NorthEdge Capital in the sale of technology provider Utiligroup for undisclosed sum
PRIVATE EQUITY firm NorthEdge Capital has sold energy technology provider Utiligroup to Energy Services Group (ESG), a provider of technology solutions to the retail energy and utility industries, for an undisclosed sum.
Chorley-based Utiligroup was founded in 1997. The company provides Software-as-a-Service (SaaS) solutions to the utilities and energy industries.
Utiligroup will join ESG, an Accel-KKR portfolio company, to support the company’s global growth strategy, providing a footprint in the European market. ESG has recently expanded its presence beyond the US by entering Japan and Canada and is targeting further expansion into other geographies.
Matthew Hirst, CEO at Utiligroup, said: “NorthEdge has supported us through a period of rapid expansion and the team’s continued support and experience has been invaluable to the business.
“We have now established ourselves as a true leader in the market, helping a growing range of diverse energy and utility companies to operate more efficiently through a combination of automated software, managed services and analytics. The latest acquisition provides a huge opportunity for Utiligroup to be recognised on a global stage and we’re excited about the next phase of growth with Accel-KKR and ESG.”
NorthEdge Capital manages £540m of private equity funds aimed at the lower-mid market buyout and development capital transactions. The private equity firm is based in Leeds and Manchester. It is focused on investing in the North of England.
Jon Pickering, from NorthEdge Capital, said: “The management team has performed exceptionally well during a time of change in the energy market. Consumer buying habits and changing regulations have seen new players enter the market, taking share away from the big six energy suppliers.
“The team have also capitalised on the opportunity to develop and then successfully launch smart grid software alongside extensive data analytics for existing and new customers.
“This has provided a number of further growth opportunities for Utiligroup in the UK, and the sale to Accel-KKR means the company is now in a strong position to expand internationally.”