Energy and utility outsourcing company, EnServe Group, announced it has sold its Energy division to Intermediate Capital Group Plc, managed by the Vitruvian Partners. The sale of Inenco Group, which is has been recognized as Energy Broker of the Year for 2010 and 2011, will be subject to usual regulatory approvals.

EnServe Group said in statement that the proceeds of the deal will be utilized to decrease bank debt at the level of the parent company as well as invest in its remaining divisions. Other details of the transaction have not been revealed.

"Inenco Group has achieved a market leading position through its ability to provide comprehensive energy procurement, energy management and data processing services in a market which continues to expand as more companies outsource their procurement activities in this specialised field," said David Cruddace, EnServe Group's Chief Executive.

"We are delighted that Vitruvian are acquiring Inenco Group and will be investing in its future growth," Cruddace added.