Inprova Group has bought two business energy brokers, energyTEAM and ENER-G Procurement.
The Cheshire-based procurement outsourcing service company acquired energyTEAM, based in West Sussex, for an undisclosed sum from its two owners.
The 40-year old energyTEAM helps clients such as Virgin Atlantic, Hotel du Vin Group and fashion retail chain White Stuff to find commercial gas and electricity contracts.
ENER-G Procurement in Warwickshire was bought from the international renewable and sustainable energy specialist ENER-G Group, also for an undisclosed sum. It provides energy broker and bureau services such as commercial gas and electricity procurement, energy risk management and consumption measurement and analysis.
Both businesses will be re-branded, forming a new, large energy broker division within Inprova. The group said the acquisitions would strengthen its energy procurement offering.
“The integration of these two businesses into the Inprova Group will enable us to negotiate better energy prices as we’ll take a far larger aggregation of spend to market,” said Inprova chief executive Paul Kennedy. “It is also likely that there’ll be opportunities for us to deliver wider procurement related services into the enlarged customer base.”
He added the group’s turnover would be more than £12 million following the acquisitions, although he aimed to double this over the next two to three years.
Inprova was launched in March by the founders of CEL Procurement, incorporating that business and consultancy Associated Procurement.