Lancashire-based energy broker Inenco Group has been sold to funds managed by private equity firm Vitruvian Partners and Intermediate Capital Group for an undisclosed sum.
Inenco, which provides energy procurement and risk management services for more than 9,000 customers, is the energy division of infrastructure services provider Enserve Group, which is owned by Cinven.
Cinven paid £360 million for Enserve in December 2010 and since then the energy broker has almost doubled its profits to the year ended April 2013, yesterday’s announcement stated.
Michael Abbott (pictured), Chief Executive of Inenco Group said: “We’re really excited to be partnering with Vitruvian, who share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base.
“Over the course of the next three years, we intend to create new employment opportunities to support the growth in demand for our services, which is fuelled by volatile and rising energy prices and a mass of energy efficiency/carbon legislation.”
Inenco Group manages the procurement of around £3.3 billion of energy spend for more than 800 corporate, 8,000 SMEs and 150 public sector clients.