Bridges’ Evergreen fund bags 3.4x return on AgilityEco sale

The home energy efficiency company’s turnover grew threefold under Bridges’ ownership.

  • AgilityEco’s turnover has reached over £100m
  • The company worked with more than 36,000 households in 2022-23
  • The IRR on the exit was 40 percent

Bridges Fund Management has exited home energy efficiency business AgilityEco via a strategic sale to M Group Services.

Bridges’ impact-focused Evergreen fund made a money multiple return of 3.4x and an IRR of 40 percent on the sale. Since Bridges’ investment in the company in 2019, AgilityEco’s turnover has grown by three times to over £100 million ($127 million; €116 million), according to a statement.

AgilityEco provides home energy advice and products to low-income households in the UK. The London-headquartered firm worked with more than 36,000 households in the 2022-23 financial year, the statement added.

“AgilityEco is exactly the type of business that Evergreen wants to partner with,” said Tom Biddle, Bridges partner, in the statement. “It exists to tackle two of the greatest challenges facing the UK today: decarbonising our housing stock and lifting people out of fuel poverty.”

Bridges is a private capital firm based in London.

Arrowpoint Advisory provide corporate finance advice to shareholders. CMS was legal advisor. Baringa and KPMG supplied vendor due diligence services. Liberty and CMS advised management.