A listed Lancashire energy tech firm is set to be acquired by Silicon Valley private equity giant HGGC in a £183.6m deal.
Inspired PLC, based in Kirkham, Lancashire, is described as a technology-enabled commercial energy and sustainability advisory service provider delivering solutions to enable businesses to transition to net-zero and manage their response to climate change.
The company’s services range from utility data management and procurement to consumption reduction and intelligent ESG strategies.
Inspired operates through four divisions – assurance, ESG, optimisation and software – to help clients reduce cost, consumption and carbon.
Founded over two decades ago, Inspired now supports more than 3,500 customers, including some of the UK’s leading corporates, in navigating the energy transition and delivering on their net-zero ambitions.
Its board of directors has recommended the offer of 81 pence in cash per share to shareholders, which represents a premium 18.2% to the value of an unsolicited cash offer of 68.5p per share from Regent in late April.
That bid, which valued Inspired at £109m, was rejected by the board after a number of major investors said it low-balled the value of the firm.
This morning HGGC said: “We are enthusiastic about the prospect of supporting Inspired and its management in the next phase of its journey to become a fully integrated, data-enabled energy services provider in a dynamic and changing market.
“We believe in management’s long-term vision for the company, and we believe that a combination of targeted investment, capability-building, and long-term focus will be required to achieve that vision.”
Richard Logan (pictured, main image), chairman of the board at Inspired, said: “We are pleased to announce the recommended all cash offer by HGGC of 81 pence per share, which is clearly superior to Regent’s offer of 68.5 pence per share.
“The board of Inspired believes that HGGC’s offer represents a certain outcome for shareholders at an attractive value, particularly in light of the volatile market environment, and is pleased to see the strong support for the offer from Inspired’s shareholders.
“The board believes that HGGC will be a supportive steward of the business, helping to deliver its future growth potential.”