SRC Corporate Finance has shared its role advising a Bristol-based firm which helps businesses reduce their energy usage on its majority buyout by an investor.
The deal saw Best.Energy snapped up by London’s Future Business Partnership (FBP) and marks a successful exit for its previous backer Percipient Capital.
Best.Energy provides energy management tools to clients in industries such as manufacturing, restaurants, multi-site leisure, retail and the public sector.
Its technology is used in more than 70 countries, including by the likes of Yum! Brands, 7‑Eleven, Shangri‑La, and major school districts.
Rupert Rawcliffe, founder of Brighton-based SRC Corporate Finance, said: “It has been a pleasure to advise the shareholders of Best.Energy on this transaction and to deliver a successful result with Future Business Partnership.
“The company’s use of innovative technology to help organisations reduce costs and minimise environmental impact, together with the management team’s clear focus on this mission, closely aligns with SRC CF’s cultural values.
“We are therefore proud to have delivered the right partner for Troy and his team alongside a successful exit for the other shareholders.
“We believe Future Business Partnership provides an excellent home for the next phase of growth and wish the team every success for the future.”
Troy Wrigley, chief executive of Best.Energy, said: “It’s remarkable to think that over 30 per cent of the energy businesses pay for is wasted – they just don’t know which 30 per cent.
“That’s why we invented our unique energy saving platform. It shows you exactly where the waste is and enables you to eliminate it.
“SRC CF were trusted advisers throughout the process, creating strong interest from multiple parties and ultimately finding the right partner for the future with FBP.
“Rupert and Ben were a pleasure to work with, guiding us through a complex transaction and playing a vital role in delivering a successful outcome.”
Tracey Huggett and Vish Srivastava, managing partners of FBP, added: “Best.Energy is exactly the sort of business in which FBP was built to invest.
“Our peers across the PE industry are always focusing on cost efficiencies for their portfolio, in this macro environment more than ever, and Best.Energy can enable them to save money and save carbon – a win-win for business and for the planet.
“The Best.Energy team are authorities in their field, and together we are aligned and motivated to turn the business into an absolute champion for energy efficiency.
“We are excited to work with the Best.Energy team to help them to grow their business and to significantly scale their environmental impact.”
Best.Energy and Percipient Capital were advised by SRC Corporate Finance (lead advisory) and DMH Stallard (legal).
The buyside were advised by Alvarez and Marsal (corporate finance), Roedl and Partner (accountancy and financial advice), Burness Paull (legal), K&L Gates (legal), Johnston Carmichael (tax), Greenheart (impact and accountability), Cantec Energy (technology), SiCol (supply chain risk), Brown & Brown and Bridge Specialty (insurance), Cyber DueDil (cyber risks), Hanuman Partners (compliance) and Suntera (compliance).
OakNorth are lenders to Best.Energy and were advised by Pinsent Masons.