FSP advises the shareholders of Ignite Energy Ltd on sale of shares to Inspired Energy PLC
Shareholders of Ignite Energy have sold 40% of the company to Inspired Energy PLC for an initial consideration of £6,600,000.
The corporate team at Field Seymour Parkes, led by corporate partner Rachael Maunder, have advised David, Vanessa and Ben Higgins, the majority shareholders of Ignite Energy Ltd on the sale of 40% of the shares in the company to Inspired Energy PLC. As part of the transaction Inspired Energy were also granted the exclusive option to acquire the remaining 60% of the company for a fixed two year period.
Ignite Energy are experts in energy management, offering total solutions to large organisations looking to reduce their energy consumption and costs. Ignite have a strong track record of working with large multi-sited organisations to raise awareness of energy usage and cost and some of their key clients include Network Rail, WH Smith and Halfords.
David Higgins, director and shareholder in Ignite, whilst commenting on the transaction said “we were looking for a partner who we could work alongside to both bring benefits to our customers and provide a platform to develop and scale the business,” and that “this partnership would allow the business to improve the services offered to both Inspired and Ignite clients.“
Rachael commented “it was great to work with all the Higgins family on the transaction and I look forward to seeing the Ignite Energy business continue to grow as part of its next chapter in partnership with Inspired Energy Inspired Energy”
On working with the FSP team Ben Higgins commented “Rachael and the team at FSP worked tirelessly with us over many months helping us structure, evaluate and close the deal. As well as being responsive throughout and a genuine pleasure to work with, their experience and knowledge was invaluable in helping us take a pragmatic and informed approach that led us to a great end result.”
The FSP team was led by Rachael Maunder (partner, corporate) with assistance from Philippa Roles (partner, tax), Louise Smyth (associate, employment), Vicky McDonald (associate, real estate) and Soraya Salhi (solicitor, commercial).