Energy broker Inenco is planning “a series of national and international acquisitions” as it completed its sale worth around £140 million today.
The energy division of Cinven-backed infrastructure services provider Enserve Group, Inenco has been sold to funds managed by private equity firm Vitruvian Partners and Intermediate Capital Group.
Chief Executive Michael Abbott said: “Vitruvian share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base. Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth.”
He added: “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 has more than 9,000 clients including corporate, public sector and SME customers. The group manages around £3.3 billion of gas and electricity for leading businesses.