Inenco looks to growth following sale

Energy and utility outsourcing business EnServe has announced the sale of Lytham-based Inenco Group, to funds managed by Vitruvian Partners, management and Intermediate Capital Group.

Its services are provided through three specialised brands Inenco, Liverpool-based Inenco Direct and NIFES, which has a based in Altrincham.

In 2010 Inenco was awarded Energy Broker of the Year and in 2010 and 2011 was awarded Energy Consultant of the Year. The proceeds of this transaction will be used to reduce bank debt at the parent company level and invest in the remaining divisions.

“Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth. People are at the heart of our business and Vitruvian really understand this; together we are committed to developing our people, who will ensure that we deliver our ambitious plans.

“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.”

“We are delighted that Vitruvian are acquiring Inenco Group and will be investing in its future growth." Robert W. Baird Limited served as the exclusive financial advisor to EnServe on this transaction.