LDC sells Green Sky Energy in ‘£85m deal’
GREEN Sky Energy, the parent company of Matrix, which has an office in Leeds, has been sold to a subsidiary of the energy group E.ON.
Market sources suggest the deal with E.ON Connecting Energies is valued at £85m-£100m.
Green Sky was set up after LDC spent £10m on a minority stake in the £25m-turnover energy management system specialist Manchester-based Matrix Corporate Solutions in March 2010.
The business, founded in 2003 by former Siemens employees, then embarked on a buy and build strategy that saw it acquire Uckfield-based DWEC, Channel Islands-based sister firm DWEC Europe, and Woking-based ACME.
These deals helped pushed turnover to £56m and expand its regional office network to nine as it sought to take an increasing share of the £850m energy management sector.
Staff numbers at the business increased from 105 to 340. It also strengthened the management team with the appointments of chief executive Ian Kelly, sales director Steve Daniels, chief financial officer Simon Oldfield and chairman Chris Thomas. Matrix’s Yorkshire office employs about 40 people.
Jonathan Bell, the LDC director who led the initial investment and subsequent exit, said: “The need for businesses to control their energy costs is paramount, which has provided a clear opportunity for Matrix to support and grow its blue chip client base.
“The business’ transformation into the market leader it is today is an excellent example of the role private can play in supporting a management team’s ambitions for growth and development. We wish Ian Kelly and his team all the best in the future in their new partnership with E.ON Connecting Energies.”
Mr Kelly said: “LDC has been the ideal investor in supporting the evolution of our offering and establishing our position in the UK energy management market. The team has been integral to supporting our considerable growth over the past three years, which has included a number of strategic acquisitions. Becoming part of a leading energy group like E.ON is an excellent outcome for employees and customers.”
Jonathan Robinson and Vicky Ross from the Manchester office DWF provided legal advice to LDC, while Partner Chris Cormack of MaxAim delivered vendor assist services.
Deloitte’s transaction services team in Manchester, led by partner Jodi Birkett and supported by assistant director Fiona Gray, advised E.ON on the acquisition.
