We are delighted to have advised Utility Funding Limited on their sale to Foresight Metering.
Established in 2009, Utility Funding Limited is a leading independent Meter Asset Provider (MAP) which owns and rents Advanced and Smart Meters to Energy Suppliers.
Having built an existing portfolio of Advanced Meters, the company was well established in the energy sector to take advantage of the forecast growth in the domestic smart meter roll-out; an opportunity mandated by the UK Government.
Initially, we assisted management with the preparation of a business plan and financial model for inclusion in the marketing documentation. The team then carried out comprehensive market research to establish key strategic buyers.
The team approached a select number of potential acquirers to both trade and financial institutions with a strong response.
Foresight Metering was selected as preferred bidder due to the clear synergies between the two businesses, existing relationship as one of the funders to Utility Funding and the increased growth opportunities that would arise as a result of the combined entity.
We were able to deliver a deal structure which not only provided significant value for the shareholders but also creates a market leading MAP within the UK
We provided Lead Advisory and Modelling services, enabling a seamless and joined-up process for all parties and delivering a strong result.
Wendy Hart, Corporate Finance Partner, commented "This transaction is a fantastic result for all involved with huge potential for the combined business to grow with the support and backing of Foresight Metering. Not surprisingly given the scarcity value of Utility Funding, we were able to run a highly competitive process resulting in an excellent result for our clients and a great outcome for Foresight. A classic win win!”
The Grant Thornton team acted professionally throughout the process and provided excellent support especially on some more of the technical and accounting issues. Their proactive input at critical points in the process was vitally important in achieving a successful completion.Hugh Mullens Managing Director, Utility Funding Limited