LONDON: Intrepid Bidco Ltd., a newly formed entity wholly owned by funds managed or advised by U.S.-based private equity firm HGGC LLC, has launched a recommended all-cash offer to acquire Inspired PLC, a U.K.-based energy and sustainability services provider, the companies announced Thursday.
Under the terms of the deal, Inspired shareholders will receive 81 pence in cash per share, valuing the company at approximately £183.6 million on a fully diluted basis. The offer represents a 34.4% premium over Inspired’s six-month volume-weighted average price prior to Regent Acquisition 2025 Ltd.’s unsolicited offer in April.
Inspired’s board has unanimously recommended the offer, which will be implemented as a takeover under Chapter 3 of Part 28 of the U.K. Companies Act.
The offer price also reflects a 102.5% premium to the company’s January share placing at 40 pence per share. It outbids Regent’s proposal of 68.5 pence per share, which Inspired rejected.
HGGC believes Inspired is well-positioned to benefit from growing regulatory and commercial demand across energy procurement and advisory services. The firm said it plans to focus on long-term investments and may suspend dividend payments to reinvest in the business. It also expects to optimize capital structure through higher leverage, potentially exceeding typical public market norms.
If accepted, HGGC may keep Inspired listed but operate it with the flexibility of a private company, targeting expansion, strategic acquisitions, and enhanced service integration.
Commenting on the Offer, HGGC said: “We are enthusiastic about the prospect of supporting Inspired and its management in the next phase of its journey to become a fully integrated, data-enabled energy services provider in a dynamic and changing market. We believe in management’s long-term vision for the company, and we believe that a combination of targeted investment, capability-building, and long-term focus will be required to achieve that vision.”
Commenting on the Offer, Richard Logan, Chairman of the Board of Inspired, said: “We are pleased to announce the recommended all cash offer by HGGC of 81 pence per share, which is clearly superior to Regent’s offer of 68.5 pence per share. The Board of Inspired believes that HGGC’s Offer represents a certain outcome for shareholders at an attractive value, particularly in light of the volatile market environment, and is pleased to see the strong support for the Offer from Inspired’s shareholders. The Board believes that HGGC will be a supportive steward of the business, helping to deliver its future growth potential.
Consequently, the Board is unanimously recommending that all shareholders accept the Offer in relation to their shares and warrants, as the Board have irrevocably undertaken to do in respect of their own holdings.”