News

LDC-backed ENSEK expands into Europe with acquisition of NrgFin

5 Aug 2020

ENSEK, the leading software supplier to UK energy providers, today announced the acquisition of NrgFin, a Benelux-based consultancy and data analytics company. The deal is part of ENSEK’s growth strategy to expand into new international territories within Western Europe, as well as pursuing wider growth opportunities in the UK. With this acquisition, ENSEK will set foot on the European continent for the first time.

The deal represents the first acquisition completed by ENSEK. The business, which has been backed by leading UK mid-market private equity firm LDC since October 2017, has more than doubled its revenues in the past two financial years following an increase in contracted recurring software revenue.

ENSEK uses its market-leading software-as-a-service (SaaS) platform to provide energy suppliers with a range of solutions which include CRM, billing, industry data flows, revenue assurance and financial management. As a business consultant and organisation specialising in data analytics for energy suppliers, NrgFin was the right choice in enhancing ENSEK’s product portfolio. Now, combined with ENSEK’s powerful, scalable and cost-effective IT solution, the new company will bring enhanced capabilities to its SaaS platform which all customers will benefit from.

In addition, the acquisition will enable ENSEK to expand its SaaS platform solutions into the Benelux region and beyond, with the objective to enable European energy suppliers to improve their customer service by providing valuable information from the data they hold. As part of the deal, Benelux customers will also gain access to ENSEK’s existing service offerings and expertise, as well as its broader UK-based product engineering, service desk and development operations. Following the deal, NrgFin has been rebranded ENSEK Benelux.

Established in 2014, NrgFin is headquartered in Beringen, Belgium and also has operations in the Netherlands. The company provides finance solutions for energy suppliers and has a diverse range of B2B and B2C end customers including Total Gas & Power, Lampiris, Octa+, Elegant, Antargaz and Essent.

NrgFin’s 12-strong team will continue to operate from the company’s operations in Belgium and the Netherlands, which will be fully incorporated into the ENSEK network. The company’s founders, Ilse Melotte and Gunther Walmagh have retained a large minority stake and will continue with ENSEK in senior management roles. 

In addition to acquiring NrgFin, GaliliAI, a data science startup, will also join the ENSEK Benelux team. ENSEK Benelux has already secured its first pilot phase implementation for the ENSEK platform with the energy supplier Eneco in Belgium, the third largest utility provider in the country, serving close to a million connection points. The pilot investigates how the ENSEK platform can support Eneco’s digital transformation in order to deliver market leading agility and cost-effectiveness, enabling its ambitions for the future.

This acquisition represents a significant and exciting milestone for our business. Energy retail sectors across Belgium and the Netherlands have many synergies with our own core UK market, and we’re looking forward to working alongside our new colleagues to integrate our service offerings and maximise future growth opportunities.”
Jon Slade, CEO
ENSEK (pictured)

John Green, Investment Director at LDC said: “With ENSEK, one of our key investment objectives was to support the management team in converting complementary acquisition opportunities, whilst maintaining continued strong organic growth. NrgFin is a high-quality business and this deal brings a well-established Benelux footprint to ENSEK. This transaction reaffirms our commitment to support our investment portfolio with their buy and build growth plans.”

Ilse Melotte, Managing Director at ENSEK Benelux said: “ENSEK and NrgFin are complementary – we can’t wait to bring our knowledge together, creating new services that will only benefit our customers. There is a significant growth potential, especially in Belgium and the Netherlands, and this acquisition is key for the combined company to continue its international growth.”