17 Jul 2013
Energy and Utility outsourcing company, EnServe which is owned by Cinven, has sold its energy arm Ineneco. Vitruvian Partners and Intermediate Capital Group will acquire Inenco which consists of 300 staff and manages £3.3bn of energy spend for private business and public sector clients.
David Cruddace, Chief Executive of Enserve Group, said: “We are delighted that Vitruvian are acquiring Inenco Group and will be investing in its future growth. Following the sale, we intend to invest in and remain focused on driving forward the growth of our Electricity, Water and Analytics divisions.”
Inenco Chief Executive Michael Abbott said: “We’re really excited to be partnering with Vitruvian, who share our vision to consolidate our leading position in the UK and grow internationally with our fantastic client base. Vitruvian also has significant financial resources to support an acquisition programme to accelerate growth.”
Inenco provides energy and risk management services for around 9,000 non-domestic customers. The Group was awarded Energy Broker of the Year and Energy Consultant of the Year in 2010 and 2011.