A County Durham-based energy utility management and switching services provider has been acquired by private equity-backed Make it Cheaper (MIC).
Smart Utility Management uses a team of field-based sales consultants to generate leads through face-to-face meetings, and enjoys a strong relationship with suppliers.
Joining forces with Smart will allow MIC to reach more customers, offer more products and services, and boost its sales capabilities. MIC will be able to offer Smart customers new products in telecoms and insurance as well as MIC’s “Do It For You” auto-switching service.
The acquisition boosts MIC Group’s total contracts under management to more than 216,000.
“Switching is widely recognised as an effective way for businesses to lower their bills and find better service providers,” said MIC chief executive Paul Galligan.
“Our latest acquisition cements our position as the leading, go-to solutions provider for SMEs that want to find the best energy, broadband and insurance deals.”
In a joint statement, Smart co-chief executives Peter Kirkham and Jonathan Bell added: “Joining forces with Make it Cheaper means we can now serve our clients even better, offering them new products and services and helping them to save even more money.
“Our field-based sales team will help Make it Cheaper to reach segments of the market it currently doesn’t have access to. This is a win-win business combination.”
It will be MIC’s third acquisition since private equity firm ECI invested in Make it Cheaper in 2017.
ECI Partner Richard Chapman said: “MIC is already generating strong organic growth of 50 per cent year on year and today’s acquisition will help the company to reach more customers and offer them more products and services.
“We are keen to provide further support to MIC as it continues to build out its business and deliver on its strategic goals, both organically and through further acquisitions.”
Leathers Corporate Finance acted for Smart in planning and delivering the deal, with partner Phil Williams – formerly finance director of Smart – completing the transaction less than six months after co-founding the corporate finance firm.
Commercial law firm Muckle advised the selling shareholders on the deal. The legal team was led by partner Anthony Evans and included Stuart Grieve, Harry Hobson, Beth Thompson and Zoe Ditch.
Article Source: Insider Media