Energy and water research firm Cornwall Insight backed by BGF in private deal
The Norwich-headquartered company will use the funding to open an office in Dublin - and have appointed Volker Beckers as non-executive chairman
Cornwall Insight, a provider of research, analysis, consultancy and training services for the energy and water sectors, has received a minority investment from BGF, alongside a term loan facility from Barclays, in an undisclosed deal.
The investment was led for BGF by Rahul Satsangi, Michelle Wilk and Jon Simon.
Led by CEO Gareth Miller, its believed that the Norwich-headquartered business will use the funding to open an office in Dublin and drive further organic growth.
Cornwall Insight claims it experienced a double digit increase in revenue in the past year, and now employs more than 50 people.
With services across the energy market – including the retail, wholesale, network and water – Cornwall Insight helps customers understand the implications of policy, regulation and market change on business operations.
Its consultancy and analysis covers growth opportunities, compliance, business case formation and modelling, competitor and market intelligence, knowledge capacity building and investment due diligence.
Founded in 2005, the company’s customer base includes energy suppliers, generators, governments and regulators as well as investors – with the business believing that impending changes to legislation and technology will increase demand for its services.
BGF and Cornwall Insight have also appointed ex-group chief executive at RWE npower, Volker Beckers as non-executive chairman
Remaining on the board to support Miller and the management team as a non-executive director will be Nigel Cornwall, the founder of Cornwall Insight.
Sonia Brown also continue as a non-executive director.
BGF is one of the most active investors in small and mid-sized businesses in the UK and Ireland – with a fund of £2.5bn to support a range of growing companies across every region and sector of the economy.
Gareth Miller, CEO of Cornwall Insight, said:
“Cornwall Insight delivers knowledge and intelligence to our customers so that they can succeed in complex and rapidly changing markets.
“That’s been the basis of our strong growth and success and we see plenty of opportunity to grow and expand that model into new areas of service and new markets.
“BGF’s long-term approach to investing fits with our plans and aspirations as a business, and we are looking forward to the next stage of growth with BGF as our partner.”
Volker Beckers, chairman of Cornwall Insight, said:
“There is a sizable opportunity to build on Cornwall Insight’s success and well-earned reputation in the market.
“The business is well placed to grow internationally and through further diversification, and I look forward to working with Gareth and the team help guide and support their strategic plans.”
Rahul Satsangi, an investor at BGF who will join the board of Cornwall, said:
“Cornwall Insight has established a leading brand in the energy market, a broad customer base and a widespread reputation for providing high quality publications, consultancy projects and training.
“The management team, led by Gareth, has a clear plan for further growth and we are pleased to be supporting the business with long-term investment and partnership.”