German energy company E.ON today announced it is snapping up Matrix, the UK energy management firm for an undisclosed sum.
Manchester-based Matrix which also offers energy efficiency services for commercial buildings will come under the wing of the German firm’s subsidiary E.ON Connecting Energies (ECT).
The company has 340 employees and nine regional offices in the UK, managing more than 31,000 data connections to customer sites in 22 countries around the world. It claims to deliver energy savings of up to 40% for its customers.
Matrix’s chief executive Ian Kelly expressed the aim of hitting £100m turnover in the Manchester Evening News last year. The energy services boss also told the paper of plans for “eco holidays” where staff will be paid to go to developing countries. He cited his main customers at the time as M&S, Tesco, Lloyds Bank, Sainsbury’s, Virgin Media, Boots and BT.
Mr Kelly said of the deal: “E.ON has the international presence as well as the breadth and depth of energy technology expertise that will allow us to move from a leading national player to a leading global player in the B2B (business to business) energy efficiency space.”
A spokesperson for E.ON told ELN this “completes the circle” of helping firms monitor and manage their energy use, generate their own power and now “doing it all for them”. They added: “Energy efficiency is a big deal for us”.
The deal is “an important strategic move” into the fast growing energy efficiency market according to Hervé Touati, chief executive of E.ON Connecting Energies.
He said: “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”.
The deal is subject to Austrian merger control clearance and expected to close in October.
Last month the facilities management arm of Balfour Beatty was bought by French energy company GDF Suez for £190m.