Cheshire-based tech procurement business Inprova has undergone a management buyout after investment from NVM Private Equity.
Through its use of technology, procurement analytics and category expertise, Inprova enables organisations to enhance their procurement capability and deliver tangible results.
The management buyout has been led by group CEO Steve Malone and his senior team. Malone has been with Inprova since 2008, becoming CEO in 2020.
The transaction, which is NVM’s third new investment this year, follows the backing of YorkTest in July and Easby Group in March and has been led by Andy Leach and Oliver Wildig from NVM’s Manchester office, supported by Mauro Biagioni, James Bryce, Simon John and Sam Sinclair.
Inprova has more than 30 years’ experience of transforming procurement in the public, private and third sector.
Malone said: “This is an exciting development for the group. We have ambitious plans to build on the strength of our existing technology platform alongside our category expertise and experienced procurement resource, creating sustainable value and supporting our customers to deliver on their business goals.
“Working with NVM will provide us the opportunity to deliver on our vision and accelerate growth in both new and existing categories and markets.”
Andy Leach, investment partner, said: “We are delighted to be backing Steve and his team at such a pivotal point of their growth plans for the business.
“Inprova’s tech-led platform is the heartbeat of the business, driving efficiency, transparency and compliance for customers. With new investment, a highly experienced management team and its existing technology at its core, Inprova is well positioned for considerable future growth.”
NVM invest into UK-based businesses requiring equity investment of between £5m and £17.5m.