Energy procurement consultant Inspired Energy has completed the acquisition of STC Energy and Carbon Holdings for an initial consideration of around £9 million in cash and shares.
A cash payment of £5 million will be made alongside the issue of almost 33 million shares to the founders of STC, who will remain with the business. A further £3 million to be satisfied equally in cash and shares will be deferred for the period ending 30 September 2017, but will be subject to the achievement of certain financial performance criteria.
STC is a specialist technology and software enabled energy consultancy based in Kent, providing a various energy services to assist organisations in managing their utilities. Inspired Energy says its service to UK corporates and SMEs will be enhanced by STC’s range of bureau, billing and management products and services. It also hopes the acquisition will broaden its customer base by entering the public sector, as STC’s clients include county councils and housing associations.
Janet Thornton, chief executive of Inspired Energy, said: “We are delighted to conclude the acquisition of STC, which increases the breadth of our target customer base, enhances our sector specialism including the Public Sector and larger multi-site clients and expands our service offering for our corporate customers and provides geographical diversification.
“The Acquisition fits perfectly with our stated growth strategy and we believe that the complementary nature of the two businesses makes this a hugely exciting opportunity for the Group.
“We look forward to working closely with the highly experienced and knowledgeable team of STC and welcoming them into our corporate division as we seek to advance our position as a market leader.”
Simon Clayton, managing director of STC, said: “When contemplating the sale of STC, we were looking for a partner who we could work alongside to both bring benefits to our customers and continue to develop and grow the business. We believe Inspired to be the perfect acquirer for STC and we are looking forward to working with the Inspired team to further improve the services we offer to our clients.
“We believe that by working together, we will open significant new opportunities both in terms of winning new clients but also in bringing benefits and savings to our existing portfolios.”
By David Pratt
