LDC funds follow-on investment at Matrix

A TAMESIDE energy management firm which was the subject of a £10m buyout earlier this year has acquired a couple of competitors from Sussex-based DWEC Group.

Green Sky Energy, which makes building energy management systems, has acquired Uckfield-based DWEC and Channel Islands-based sister firm DWEC Europe for an undisclosed sum.

Green Sky is the new parent group set up following private equity firm LDC’s £10m buyout of £25m-turnover firm Matrix Corporate Solutions in March.

LDC has also funded this pair of acquisitions, which it said would give Droylsden-based Green Sky an international presence and a boost turnover to more than £36m.

DWEC was set up in the early 1990s and has installed building management systems in high-profile sites such as Buckingham Palace, the Royal Household buildings, Natural History Museum, National Gallery and the Royal Albert Hall. DWEC Europe was formed in 2002 and has customers in niche sectors such as pharmaceuticals, data centres and a number of media businesses.

Matrix supplies energy management systems to clients such as Tesco, Marks & Spencer, BAE Systems and the BBC.

LDC investment director Jonathan Bell said: “The deal represents an excellent strategic and geographic fit for Matrix, adding more bandwidth to the group’s services as well as proven technical skills.

Green Sky chief executive Ian Kelly said: “The challenges of both rising energy costs and carbon reduction legislation across large property estates are really driving the market and it’s key that we maintain and further develop our service capability for our clients in both reach and technical expertise.

“Since the deal, we’ve worked closely with LDC and the additional funding will enable us to build a true market-leading presence in the energy management sector.”

DWEC founder David Woodhams and DWEC Europe director Darren Chenery will also both join Green Sky Energy’s board alongside its current management team.