Utiligroup is a leading data management software and managed services provider to UK energy market participants. Utiligroup has helped over 30 new businesses enter the energy market during the last five years and supplies software and services to over 40 active UK energy suppliers, including OVO Energy, Co-Operative Energy and First Utility. With 144 employees, the company has experienced rapid growth in recent years.
Founded in 1997 and based in Chorley, the business was previously part of Bglobal plc. Following a strategic review, Bglobal pursued a strategy to realise value for shareholders. Matthew Hirst, Utiligroup’s CEO, recognised the opportunity to lead a buyout with the backing of NorthEdge.
NorthEdge was attracted to Utiligroup because of its well established market position, crafted through the development of high quality software and services. The company has a young and ambitious management team that is keen to win further market share and guide its customers through a time of significant market change. The market is robust and forecasts are underpinned by a strong degree of recurring revenue.
Utiligroup has a highly skilled management team, led by Matthew Hirst. The incumbent buyout team, including Drew Green and Martin Evans, has appointed a highly experienced and private equity savvy Finance Director in Steve Gosling, experienced Sales Director, John Furness and experienced Managed Services Director, Jan Iceton. The team was further strengthened by the appointment of Ian Kelly as Non-Executive Chairman, an industry veteran with significant private equity experience.
The NorthEdge investment will be used to further accelerate Utiligroup’s new and existing software and managed services development. NorthEdge will also provide funding for any strategic bolt-on acquisitions targeted by management.
Matthew Hirst, CEO of Utiligroup, said: “Utiligroup has experienced strong growth and we have established ourselves as a market leading player in helping energy and utility companies to operate more efficient processes through a combination of automated software and managed services. We are committed to placing our customers at the heart of what we do and guiding them through the unique challenges that the industry is currently facing. Changing customer behaviour and new regulations are driving evolution of the energy market, and Utiligroup is uniquely placed to support customers through these changes with the provision of advanced solutions and services. NorthEdge’s support and experience will be invaluable as we embark on our next phase of growth and will enable us to accelerate the new developments that will be required by our customers. We are delighted to be working with such a dedicated team.”