A technology and data business was bought out by a private equity firm.
Correla, based in Solihull, was acquired by NorthEdge’s Birmingham office following the sale of Xoserve, the gas industry’s central data service provider.
Correla was created to drive innovation in the gas and energy sectors by delivering technology and data services designed to help create a less complex and more sustainable sector.
The undisclosed acquisition will enable it to deliver new products and services by investing in its data platforms and expanding into alternative energy markets through organic growth and acquisitions.
The divestment will also transform Xoserve into a specialist contract management and insurance company as part of a reorganization of its existing business.
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It will continue to return services to Xoserve under a commercial agreement.
NorthEdge will work with Correla’s CEO, Sian Jones, to realize the company’s long-term vision of reducing the complexity of the industry for the benefit of end users.
Ms. Jones said, “The UK has an incredible job ahead of it to meet its decarbonization goals and we are determined to support customers every step of the way.
“The acquisition of NorthEdge has come at a critical time for us as we want to develop new products, services and technologies that take the complexity out of the market and unlock operating models that better support the energy transition in the UK.”
The investment is the first of NorthEdge’s newly borrowed Fund III of £ 250 million, which closed in December. Together with other funds, the company has provided £ 370 million to invest in high growth companies.
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NorthEdge partner Jon Pickering and Midlands head Andrew Skinner will join Correla’s board of directors along with Ian Kelly as non-executive chairman.
Mr. Skinner added, “Correla is already an integral service partner for the UK gas network stakeholders and we look forward to helping the team improve this performance.
“We have been investing in the energy and utilities sectors for more than a decade, so we understand firsthand how data has transformed the market and what role it will play in the transition to net zero.
“We are extremely excited to have Correla added to our growing portfolio and look forward to working with Sian and the rest of the team to grow the business together.”
Advisors from BDO, Crosslake, Gateley, KPMG, PwC and Travers Smith acted on the deal.