Inspired buys into Ignite for £5m
Kirkham-based Inspired Energy has invested £5m in acquiring 40 per cent of energy management specialist Ignite Energy.
The price could rise by a further £3m dependent on reaching certain financial targets, and Inspired also has an exclusive option, which runs until July 31, 2021, to purchase the remaining 60 per cent of the Oxfordshire company.
Ignite works with large companies, including Halford’s, Network Rail and WH Smith, to manage energy provision and deliver efficiency projects and optimisation services which include large scale energy demand reduction projects.
Mark Dickinson, Inspired CEO, and Paul Connor, Inspired CFO, will join the board of Ignite. The deal will take the Inspired's predicted revenue for 2019 up to £48.2m, with EBITDA of £19.8m.
Mark Dickinson (pictured) said: “We are delighted to conclude our strategic investment in Ignite, a business which is highly complementary to Inspired’s core corporate division.
"The strategic investment significantly broadens and accelerates our optimisation service offering. Ignite has proven itself, over many years, to be capable of achieving material improvements to the energy efficiency of its clients.
Ignite has proven itself, over many years, to be capable of achieving material improvements to the energy efficiency of its clients.
"Inspired currently has over 500 clients within the estate and energy intensive segments who meet the Ignite customer profile, and could benefit from the services that Ignite provides.
"We look forward to working closely with the highly experienced and knowledgeable team of Ignite and welcoming them into the group as we continue to extend our position as a market leader.”
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