We have advised energy consultant Inspired Energy Plc on the acquisition of Inprova Finance Limited from Inprova Group, financed through a £19m share placing on AIM.
Located in Warrington, Inprova offers both energy procurement and energy consulting services. They analyse usage data in order to generate recommendations for appropriate options on either flexible procurement arrangements or a fixed price basis, whilst enabling customers to buy energy efficiently and monitor and reduce their carbon footprint. Within the UK third-party intermediaries market, Inprova is a key operator and has access to 19,000 meter points through more than 1,000 customers.
The deal was led by Corporate partner, Paul Jefferson and Corporate associate Leigh Whittaker. Fundraising advice was provided by Corporate partner Nick Emmerson and Corporate solicitor Tamanna Keir.
Commenting on the deal, Paul Jefferson said: “We have a strong and long-standing relationship with Inspired Energy, having advised on their IPO in 2011 and have acted for them on more than a dozen acquisitions over the last five years, as well as fundraising and commercial matters. It has always been a pleasure to work alongside the management team at Inspired. This is an exciting time for the business and we are delighted to continue to provide them with support and advice.”
Paul Connor, CFO at Inspired added “The acquisition of Inprova Energy represents another significant milestone in the growth of Inspired Energy Plc and we look forward to continuing to deliver on our strategic objectives. The experience and professionalism of the team at Gateley has been integral to the delivery of our acquisition thesis since IPO in 2011, and the support provided by Paul Jefferson and the team has been excellent throughout and is much appreciated.”