News
LDC exits ENSEK to Centrica
29 Jul 2024
LDC, the private equity investor which is part of Lloyds Banking Group, has reached an agreement to sell ENSEK to Centrica for an undisclosed amount.
Headquartered in Nottingham and founded in 2010, ENSEK is a leading provider of digital transformation services in the energy sector with an innovative billing and customer account management platform, Ignition.
The acquisition builds on the strategic partnership agreed between the companies in August 2021 when Centrica announced it intended to move British Gas’ domestic customers onto the Ignition platform.
LDC originally backed the management buyout of the business, led by CEO Jon Slade, in 2017, providing capital to support its new product development and growth plans. The acquisition represents a successful investment for LDC.
Catherine O’Kelly, Managing Director, British Gas Energy, commented: “British Gas has partnered with ENSEK since its early days, and its Ignition platform is now serving the majority of our domestic customers. I have seen first hand the improvements it has helped us to make in our customer service and product innovation. Not only are customers on the Ignition platform happier with the service they receive, they’re also able to take advantage of new innovations, such as PeakSave, to help manage their energy use more carefully which can lead to lower bills. I’m pleased that in taking this next step in our journey with ENSEK, we will be able to accelerate the benefits for all customers using its technology. I look forward to building on the excellent work we’ve started.”
LDC shared our vision and ambition from the outset, and supported us through some fundamental changes in the energy supply market. Joining Centrica, we have the opportunity to leverage our platform and team’s expertise to broaden our reach and deliver exceptional outcomes for customers.”
David Bains, Partner and Head of East Midlands & East of England at LDC, added: “Jon and the team at ENSEK have continually evolved and expanded their SaaS platform over the last seven years in response to rapidly changing dynamics in the energy supply market, building a market-leading proposition in the process. We are proud to have been part of building such a successful business with impressive annual recurring revenues. As an international business with deep energy expertise and a highly complementary service portfolio, Centrica provides the perfect strategic home for the business.”
The transaction is subject to regulatory approvals and is expected to complete in the third quarter of this year.
