Crescent Capital Group’s European Specialty Lending strategy provided unitranche financing to support the acquisition of IMServ, a pioneer of metering and data services for the electricity, gas and water sectors in the U.K., by Bluewater, the specialist international private equity firm focused on the middle market energy sector. Crescent has also provided a committed acquisition facility for IMServ to further accelerate growth through strategic M&A. Terms of the transaction were not disclosed.
With more than 500 employees, IMServ is one of the U.K.’s largest independent energy data management providers and the market leader in half-hourly data collection for the industrial and commercial markets. IMServ is well-known for its ability to not only process high volumes of energy data quickly and consistently but also deliver accurate billing and settlement services.
“We are pleased that Crescent is able to provide the financing to [facilitate] the strategic growth of IMServ, which is well-positioned to take advantage of the UK-wide transition to smart meters and half-hourly data processing within the SME and residential markets,” Christine Vanden Beukel, managing director and head of Crescent’s European Specialty Lending strategy, said. “Working with sponsors with sector-focused funds like Bluewater is a testament to the strength of our flexible capital solutions, and we look forward to continuing to meet the financing needs of sponsors and their portfolio companies.”