Inspired Energy acquires Businesswise Solutions and GEM
Energy procurement, cost optimisation and legislative compliance service provider Inspired Energy has completed the acquisitions of BWS Holdco and its trading subsidiary Businesswise Solutions, and General Energy Management, it announced on Wednesday.
The AIM-traded firm said the acquisitions were funded by the proceeds of its £31.3m placing and open offer completed in July, executing on merger and acquisition opportunities to accelerate its strategic momentum.
It said its corporate order book, as enlarged by the acquisitions, would increase to more than £73m, materially increasing its so-called ‘units of opportunity, being the meters under its management.
The board said the structures of the acquisitions had been shaped to address any near-term uncertainty of the ongoing impact of the Covid-19 pandemic, with substantial contingent consideration in place to incentivise the vendors to deliver future growth and closer alignment with Inspired Energy.
It said the acquisitions were expected to be earnings enhancing in the 2021 financial year.
“We are delighted to conclude the acquisition of Businesswise and GEM, which are highly complementary additions to the group,” said chief executive officer Mark Dickinson.
“Both acquisitions increase our market share for energy assurance services, broaden our customer base and significantly increase our units of opportunity.
“We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into the group as we continue to advance our position as a market leader.”
At 1021 GMT, shares in Inspired Energy were up 3.36% at 16.28p.