Bolton-headquartered price comparison specialist Love Energy Savings has received more than £25m investment from private equity investor LDC in a secondary buy-out.
The investment will enable the firm to grow its corporate services division, to develop its proprietary technology platforms and further diversify into the water telecoms and insurance markets.
The deal marks a partial exit for NVM Private Equity, which first backed the business in September 2015.
“Over the past three years, and with the support of NVM, we’ve invested heavily in technology and expanded into new, untapped markets,” said CEO and co-founder Phil Foster.
“This has helped us to bring more of our market-leading services to businesses across the UK, but we’re only at the tip of the iceberg when it comes to how we can help companies to save money.
“Bringing LDC on board will enable us to build on this momentum and ensure we can continue to give our customers, old and new, an unrivalled service when it comes to quality and value for money.
“In LDC we have a partner that not only provides the financial backing we need to turbo-charge growth, but one with a strong track record of driving growth at technology-led businesses in the energy sector.”
Love Energy was founded in 2007 and connects small and medium-sized businesses with the UK energy supplier that offers the most appropriate gas and electricity tariff, before helping its customers to switch provider.
Steve Weller, who was CEO of the energy switching service uSwitch until July 2018, will join the board as non-executive chairman.
For the financial year ending 31 December 2017, Love Energy recorded revenues of £17.4m (2016: £13.2m) and now supports more than 40,000 customers.
