Inspired Energy completes bolt-on acquisition
Procurement consultancy Inspired Energy has continued its buy and build strategy with the acquisition of energy consultancy Businesswise Solutions. Dow Schofield Watts Transaction Services advised on the deal.
The Lancashire company has funded the acquisition from the group’s successful £31.3m placing and open offer completed in July last year. It is paying an initial £6m to acquire Nelson-based Businesswise on a debt free cash free basis, to be satisfied in cash at completion. A further £23.5m may become payable in cash if Businesswise hits growth targets in the next three years.
Businesswise turned over revenues of £3.79m and pre-tax profits of £1.15m for the year to March 2020. It has an order book of around £10m and over 340 customers. The company has 43 staff and the management team, including its founder and CEO, will remain with the enlarged group to execute its growth strategy.