PE-backed software firm makes first acquisition

PE-backed software firm makes first acquisition

An LDC-backed Nottingham company which provides software to energy providers in the UK has acquired a Benelux-based consultancy and data analytics business.

ENSEK has snapped up NrgFin as part of its strategy to expand into new international territories within Western Europe, as well as pursuing wider growth opportunities in the UK.

With this acquisition, ENSEK will expand onto the European continent for the first time.  

The deal represents the first acquisition completed by ENSEK which has been backed by leading UK mid-market private equity firm LDC since October 2017.  

Established in 2014, NrgFin is headquartered in Beringen, Belgium, and also has operations in the Netherlands.

The company provides finance solutions for energy suppliers and has a diverse range of B2B and B2C end customers including Total Gas & Power, Lampiris, Octa+, Elegant, Antargaz and Essent.  

ENSEK chief executive Jon Slade said: “This acquisition represents a significant and exciting milestone for our business.

“Energy retail sectors across Belgium and the Netherlands have many synergies with our own core UK market, and we’re looking forward to working alongside our new colleagues to integrate our service offerings and maximise future growth opportunities.”

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John Green, investment director at LDC, added: “With ENSEK, one of our key investment objectives was to support the management team in converting complementary acquisition opportunities, whilst maintaining continued strong organic growth.

“NrgFin is a high-quality business and this deal brings a well-established Benelux footprint to ENSEK.

“This transaction reaffirms our commitment to support our investment portfolio with their buy and build growth plans.”

Ilse Melotte, managing director at ENSEK Benelux, said: “ENSEK and NrgFin are complementary – we can’t wait to bring our knowledge together, creating new services that will only benefit our customers.

“There is a significant growth potential, especially in Belgium and the Netherlands, and this acquisition is key for the combined company to continue its international growth.”

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