Management Due Diligence specialists, The Quinn Partnership has advised NorthEdge Capital on the £16.1m management buyout of Utiligroup, a Lancashire-based data management software and services company.

Founded in 1997, Utiligroup is a subsidiary of Bglobal and provides data management software to energy suppliers including OVO Energy and Co-Operative Energy. The company has 88 employees and the MBO is being led by CEO Matthew Hirst and COO Andrew Green.

Utiligroup is the group’s only remaining business after it agreed to sell its metering business in April and post-completion Bglobal plans to cancel trading on AIM.

The sale of Utiligroup, is subject to the approval of Bglobal’s shareholders and is the fifth transaction by NorthEdge Capital from its maiden £225m fund. The investment from NorthEdge will be used towards new software development and will allow the business to capitalise on opportunities in the market.

Bglobal’s Executive Chairman John Grant said: “When I became Chairman in August last year, it was apparent that there was significant value within the group that was in danger of being depleted rather than realised.

“Since then, I am pleased that the Board has been able to deliver improved underlying performance for Bglobal Metering and Utiligroup. This transaction, and the sale of Bglobal Metering in April, demonstrate that value which the Board has been able to unlock for our Shareholders.”

Matthew Hirst, CEO at Utiligroup comments: “NorthEdge’s support and experience will be invaluable as we embark on our next phase of growth and will enable us to accelerate the new developments that will be required by our customers.”

NorthEdge’s Jon Pickering also said: “Utiligroup is a leading provider of mission critical software and services.

“It is relied upon to continually innovate and provide expert support to a range of customers, for the ‘Big Six’ to exciting new entrants and growing energy suppliers. As a market leader the business leverages considerable in-house software development capabilities to build strong relationships with its customers.”

Paul Quinn, Director at The Quinn Partnership also comments: “We’re thrilled to support NorthEdge Capital on another deal. Matt and the team can take Utiligroup through the next exciting phase of growth and with the additional support of NorthEdge they are well equipped to succeed in the next stage of the company’s development.”

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