Altium advises on Stroma MBO
The Manchester office of mid-market private equity house LDC has backed the management buyout of Stroma, in a deal led by mid-market financial advisory group Altium.
The value of the deal has not been disclosed.
Based in Castleford, Stroma was established in 2002 by Matt Ferguson, Rob Coxon and Steve Turner.
The business now employs over 200 people across two divisions: Stroma Certification, a provider of training, accreditation and software products used throughout the UK energy assessment market; and Stroma Technology, a provider of energy-related technical consultancy services including assessment and advice relating to the energy performance of buildings.
Adrian Reed, managing director and head of energy at Altium, advised Stroma and its shareholders on the deal, with support from Chris Hopwood and Tom Battersby. The transaction will further strengthen Altium’s presence in energy efficiency products and services.
Reed says: "It has been a pleasure working with Stroma’s management team. The business has been growing very strongly to become the market leader in software enabled energy assessment services and it has a perfect partner in LDC to deliver its growth plans.”
Investment directors Simon Braham and Chris Wright led the LDC team.
Braham says: “Since launching Stroma in 2002, Matt Ferguson and his team have led the evolution of Stromafrom a technical consultancy to a software-led certification provider to the UK energy efficiency industry. Stroma is a high quality training provider which has developed software apps that reduce the complexity of reporting and compliance requirements for its users. We anticipate continued strong demand for Stroma’s services through further extension of its training and software services and strong expertise in energy-related technical consulting activities.”
RBS provided the debt finance in support of the transaction, DWF advised the vendors while Clearwater Corporate Finance and Addleshaw Goddard advised LDC.
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