Site icon Business Manchester

Private Equity Investment Boosts Energy Service Growth

private equity investment boosts energy service growth business manchester

A significant investment of over £25 million has been made by private equity investor LDC in a secondary buyout of the fast-growing energy price comparison specialist. The deal is aimed at accelerating the company’s organic growth while marking a partial exit for NVM Private Equity, which initially supported the business in September 2015.

Under the leadership of CEO and co-founder Phil Foster, the company has experienced rapid growth. For the financial year ending 31 December 2017, it recorded revenues of £17.4 million, up from £13.2 million in 2016, and currently supports more than 40,000 customers across the UK. Steve Weller, the former CEO of a prominent energy switching service, will join the board as non-executive chairman. Weller, who has over a decade of experience driving growth at technology-led businesses, previously worked closely with LDC between 2013 and 2015.

Foster remarked, “Over the past three years, and with the support of NVM, we’ve invested heavily in technology and expanded into new, untapped markets. This has helped us to bring more of our market-leading services to businesses across the UK, but we’re only at the tip of the iceberg when it comes to how we can help companies to save money.” He further added, “Bringing LDC on board will enable us to build on this momentum and ensure we can continue to give our customers, old and new, an unrivalled service when it comes to quality and value for money.”

Founded in 2007 and headquartered in Bolton, the company specialises in comparing business energy prices, connecting small and medium-sized businesses with UK energy suppliers offering the most appropriate gas and electricity tariffs, before assisting customers in switching providers. LDC’s investment will enable the company to grow its corporate services division, which supports major energy users in the industrial and commercial sectors, further invest in its proprietary technology platforms, and continue diversifying into water, telecoms, and insurance markets.

The company has been independently recognised as the most trusted business energy price comparison specialist in the UK by TrustPilot and as the second highest-rated company for work-life balance in the UK by Glassdoor.

The substantial investment from LDC is poised to drive further growth and expansion for the rapidly advancing energy price comparison firm, enhancing its ability to serve a broader range of customers with enhanced services and continued innovation.

Exit mobile version