NorthEdge acquires Correla

Correla was established as an independent entity at the start of 2021. Xoserve announced in January 2021 that it intended to form Correla as a new independently owned sister company as part of a restructuring. The new company would take on the majority of Xoserve's employees and strategic partnerships, Xoserve said in a statement, and would provide services to Xoserve via a commercial contract.

Xoserve said in the same statement that it was undertaking a competitive process to find a new investor for Correla, in which it would be seeking an owner whose values and objectives corresponded to the UK market's sustainability needs and requirements.

Following the divestment, Xoserve will specialise in contract management and assurance.

Correla is the first investment from NorthEdge Capital Fund III, the GP said in a statement. The fund held a final close in December 2020 on £250m and writes equity tickets of £2-45m, targeting UK-based mid-market companies.

Jon Pickering and Andrew Skinner will join Correla's board. Ian Kelly, chair of NorthEdge portfolio company Cloud Technology Solutions, will also join the board as non-executive chair.

Following the acquisition, NorthEdge intends to support Correla in the development of new products and services via investment in its data platform and its further expansion into alternative energy markets. The company could also undertake strategic acquisitions to expand its service offering, according to a statement.

Company
Correla was formerly part of Xoserve, which was founded in 2005, but was established as an independent company in 2021. Headquartered in Solihull, Correla is an energy technology and data platform, serving energy companies via data-service contracts. The company aims to provide services that simplify market participation. The business has more than 200 employees, according to LinkedIn. Former parent company Xoserve posted revenues of £80.7m in the 2019/20 financial year, compared with £69.8m in the previous year.

People
Correla – Sian Jones (CEO).
NorthEdge – Jon Pickering (partner, head of new business); Andrew Skinner (director, head of Midlands); James Marshall, Kevin O'Loughlin (investment directors); George Potts (director, head of ESG).

Advisers
Equity – PwC, Sarah Taylor, Ian Birch (corporate finance, commercial due diligence); Gateley, Tom Durrant (legal); BDO (financial due diligence); Crosslake (technology due diligence).
Company – KPMG, Khush Purewal, Taj Lalli, Callum Shields (corporate finance).
Vendor – Travers Smith, Richard Brown, Jonathan Walters (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• NorthEdge Capital