Northedge Capital, the private equity firm focused on investing in businesses in the North of England, has successfully invested £11.1million in the management buyout of a Lancashire-based data management and software services provider.
Chorley-based Utiligroup provides data management software and services to the energy sector.
Utiligroup have helped a total of 15 new companies to enter the energy market during the last four years, and supplies software and services to 29 of the active UK energy suppliers.
With 88 employees, the company has experienced rapid growth in recent years.
It has now been sold by previous owners Bglobal for around £16m.
Matthew Hirst, Utiligroup CEO, and Andrew Green, COO, led the MBO of the business. The investment from NorthEdge will facilitate the acceleration of new software development work and allow the business to capitalise on opportunities in the market.
Steve Gosling joins as chief financial officer and Martin Evans (an original founder of the business) as strategy director.
The deal was led by NorthEdge partner Ray Stenton, director Jon Pickering and investment executive, George Potts.
Jon Pickering, director at NorthEdge Capital, said: “We are delighted that Bglobal plc shareholders have approved the disposal and we will now begin working with Matt and the wider team in earnest to carry on growing the business”.
Matthew Hirst said: “We look forward to the next chapter of Utiligroup’s development and for the confidence we now have to grow the business alongside a supportive partner in NorthEdge.”