FRP team secures buyer for Optima

Background

Optima Energy Systems is a Yorkshire-based energy management business providing advanced software to help large end-users and energy consultants analyse and manage energy data and usage. Optima was founded in 1988, and having built the business up over time, the owners decided to explore exit options to help them realise the value they had created. Following informal discussions to consider the options available, they engaged FRP to sell the company.

Action

Our Corporate Finance team worked with Optima’s management team to understand the owners’ objectives, the business, its offering and the market in which it operated. We identified a number of potential purchasers – including several specialist private equity funds and trade buyers – many of whom were based overseas. The decision was taken to launch the marketing of the business despite the Coronavirus pandemic, due to its strong fundamental offering and the business-critical nature of its activities. There was considerable interest and a number of offers were received; we helped to negotiate an improvement in these offers, both in terms of quantum and certainty.

Outcome

Ultimately the offer from BidEnergy, a listed Australian technology company, was accepted. This offer was attractive both in terms of value and perceived cultural fit, and also provided the owners with some future involvement during the transition period. The buyer was working to a tight timetable which was driven by Australian equity capital markets, and our team helped to manage the due diligence process. Working with the company’s legal advisers, we were able to project manage the £6.4 million deal through to completion.