Leading energy technology business set for growth with Lloyds Development Capital (LDC) support
ENSEK is a leading SaaS business serving the UK energy industry
- LDC, a subsidiary of Lloyds Banking Group, to provide additional funding to support continued growth and product development
- Ian Peters, former MD of British Gas, to join board as non-executive chairman
ENSEK, a leading software provider to the UK energy market, has agreed an investment with LDC, the UK’s most active mid-market private equity investor. After a significant number of recent customer wins the multi-million-pound investment will enable the business to embark on the next stage of its growth journey.
Headquartered in Nottingham, ENSEK uses its market-leading software-as-a-service (SaaS) platform to provide existing energy providers with its revenue assurance and gross margin accounting product and new entrants with the end-to-end software solution required to enter and operate in the UK market.
Led by CEO Jon Slade, the business has grown rapidly since its launch in 2010 through a continued investment in technology and a commitment to solving the issues faced by existing and new entrants to the UK energy market. This has led to a diverse customer base, revenues that are currently growing at 100%+ year-on-year and an employee base of 65 people.
The transaction sees LDC invest for a significant minority alongside management. Following LDC’s investment, the business plans to further invest in product and new proposition development. With energy suppliers responding to the growing demand for data, ENSEK will continue to enhance its analytics offering as an opportunity for growth.
Jon Slade, CEO at ENSEK, said: “The energy sector is facing a period of unprecedented change, driven largely by the number of smaller suppliers entering the market. We want to build on our work of providing market-leading software services to energy suppliers, large and small, across the UK and continue to help them use data to become more efficient and competitive within the growing market.
“Partnering with LDC will give us both the financial firepower and strategic expertise required to take the business to the next level, and we’re looking forward to working closely with the team as we grow the business together.”
Ian Peters will join the board as non-executive chairman with Eddie Minshull joining as non-executive director. Ian was formerly a member of Centrica’s Executive Committee and held the MD and COO roles during his 12 years with the business. Eddie has more than 30 years’ experience of supporting the growth of technology businesses in the UK and US.
Ian Peters, added: “I am delighted to be joining the Board to lead the company through the next stage of its growth in partnership with LDC. The team have built very strong foundations and underlying market conditions and their own capabilities are opening up new areas of opportunity.”
John Green, investment director at LDC in Nottingham, added: “Jon and the team have an ambitious growth plan, which has driven the business forward at a fast pace. Their in-depth knowledge of the sector, strong technical capabilities and commitment to deliver exceptional customer service is continuing to bear fruit, with more than 15 new customers secured in the last year alone, and the business has firmly established itself as a key player in the market.”
