Manchester gas specialist acquired in big Anglo-Indian deal
Manchester-based Edina Power Solutions has been bought by a joint venture partly established by the government of India.
Edina, a supplier, installer and maintenance provider of natural gas and biogas combined heat and power applications, has been acquired by EPAL, a joint venture between EnergyPro Asset Management and Energy Efficiency Services Ltd, launched in 2010 by India’s Ministry of Power.
The deal, for an undisclosed figure, will give the new owners a platform for growth in both the UK and overseas, and promises more jobs and further investment.
Established in 1985, Edina employs 200 people across its UK headquarters in Manchester and manufacturing base in Lisburn, Northern Ireland, and provides work for 400 contractors. Edina also has a small operation in Australia.
EnergyPro is a UK based company which aims to accelerate investment into energy and resource efficiency.
EESL is the world’s largest public energy services company, owned by the Indian Public Service Undertaking, which includes National Thermal Power Corporation, Rural Electrification Corporation, Power Finance Corporation & Power Grid Corporation. The four organisations have a combined market capitalisation of more than $30bn.
Under the administration of the Ministry of Power, Government of India, EESL is working towards mainstreaming energy efficiency and is implementing the world’s largest energy efficiency portfolio in the country.
Cooper Parry Corporate Finance acted as lead advisers to the shareholders of Edina. Fieldfisher provided legal advice. PKF FPM provided tax advice.
Edina joint managing director Tony Fenton said: “We are looking forward to this new chapter in our growth story, of replicating our success in new markets while leveraging EESL’s experience across the globe.
“The opportunities in a vibrant and dynamic economy like India’s are particularly attractive for us, and we’d like to be able to introduce Indian industry to the benefits of CHP and our unique service offering.”
The Cooper Parry Corporate Finance team was led by Phil Hinson. He said: “This is another significant example of a cross-border transaction completed with a strategic buyer. We wish management and the business all the best for the future.”
Mary Erb, corporate partner at Fieldfisher in Manchester advised the shareholders of Edina on its disposal.