BGF Ventures Backs Cornwall Insight
Cornwall Insight, a leading 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, to accelerate its growth plans.
Led by CEO Gareth Miller, the Norwich-headquartered company will use the funding for expansion into new, strategic sectors and geographies, and to drive further organic growth. The business has experienced a double digit increase in revenue in the past year, and employs more than 50 people.
BGF is the most active investor in small and mid-sized businesses in the UK and Ireland. An established and independent company, it has £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy.
BGF and Cornwall Insight are delighted to appoint Volker Beckers as Non-Executive Chairman. Volker was previously the Group Chief Executive at RWE npower and currently holds non-executive roles for a number of UK and European Energy related companies, both in the public and private sector. Amongst his current roles, Volker is the Non-Executive Chairman at Reactive Technologies and Albion Community Power, Vice Chairman of Danske Commodities and a member of the PwC Advisory Board.
Remaining on the board to support Gareth and the management team as a Non-Executive Director will be Nigel Cornwall, the founder of Cornwall Insight. Nigel is a widely respected independent commentator on competitive market energy issues and currently a thought leader and catalyst of activity on local energy markets. Sonia Brown, who is Executive Director at Visa and brings a wealth of experience from previously held senior positions at Ofwat, Ofgem and Monitor, will also continue to provide support to the board as a Non-Executive Director.
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.”
The investment was led for BGF by Rahul Satsangi, Michelle Wilk and Jon Simon. Management and the Company were advised by Dave Howes and Adam Croft of JDC Corporate Finance, with legal advice from Adrian Possener and Nikki Reid of Birketts. James Hunter and Christina O’Brien of Mills and Reeve provided legal advice to BGF.
BGF’s Rahul Satsangi 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.”
About Cornwall Insight:
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.
Source: BGF press release