The deal also marks a partial exit for NVM Private Equity, which first backed the business in September 2015.
Founded in 2007 and headquartered in Bolton, Love Energy specialises in the comparison of business energy prices. It connects small and medium-sized businesses with the UK energy supplier that offers the most appropriate gas and electricity tariff, before helping its customers to switch provider.
Under the leadership of CEO and co-founder Phil Foster, Love Energy has grown rapidly and now supports more than 40,000 customers nationwide. It has also been independently recognised as the most trusted business energy price comparison specialist in the UK by TrustPilot and as the second highest rated company for work-life balance in the UK by Glassdoor.
LDC’s investment will enable Phil and his team to accelerate their organic growth strategy. This will include the expansion of Love Energy Solutions, its corporate services division which supports major energy users across the industrial and commercial sector, further investment in its proprietary technology platforms and continued diversification into the water telecoms and insurance markets.
As part of the deal, Steve Weller will also join the board as non-executive chairman. Weller has more than 10 years’ experience driving growth at technology-led businesses and was CEO of the energy switching service uSwitch until July 2018.
The DWF team was led by DWF National Head of Private Equity, Jonathan Robinson, senior associates Darren Ormsby and James Cashman and solicitor Rebecca Gargary.
Jonathan Robinson said: "We are delighted to have worked with the Love Energy team on a great transaction which was completed in a very short timescale. It is a testament to the strength and depth of DWFs M&A offering in the North West. We look forward to seeing how Phil and his team continue to grow this exciting business in the future."
