PwC acts as lead financial adviser on the sale of Cornwall Insight to Bowmark Capital
PwC is pleased to announce the completion of the sale of Cornwall Insight Group Limited (“Cornwall Insight”) to Bowmark Capital.
The sale provides a successful exit for Cornwall Insight’s shareholders including BGF.
Cornwall Insight is a leading provider of research, data and analysis to the energy sector. Cornwall Insight’s publications, analysis and consulting services enable its customers to understand complex policy change; ensure regulatory compliance; value their assets; and enhance their investment strategies. The company has over 400 customers across the energy sector including investors, generators, suppliers, brokers, governments and corporates.
With most countries committed to net zero by 2050, the global energy system will undergo a complete transformation requiring unprecedented investment levels. This is expected to drive strong demand for Cornwall’s services as new and existing industry participants navigate these changes and assess new investment opportunities.
Bowmark Capital is a leading private equity firm that invests in technology and services companies valued at up to £250 million. Established in 1997, Bowmark manages and advise funds of over £1.5 billion and have made more than 50 investments. BGF is an active growth capital investor and has backed Cornwall Insight since 2017, providing significant investment and supporting the development of the team, operations and strategy as the business has scaled.
The UK Corporate Finance and Strategy& teams at PwC had a long standing relationship with Cornwall Insight. The deal team offered deep expertise in the energy transition which also combined: lead financial advisory transaction experience with commercial and strategic insights.
PwC worked extensively with Cornwall's management, BGF and shareholders to prepare the business for sale, develop marketing materials, facilitate vendor due diligence and run the sales process. The teams' extensive network with buyers and strategic positioning of the business led to a highly competitive process with interest from a mixture of private equity and trade buyers. Investors were especially attracted to the business given its fast paced growth and international expansion, Cornwall's brand and reputation, and the positive ESG impact of its energy transition advice.
After a competitive process, Bowmark Capital was selected as the preferred purchaser to take the business forward and further its growth in partnership with management.
“PwC used an impressive array of financial advisory, strategy and advisory capabilities during the period that they worked with us. They built a strong understanding of our business, purpose and growth levers. They supported us in developing a clear articulation of our strategy, they introduced us to a wide variety of credible potential partners when we decided to market the business, assisting us with how to best present our story. Throughout they have been calm, professional and committed. We are pleased that we selected them to support us on this key strategic project.”
“The PwC team was instrumental in helping secure a great outcome. We and the board appointed PwC due to their market leading expertise in the energy transition and complementary M&A lead advisory experience. The PwC team were diligent and proactive, running a highly competitive process and demonstrating their knowledge and relationships in the buyer community. Their effective marketing strategy, process management and negotiations are all evident in the result achieved.”
PwC acted as exclusive lead financial advisor to Cornwall Insight. The PwC team was jointly led by James Pincus (CF) and Rob Turner (Strategy&) and comprised the following:
- Corporate Finance: Jonathan Massam, Mir Moeen Mahmood, Secil Unat, Sam Jones, Will Tuite Dalton, and Will Maundrell
- Strategy&: Panos Stergiopoulos, Paul Kenny, Juan Rodriguez Lacasa, Solly Mathias and Alexandre Keller
If you would like any further information on the transaction, please contact James Pincus, Robert Turner, Jonathan Massam or Panos Stergiopoulos.
“We are delighted to have acted for the shareholders of Cornwall Insight on this prominent transaction and also pleased to see the business being taken forward by Bowmark Capital. Cornwall Insight has developed an enviable reputation with its wide-reaching service offering and its dedication to impartial, high quality insights. The strong investor appetite we saw through the process demonstrates the significant market opportunity for businesses which support the energy transition to net zero. With Net Zero and ESG increasingly important to the corporate agenda, we look forward to seeing Cornwall continue to grow and be successful advising on the energy transition.”
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