National business law firm, DWF, has advised LDC on the sale of Green Sky Energy Limited to E.ON.
Green Sky Energy, the parent company of leading commercial energy management business Matrix, has been acquired by E.ON Connecting Energies (ECT), a new global unit of E.ON focusing on energy efficiency and distributed energy solutions in the B2B sector.
The transaction provided a successful exit for private equity firm LDC, which invested £10 million for a significant stake in the business as part of a buyout in March 2010.
Manchester-based Matrix offers a suite of energy efficiency and management services, based on advanced metering and building energy management technologies. Since LDC backed Matrix in 2010, the business has transformed from a traditional building controls company into an integrated energy management services provider.
Jonathan Bell, the LDC director who led the initial investment and subsequent exit, said: "Matrix’s transformation into the market leader it is today is an excellent example of the role private equity can play in supporting a management team’s ambitions for growth and development and we wish the team all the best in the future in their new partnership with E.ON Connecting Energies.”
Jonathan Robinson, partner at DWF, led the deal and commented: “This sale will allow Matrix to build on the significant growth it has achieved with LDC, in addition to facilitating energy savings for an even broader range of customers.”
Jonathan was supported by Vicky Ross, senior solicitor, and Sajeda Motala, sentior solicitor, both in the corporate team at DWF.