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LDC exits energy efficiency company Matrix to utility group E.ON

6 Sep 2013

UK private equity firm LDC has completed the exit of Green Sky Energy, the parent company of energy management business Matrix, in a deal with E.ON Connecting Energies, a new global unit of energy utility E.ON focusing on energy efficiency and distributed energy solutions in the B2B sector.

LDC invested £10m for a “significant” stake in the business as part of a buyout in March 2010.

Manchester-based Matrix offers energy efficiency and management services, based on advanced metering and building energy management technologies. It operates nine regional offices in the UK as well as an energy management centre in Glasgow.

Since LDC backed Matrix in 2010, revenues at Matrix have doubled from £25m to £54m in 2012. LDC also backed the business in its strategic acquisitions of DWEC in August 2010 and ACME in December 2011.

Jonathan Bell, director at LDC, 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.”

In the past 12 months, LDC’s North West UK team has completed four new transactions and invested almost £80m of equity including ATG Access and Angus Fire.

Alongside the exit of Matrix, LDC’s Manchester office has completed the exit of its investments in childcare provider kidsunlimited, international engineering group MB Aerospace, and Direct Group.

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