Private equity firm Sovereign Capital Partners has backed the management buy-out of Utility Bidder, an energy broker based in Corby with a sales office in Manchester.
The MBO was motivated by a desire to further develop the business through a mix of organic and acquisitive growth.
Founded in 2009, Utility Bidder brokers energy and other utilities contracts to over 14,500 SME clients across a number of industry sectors in the UK.
The company has performed strongly growing sales by over 40% in the current year. Sovereign will work with the management team to support the growth strategy in what is an exciting market.
As part of its backing, Sovereign has augmented the management team – which is led by CEO Chris Shaw – with the appointment of former Axa UK CEO Mark Wood as non-exec Chairman.
Founders James Longley and Sally Martin remain with the business, with the former as MD.
Mr Shaw said: “We look forward to further developing our product offering and growing our client base with Sovereign’s investment and partnership.”
Jeremy Morgan, Partner at Sovereign, added: “We are very pleased to be supporting this business and strong management team in what is a burgeoning market.
“Utility Bidder has already achieved tremendous success and enjoys established relationships with both its SME customer base and its energy suppliers.”