Third party intermediary Monarch Partnership is set to acquire Energy Intelligence Centre, formerly the corporate division of failed TPI Utilitywise, according to people familiar with the matter.
Terms of the deal have not yet been disclosed. Neither company immediately responded to request for comment. However, some EIC clients have been informed of the move. (Story updated, see confirmation below)
Utilitywise split out its corporate division a few months before going bust, rebranding it as Energy Intelligence Centre – or EIC, as the company was known when Utilitywise acquired it for £15.5m in 2013. Whereas the bulk of Utilitywise’s business was brokering energy contracts for smaller companies, EIC provides broader energy consultancy and value-add services to larger firms.
Monarch Partnership is a wholly owned subsidiary of Majestic Securities Limited, which is also the holding company for ESS Utility Consultants and utility cost consultancy, Smith Bellerby.
Majestic Securities posted profit after tax of £2.65m on turnover of £6.47m for the year to 31 March 2018, of which £2.45m profit was attributable to Monarch Partnership.
The company also owns Chipstead Golf Club.
- Latest Companies House filings show Utilitywise went bust owing Total Gas & Power £5m, of which £3m was advanced commissions. The list of corporate creditors suggests Engie and SSE are also substantially out of pocket, with many other energy suppliers making up a long list of creditors. Utilitywise’s total debt stood at £94m.
Update: Monarch has confirmed the deal, press release pasted below:
The Monarch Partnership has acquired Energy Intelligence Centre (EIC) and T-Mac Technologies in a transaction that will create one of the UK’s largest utility consultancies. The deal is part of The Monarch Partnership’s ambition to build truly end-to-end expertise in energy management and carbon reduction solutions that will help reduce energy consumption across its client portfolio by 20% by 2025.
As part of the transaction, all 130 staff from EIC and T-Mac Technologies will join The Monarch Partnership, which will have 250 employees and combined revenues of £20m. Together, the acquired businesses bring a wealth of experience in carbon management, sustainability, intelligent buildings management, and delivering benefits from the Internet of Things, procurement and bureau services.
Established in 1975, EIC supports over 1,000 industrial and commercial businesses and public sector organisations in managing their energy and water requirements. T-Mac Technologies provides energy management and intelligent buildings systems to help clients reduce and monitor their energy consumption. Both businesses will continue to trade under their existing brand identities and operate out of their headquarters in Redditch, supported by offices in Newcastle and Bury St Edmunds.
Peter Dosanjh, Chairman and CEO at The Monarch Partnership, said: “We are building a premier utility consultancy focused on helping our customers to become fully sustainable energy users. Our depth and breadth of expertise is unrivalled, and we are now working with colleagues and clients across the organisation to integrate the businesses and become the UK’s leading intelligent utilities partner. It is great to have Brin on board and welcome EIC and T-Mac to the Group.”
Brin Sheridan, Managing Director of EIC and T-Mac, said: “Joining The Monarch Partnership family provides an exceptional platform to further grow our businesses and tap into the services of the whole group for our clients. We look forward to working with Peter and his team to fulfil those ambitions.