Smart Utility Management

We’re pleased to have acted as lead adviser to the shareholders of Smart Utility Management (Smart), one of the UK’s fastest-growing business energy consultancies, on its sale to Make it Cheaper (MIC), the UK’s leading SME utilities switching provider.

Smart Utility Management, based in the North East, was founded in 2014 to provide energy utility management and switching services to SMEs across the UK, helping them to procure energy more cheaply.

MIC (which is soon to rebrand as ‘Bionic’), is the UK’s leading SME utilities switching provider, and a sector-leading consolidator backed by ECI Partners. The business has acquired Smart in a deal that will enable both businesses to reach more customers, offer more products and services and boost their sales capabilities.

Smart Co-Founders Peter Kirkham and Jonathan Bell will remain with the business post-acquisition to lead its ongoing development and oversee its integration into the MIC group.

The deal marks the third acquisition in two years for fast-growing MIC, which is already recording organic year-on-year growth of 50 per cent and has seen significant progress since ECI Partners invested in the business in 2017.

Our Corporate Finance team, led by Partner Phil Williams planned and delivered the transaction.

Phil Williams, Partner at FRP Corporate Finance, said: “This is a great deal for our client and for the future of Smart. I am proud to have been part of an exciting and successful journey with the business and delighted that we have achieved such an exceptional outcome for our clients.”

Peter Kirkham and Jonathan Bell, Co-Founders of Smart Utility Management, said: “Joining forces with MIC means we can now serve our clients even better, offering them new products and services and helping them to save even more money. This is a win-win business combination, and we couldn’t have done it without our former colleague Phil Williams and the tremendous support from the team.”

Paul Galligan, Chief Executive of Make It Cheaper, said: “Switching is widely recognised as an effective way for businesses to lower their bills and find better service providers. Our latest acquisition cements our position as the leading, go-to solutions provider for SMEs that want to find the best energy, broadband and insurance deals.”

Richard Chapman, ECI Partner, added: “We are delighted to support MIC as it builds out its platform to become the UK’s leading switching champion for SMEs. MIC is already generating strong organic growth of 50 per cent year-on-year and this acquisition will help the company to reach more customers and offer them more products and services. We are keen to provide further support to MIC as it continues to build out its business and deliver on its strategic goals, both organically and through further acquisitions.”