Inspired Energy’s acquisition spree shows no sign of relenting. The company has conditionally agreed a £19.5m cash deal for Inprova Finance and now seeks to raise £19m via a new share placing.
One of the top ten industrial and commercial third party intermediaries, Inprova Finance is a significant operator in the TPI market, with some 19,000 meter points across about 1,000 customers.
In the year to 30 June, Inprova Finance turned over £7.8m, with earnings before interest, taxes, deductions and amortisation at £2.9m. The firm’s order book stood at £11.6m.
Inspired thinks it can increase profitability through cross selling and reducing central, IT and back office costs.
Inspired CEO, Mark Dickinson said the deal “provides an opportunity to drive further growth from Inspired’s established platform and deliver value creation, both strategically and operationally, in addition to strengthening the Group’s position as a leading TPI in the UK and Ireland”.
“We look forward to working with the team as we continue to accelerate our next phase of growth.”