LDC Manchester backs buyout at energy software firm
THE Manchester office of private equity firm LDC has backed a management buyout at a Yorkshire software business which focuses on the energy sector.
Advisers from Altium and Clearwater in the city also acted on the deal for Stroma, which is based in Castleford.
LDC’s Simon Braham and Chris Wright led the investment into the firm, which has 200 employees and has 4,000 clients ranging from small firms to major utility companies.
Mr Braham commented: “Since launching Stroma in 2002, Matt Ferguson and his team have very successfully driven the evolution of the business from a technical consultancy to a software-led certification provider to the UK energy efficiency industry.
“Stroma is widely recognised as a high quality training provider that has developed leading software apps that reduce the complexity of reporting and compliance requirements for its users.”
RBS provided the debt finance in support of the transaction. Altium and DWF advised the vendors whilst Clearwater and Addleshaw Goddard advised LDC.
Dow Schofield Watts Transaction Services team provided financial due diligence on the deal.
Altium’s Adrian Reed, said: “The business has been growing very strongly to become the market leader in software enabled energy assessment services and it has a perfect partner in LDC to deliver its growth plans.”
The Clearwater team comprised partners Paul Jones and Mark Taylor, supported by director Nick Horrocks, assistant director Tom Barnwell and manager Aidan Miller.
