Wednesday 20th June 2018
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Cambridge-based energy management company sold to private equity firm

Cambridge-based energy management company sold to private equity firm

Cambridge-based eSight Energy Group, a developer and supplier of energy management software, has been acquired by Bid Equity, a German private equity firm.

BID Equity acquired 100% of the shares from Simon Durrant, who founded the business 20 years ago, after a competitive process run by PEM Corporate Finance which saw strong interest in eSight from around the world.

He said “I am very pleased to have found a buyer that shares the same enthusiasm and passion for the business and that will continue the growth of the company going forward."

Lake Falconer, partner at PEM Corporate Finance added: “We are delighted to have helped Simon to achieve a strategic sale of eSight. The company’s market leading software, strong user base and global coverage meant that we were able to attract strong interest from international buyers”

The deal enhances BID Equity’s position as an Internet of Things provider focused on the energy sector and marks a new growth phase for eSight Energy. The firm provides intelligence on energy usage, enabling customers to cut energy consumption and has locations in the U.S., Europe and Asia. eSight is currently being used to monitor buildings in 60 countries across a wide range of sectors The software is available in 17 languages and customers include Airbus, Bombardier, Rolls-Royce, Pfizer, GSK, AstraZeneca, Roche, Carlsberg, Greene King, and Veolia

Dr. Helge Hofmeister, managing partner of BID Equity, said of the transaction: “BID Equity’s investment rationale behind the transaction is that eSight Energy is an established player in a fast growing market and is uniquely positioned through a global footprint to capture the market’s full potential. BID Equity, as a specialized software investor, will help eSight’s management team to further professionalize in order to continue and accelerate the organic growth trajectory of the past. Additionally, BID Equity’s cross-border technology buy & build approach will create additional momentum for the group. In combination with BID Equity’s portfolio company Z- Wave Europe, the transaction will enable eSight Energy to offer their customers a unique software-hardware product for managing energy consumption if they require easy to deploy one-stop-shop solutions.

We are taking a synergistic approach to leverage eSight Energy’s growth in conjunction with other firms in our portfolio, such as Z-Wave Europe. This will enable eSight Energy to offer their customers a unique software-hardware product for managing energy consumption if they require easy-to-deploy one-stop-shop solutions.”

Legal advice to the vendor was provided by Laurence Evans, Partner at Hewitsons LLP.

Photo (l to r): Phil Olagunju, assistant director PEM Corporate Finance; Sue Duma, managing director eSight Energy; Lake Falconer, partner PEM Corporate Finance and Laurence Evans, partner Hewitsons.

Last Updated ( Wednesday, 20 June 2018 07:20 )

 

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