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NorthEdge backs data management software company Utiligroup

2 Jun 2014

computersPrivate equity firm NorthEdge Capital has agreed to invest in UK-based data management software provider Utiligroup as part of its £16.1m management buyout.

The Chorley-based company provides data management software and services to the energy sector.

It currently supplies its software and services to 29 of the active UK energy suppliers, including OVO Energy and Co-Operative Energy.

Utiligroup said it will use the funds to invest in software development work.

NorthEdge director Jon Pickering said, “Utiligroup is relied upon to continually innovate and provide expert support to a range of customers, from the ‘Big 6’ to exciting new entrants and growing energy suppliers.

“As a market leader the business leverages considerable in-house software development capabilities to build strong relationships with its customers. We expect tosecure shareholder approval by 18 June and look forward to working alongside the management team to support their growth plans.”

Last November NorthEdge invested £25.5m in the management buyout of chemicals manufacturer Fine Industries.

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