Tue, 11 Oct 2016 | BUSINESS SALE
Inspired Energy has acquired energy procurement and environmental services provider Informed Business Solutions in a purchase that could rise to £4.25m.
The Kirkham-based energy procurement consultancy bought Informed with £2.25m in initial cash and shares. An additional payment of £2m if certain performance criteria are reached.
The company cited the locality of Informed, also based in Kirkham, to its headquarters and anticipated that the purchase would increase sales and drive down costs as key reasons for the acquisition.
In a statement, Janet Thornton, chief executive of Inspired Energy, said: “We are delighted to conclude the acquisition of Informed, which is a highly complementary addition to the group's core corporate division. The acquisition broadens our customer base, further enhances our sector specialisms and strengthens our service offering within environmental consultancy.”
Inspired Energy has also revealed that as part of the acquisition, Michael Fletcher has been appointed as non-executive chairman. Mr Fletcher who has been on the Inspired Energy board since 2011, is a co-founder and managing partner of Praetura Capital, a business specialising in venture investment and corporate advisory. Mr Fletcher, according to Inspired Energy, has experience of mergers, acquisitions and corporate finance which fits well with Inspired Energy’s growth strategy.
Regarding the appointment of Michael Fletcher, Janet Thornton said: “We are delighted that Mike has agreed to step up to the chairman's role as he was integrally involved in the IPO, has been on the board as a non-executive director since 2011 and provides the board with strong counsel and support.”
The acquisition was funded from Inspired Energy’s existing financial resources with further funding being provided by Santander in a pre-arranged acquisition facility of £3.5 million.
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