SMEs to identify their gas and electricity suppliers, in addition to managing their switch from existing suppliers. It currently manages around £2.4m in energy contracts.

People
Andy Leach is lead investment partner at NVM. Phil Foster is managing director at LES.

Advisers
Equity – Shoosmiths, Kieran Toal, Damien Brown (Legal); Signia Corporate Finance, Stuart Lees, Susan Lees (Corporate finance); Baker Tilly, Paul Johnson, Steven Radcliffe (Financial due diligence); Fairgrove Partners, Paddy Woods Ballard (Commercial due diligence); Intuitus, Adrian Astley-Jones (IT due diligence); Quinn Partnership, Paul Quinn, Mike Stiles (Management due diligence).
Company – TLT Solicitors, Stephen Devlin, Liz Delaney (Legal).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• NVM Private Equity