Vitruvian Partners and ICG have fought off competition from some of Europe’s leading private equity firms to buy Inenco, the energy consultancy division of Cinven-backed EnServe Group for an estimated £150 million.

The UK mid-market buyout firm and London-listed alternative investor have beaten second round bidders including Montagu Private Equity, Exponent and HGCapital to buy the Cinven-owned company.