LDC sells Matrix Energy to ECE

The business will continue to operate as a stand-alone entity with the established Matrix brand under its new, Germany-based parent company ECE.

The new E.ON unit was established last year to focus on energy efficiency and solutions for commercial and industrial customers on a global scale. The subsidiary is predominantly active in Germany, Italy, Russia, the Middle East and the UK. ECE is headquartered in Essen.

LDC backed the buyout of Matrix in March 2010 with a £10m investment. The transaction saw LDC acquire a minority stake with debt for the deal provided by HSBC.

Company
Founded in 2003, Matrix is headquartered in Manchester with eight additional UK offices in Chepstow, Durham, Farnborough, Glasgow, High Wycombe, Leeds, Woking and London.

The company employs 340 staff, up from 105 at the time of LDC's investment in 2010. Likewise, Matrix's turnover has increased from £25m in 2010 to £54m in 2012.

Matrix designs and implements energy management technology solutions for commercial customers. The company has clients in 22 countries worldwide.

People
Ian Kelly is the CEO of Matrix. LDC investment director Jonathan Bell led both the original deal and the divestment for the firm. Herve Touati is the CEO of ECE.

Advisers
Vendor – DWF, Jonathan Robinson, Vicky Ross (Legal); MaxAim, Chris Cormack (Corporate finance).
Acquirer – Deloitte, Jodi Birkett, Fiona Gray (Corporate finance).

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