DWF LLP has advised NorthEdge Capital on its sale of the energy technology provider Utiligroup to Energy Services Group (ESG), a leading provider of technology solutions to the retail, energy and utility industries.

Founded in 1997, the Chorley-headquartered company is a provider of Software-as-a-Service (SaaS) solutions to the utilities and energy industries and has been the pioneer in delivering Energy2.0, the emergence of the independent energy market and the analogue to digital smart meter revolution.

Utiligroup will join ESG, an Accel-KKR portfolio company, to support the company’s global growth strategy, providing a footprint in the European market.

NorthEdge initially backed Utiligroup in a management buyout in June 2014. Over the investment period, Utiligroup has seen rapid growth with turnover increasing by over 200 per cent. The company now employs over 220 staff and provides services to more than 40 UK energy suppliers.

The deal is the fifth exit from NorthEdge’s maiden GBP225 million Fund I and has generated a gross 5.7x return on investment. NorthEdge is reinvesting alongside Accel-KKR as part of the deal.

The DWF team consisted of Jonathan Robinson and Vicky Ross (Corporate).

Jonathan Robinson, Corporate Partner at DWF, said “We are delighted to have advised NorthEdge on its initial investment in Utiligroup, to have advised Utiligroup through a period of rapid growth over the last three years and to have supported the shareholders as the company moves on to the next exciting stage in its development with the support of Accel-KKR.”.