Lancashire-based energy company Inspired has conditionally agreed to acquire Horizon Energy Group Ltd, a corporate energy procurement consultant based in Ireland.
The Kirkham-based firm has agreed an initial consideration of nine million Euros to acquire 90 per cent of the issued share capital of Horizon.
Inspired also has the option to acquire the outstanding balance of 10 per cent of the shares.
In addition and in connection with the acquisition, the company proposes to raise up to £9 million by way of a placing of new ordinary shares.
It has entered into a new facility agreement with Santander in order to refinance its existing borrowings and to provide further headroom for the company’s future growth and acquisition strategy.
Horizon has 34 employees and is based in Cork, Ireland. Its customers include large corporates, public sector bodies and SMEs.
Inspired has entered into new banking facilities with Santander for £29.6 million and €7.0 million.
Commenting on the proposed acquisition, Janet Thornton, Chief Executive of Inspired, said: “Inspired continues to look to deliver on its growth strategy and Horizon provides an opportunity to drive growth from Inspired’s platform as it is an established business in a relatively untapped market.
“It will bring high earnings visibility, supported by a strong procurement corporate order book, and Horizon’s sales team will benefit from the cross-selling opportunities with access to Inspired’s broader capabilities, ultimately benefitting clients.”
She added: “With regard to the new bank facilities to support the acquisition, the Santander team have once again been extremely supportive through this transaction.”