Global Outlook 2024 Report


Like this article?

Sign up to our free newsletter

LDC-backed Green Sky Energy acquires DWEC

LDC-backed Green Sky Energy, a UK-based energy management businesses, has boosted its international capabilities by acquiring two businesses from the DWEC Group.

DWEC and DWEC Europe operate in the building energy management systems arena, predominantly in the South of England and Channel Islands. 

Established in the early 1990s, DWEC serves a largely blue-chip client base and has carried out installations in a number of prestigious sites including Buckingham Palace, the Royal Household buildings, Natural History Museum, National Gallery and the Royal Albert Hall
DWEC Europe was formed in 2002 and has customers in niche sectors such as pharmaceuticals, data centres and European wide media businesses.
Green Sky Energy received a GBP10m equity injection from LDC in March this year to acquire Matrix Group. Matrix is a UK-based sustainable energy services organisation, deploying unified energy services to its blue chip client base, which includes Tesco, Marks & Spencer, BAE Systems and the BBC.
The acquisitions of DWEC and DWEC Europe were funded by a further equity investment from LDC and were led by LDC investment directors Jonathan Bell (pictured) and Jon Pickering.
The deal brings the combined group turnover to over GBP36m and strengthens its international offering as well as its focus in the key markets of London and the South East of England.
Bell says: “LDC is committed to providing high quality companies with the means to build scale organically and through acquisitions. The deal represents an excellent strategic and geographic fit for Matrix, adding more bandwidth to the group’s services as well as proven technical skills.
“This complementary acquisition also enables Green Sky to continue to meet the growing demands of its customers, who are increasingly keen to reduce their energy consumption as a result of the introduction in April of the new CRC Energy Efficiency Scheme, continued price volatility in the energy markets and the growing importance of efficiency as part of their corporate social responsibility strategies.”
Following the investment, the Green Sky Energy operations board will be strengthened with the appointments of David Woodhams, founder and chairman of DWEC, and Darren Chenery, director of DWEC Europe, who have over 40 years’ combined industry experience. Both have invested in Green Sky Energy alongside existing investors.
Woodhams says: “We are delighted to be a major part of the UK’s market leader in building energy solutions. The merging of DWEC and Matrix has created a business capable of national energy service delivery to meet the demands of the new dynamic energy market.”

Like this article? Sign up to our free newsletter