German utility E.On has agreed to acquire UK energy management and efficiency firm Matrix. the terms of the deal were not disclosed. The transaction needs the go-ahead from Austrian competition watchdogs and is expected to close next month.
Founded in 2003, Matrix helps businesses reduce their electricity consumption in offices and other commercial buildings by up to 40 per cent by using data stored in its energy management centre.
The energy management centre, which is located in Glasgow, creates a virtual image of the company based on this information which is then analysed to pre-empt any wastage, and currently has 31,000 data connections to customer sites in 22 countries globally.
Matrix employs around 340 staff throughout nine sites in the UK, including its headquarters in Bury.
Herve Touati, chief executive of E.On Connecting Energies which is making the acquisition on behalf of its parent, observed that in addition to expanding its presence in the energy efficiency market, the acquisition bolsters its existing portfolio of services.
He went on to say: “We see tremendous opportunities from the combination of Matrix’s deep data-led building energy expertise with our capital-led energy efficiency and on-site generation capabilities. This will allow us to provide our customers in the UK and continental Europe much greater control of their energy cost.”
In May last year there were media reports that Matrix investor Lloyds Development Capital (LDC) was looking at selling its stake in the company valued somewhere between GBP 60.00 million and GBP 80.00 million. At the time, the Bury-based business had earnings before interest, taxes, depreciation and amortisation of around GBP 8.00 million, according to sources.
LDC, the private equity arm of Lloyds Banking Group, bought a stake in Matrix for GBP 10.00 million in 2010 when the firm was known as Green Sky Energy.
Germany, Düsseldorf & UK, Bury