Energy consultant Broadfern Partners has strengthened its operations after completing a multi-million pound acquisition.

The Redditch-based company, which manages the energy requirements of more than 700 clients across the UK, has bought Energy Information Centre (EIC), which provides a range of integrated energy services, covering the oil & gas, electricity and water industries.

Broadfern paid £4.7 million on completion with the terms of the deal including a further deferred payment.

The company was sold by Euromoney Institutional Investor plc as part of its strategy of focusing on its subscription-based electronic data products. EIC was bought by Euromoney in October as part of its £22 million acquisition of metal market news service Metal Bulletin.

EIC is the latest business to be sold by Euromoney and follows the disposal of magazines such as Batteries International, DreamWorld Cruise Destinations, Asian Ceramics, Asian Glass and Raven Fox as well as Atalink, a producer of more than 25 specialist and direct response publications and Websites.

Broadfern was advised throughout the transaction by the corporate finance arm of PKF (UK) LLP, which was led from its Birmingham office by corporate finance partner and mergers and acquisitions specialist Malcolm Cook.

Cook said this deal continues the firm’s work of advising on Broadfern’s acquisition strategy. “This has included looking at a number of potential acquisition targets. We approached the owners of EIC after their parent company Metal Bulletin was itself bought out by Euromoney and then advised on the acquisition.

“We assisted with the valuation and negotiation of the deal, and raised finance for Broadfern with Barclays to fund the purchase,” he added. “We also project managed the acquisition process including carrying out financial due diligence on the target company.

“This represents a strategic acquisition for Broadfern and consolidates their position as one of the leading names in their sector.”

Broadfern’s legal adviser was the Birmingham office of HBJ Gateley Wareing, led by senior partner Mike Ward and senior associate Philip Round.

“We have acted for Broadfern for a number of years and are pleased to support its continued growth as a leading energy consultancy,” Ward said.