Dorset firms team up to secure global energy acquisition
Two of Dorset’s leading professional firms have announced their significant involvement in the recent acquisition of Bournemouth’s iSupply Energy by Swedish giant, Vattenfall.
South coast accountancy firm, Inspire, and Trethowans worked hand-in-hand to successfully facilitate the significant and substantial transaction, which saw a Bournemouth based entrepreneurial business procured by a Swedish state-owned energy company. Now a subsidiary of Vattenfall, iSupply Energy’s 170 employees and more than 120,000+ gas and electricity customers will be unaffected by the acquisition, owing to Inspire and Trethowans’ focus on not just the transaction, but the people involved.
Warren Munson, MD and founder of Inspire, said: “Inspire have acted for iSupply since the company was formed five years ago and advised Rob and Roy on their entrepreneurial journey. Consequently, when the decision was made to seek further funding and an acquirer for the business to enable the company to grow and evolve further, it was great to be there to provide them with the corporate finance and tax advisory support they required. The deal is significant for the area and it has been great to prove that the expertise does exist locally to facilitate and support such transactions.”
Mark Nixon from the Trethowans corporate team added: “It has been a real privilege to be involved in one of the Dorset community’s many success stories. Rob, Roy and the team have done a superb job growing iSupply and the sale to Vattenfall is a great testament to their success. Vattenfall’s entry into the UK energy market is an exciting development and for it to choose a Dorset based business as its entry point is a further demonstration of the strength and depth in the region.”
Rob Gildert, Chief Executive Officer of iSupply Energy, said, “It was a great pleasure working with the team from Inspire and Trethowans. The commitment, camaraderie and support was fantastic and kept us motivated and focused through the hard miles on what became a complex transaction with a mature, much larger counterparty. The advice and guidance maximised our commercial and legal interests without compromising our relationship with our now employers.”
Vattenfall’s acquisition of Bournemouth’s iSupply Energy gives the Swedish giant a foothold in the UK market, and the potential to challenge the Big Six energy suppliers.