The management of Spark Energy have tabled an undisclosed offer to buy the Borders-based utility supplier.
Directors have recommended the offer and it is likely to be approved when the board meets next month.
Chairman Sir Timothy Noble and non-executive directors would step down on completion of the deal.
Chief Executive Chris Gauld said: “This is the natural next phase in Spark’s evolution. Whilst we can be proud of our achievements so far, we have big plans for an exciting future.
“The new institutional backers behind us have the extra financial strength and experience to enable us to fund and accelerate the next steps in our ambitious plans.”
Employing some 350 people – mostly at its Selkirk call-centre, Spark is one of the biggest employers in the town. Profits at Spark Energy – an electricity and gas supplier which specialises in the rental sector – more than doubled profits in its last financial year. It reported a 43% increase in turnover to £118.6 million from £83 million, with pre-tax profits sparking forward from £1.27 million to £3.4 million.
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