Private equity firm LDC has sold procurement specialist Inprova Group in two separate deals.
Inprova’s energy division has been acquired by AIM-listed Inspired Energy plc while the existing management team has acquired the non-energy procurement business.
Inprova is headquartered in Warrington and delivers procurement services for private and public sector organisations across the UK. The business offers outsourcing, technology and consultancy services.
LDC first backed the business in 2014 to support its growth plans. Over the past four years Inprova has pursued a buy and build strategy, acquiring five complementary energy businesses and launching a bespoke division, Inprova Energy, in 2015.
It has also launched in the US and widened its focus to include private sector as well as public sector work. As a result its revenues have trebled over the investment period to £15.3 million.
Paul Kennedy, CEO of Inprova, said: “Put simply, our business is a world away from where it was four years ago. With the strategic support, guidance and flexibility of the team at LDC we’ve successfully evolved from a public sector procurement business that worked predominantly in the North West to a multi-disciplinary group that now operates internationally.”
Richard Ibbett, Investment Director at LDC in Manchester, added: “Inprova is a fantastic example of a business that not only has ambition, but the adaptability and drive to turn that ambition into a reality. Under the stewardship of Paul and his team, the business has taken every opportunity to expand the business and strengthen its proposition. Its journey is far from traditional, but the innovative, value creation strategy that’s been employed has delivered sustainable growth year-on-year and ultimately that is what’s important.”