Inspired Energy plc (AIM: INSE), a leading energy consultant to UK and Irish corporates, is delighted to announce that it has today completed the acquisition of an initial 40 per cent of the issued share capital of Ignite Energy LTD (“Ignite”) (the “Strategic Investment”). Inspired has paid net £5.0 million, calculated on a cash free debt free basis, for the Strategic Investment. Inspired also has an exclusive option, until 31 July 2021, to acquire the balancing interest of 60 per cent under the terms of an option agreement (“Option Agreement”). The Board believes the strategic investment accelerates the Group’s ability to deliver on the stated strategy to grow its market share within the third-party intermediary optimisation services market.
Commenting on the transaction, Mark Dickinson, CEO of Inspired said: “We are delighted to conclude our strategic investment in Ignite, a business which is highly complementary to Inspired’s core Corporate Division. The Strategic Investment significantly broadens and accelerates our optimisation service offering. Ignite has proven itself, over many years, to be capable of achieving material improvements to the energy efficiency of its clients. Inspired currently has over 500 clients within the estate and energy intensive segments who meet the Ignite customer profile, and could benefit from the services that Ignite provides.
“We look forward to working closely with the highly experienced and knowledgeable team of Ignite and welcoming them into the Group as we continue to extend our position as a market leader.”
Commenting on the strategic investment, David Higgins, Director of Ignite said: “When contemplating strategic options for the development of Ignite, we were looking for a partner who we could work alongside to both bring benefits to our customers and provide a platform to develop and scale the business. We believe Inspired to be the perfect partner for Ignite and are looking forward to working with the Inspired team to further improve the services we offer to the Inspired and Ignite clients. We believe that by working together, we will benefit from significant new opportunities both in terms of winning new clients but also in bringing benefits and savings to our existing portfolios.”
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