The £16.1m management buyout of Lancashire-based Utiligroup from Bglobal has been completed.
The sale of the Chorley company, backed by NorthEdge Capital, was approved by Bglobal’s shareholders last week.
Following the shareholder support, the deal has now been completed.
Bglobal, which announced it was to sell its metering business in April, revealed the MBO proposals earlier this month.
Utiligroup was its only remaining business and as a result, the group will now cancel trading on the stock exchange.
NorthEdge has invested £11.1m in the buyout.
Matthew Hirst, chief executive of Utiligroup, said: “We look forward to the next chapter of Utiligroup’s development and for the confidence we now have to grow the business alongside a supportive partner in NorthEdge.
“Most importantly, the buyout and backing of NorthEdge has been enthusiastically received by our staff, customers and commercial partners alike. We expect to announce further additions to our senior team in the coming months and we are already working with a renewed vigour to deliver market-leading software and services to our customers.”
Seneca Partners advised NorthEdge Capital while KPMG advised Bglobal. DWF provided NorthEdge with legal advice while management was advised by Fieldfisher. Financial due diligence was completed by BDO and commercial due diligence by Credo.
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