Lloyds Bank's private equity arm LDC today announced it had invested £25m into energy comparison firm Love Energy Savings.
The secondary buyout of the business is expected to accelerate its growth, and marks a partial exit for NVM Private Equity, which first backed the comparison site in September 2015.
Bolton-based Love Energy specialises in comparing business energy prices by connecting small and medium size businesses with the best deal for their gas and electricity.
The company boasts over 40,000 customers, last year reporting revenues of £17.4m.
Love Energy also announced the appointment of former uSwitch boss Steve Weller to the board as non-executive director.
LDC's investment will be put into the expansion of corporate services division Love Energy Solutions, as well as fund its proprietary technology platforms and diversification into the water, telecoms and insurance markets.
"Over the past three years, and with the support of NVM, we’ve invested heavily in technology and expanded into new, untapped markets," said Love Energy's co-founder, Phil Foster. "This has helped us to bring more of our market-leading services to businesses across the UK, but we’re only at the tip of the iceberg when it comes to how we can help companies to save money.
"Bringing LDC on board will enable us to build on this momentum and ensure we can continue to give our customers, old and new, an unrivalled service when it comes to quality and value for money. In LDC we have a partner that not only provides the financial backing we need to turbocharge growth, but one with a strong track record of driving growth at technology-led businesses in the energy sector."