Price comparison specialist Love Energy Savings has received more than £25 million investment from private equity investor LDC in a secondary buyout of the business.
The deal, which is intended to accelerate organic growth, also marks a partial exit for NVM Private Equity, which first backed the business in September 2015.
Under the leadership of CEO and co-founder Phil Foster, Love Energy has grown rapidly. For the financial year ending 31 December 2017 it recorded revenues of £17.4m (2016: £13.2m) and today supports more than 40,000 customers nationwide.
Former uSwitch CEO Steve Weller will join the board as non-executive chairman. Weller has more than 10 years’ experience driving growth at technology-led businesses and was CEO of the energy switching service uSwitch until July 2018, where he worked closely with LDC during its support of the business between 2013 and 2015.
“Over the past three years, and with the support of NVM, we’ve invested heavily in technology and expanded into new, untapped markets,” said Foster.
“This has helped us to bring more of our market-leading services to businesses across the UK, but we’re only at the tip of the iceberg when it comes to how we can help companies to save money.
“Bringing LDC on board will enable us to build on this momentum and ensure we can continue to give our customers, old and new, an unrivalled service when it comes to quality and value for money.
“In LDC we have a partner that not only provides the financial backing we need to turbocharge growth, but one with a strong track record of driving growth at technology-led businesses in the energy sector.”
Founded in 2007 and headquartered in Bolton, Love Energy specialises in the comparison of business energy prices. It connects small and medium-sized businesses with the UK energy supplier that offers the most appropriate gas and electricity tariff, before helping its customers to switch provider.
LDC’s investment will enable the firm to grow its corporate services division which supports major energy users across the industrial and commercial sector, further investment in its proprietary technology platforms and continued diversification into the water telecoms and insurance markets.
It has been independently recognised as the most trusted business energy price comparison specialist in the UK by TrustPilot and as the second highest rated company for work-life balance in the UK by Glassdoor.