Vitruvian Partners to Buy Inenco From Cinven-Backed EnserveKiel Porter
Vitruvian Partners LLP, a U.K. private-equity firm, agreed buy the energy division of EnServe Group Ltd. for an undisclosed sum.
Vitruvian will buy Inenco Group Ltd., which provides energy and risk-management services to clients of EnServe, which is owned by buyout firm Cinven Partners LLP, according to a statement today. EnServe, based in Borehamwood, England, said Robert W. Baird Ltd. acted as its financial adviser.
“Following the sale, we intend to invest in and remain focused on driving forward the growth of our electricity, water and analytics divisions, EnServe Chief Executive Officer David Cruddace said in the statement.
Cinven purchased EnServe Group, then called Spice Plc, in in December 2010 for 360 million pounds ($562 million). Inenco has five offices and serves more than 9,000 corporate and public sector customers, according to the statement.