£10m purchase of part of energy management firm follows acquisition of stake in housing specialist
The private equity arm of Lloyds bank is set to buy a minority stake in building energy management systems firm Matrix.
Lloyds Development Capital, which last week bought a stake in housing specialist United House, will invest £10m in the Manchester-based firm.
Matrix will now pursue an acquisition-led strategy backed by LDC to create a market-leading service provider in the £850m energy management sector.
In a statement released today the pair said that “several complementary businesses have already been identified, with a maiden acquisition expected to follow within the coming months”.
LDC’s investment signals an intent to plough money into the construction sector, following its interest in United House and having previously invested in social housing firms Herbert T Forrest and Bullock, which it paid over £100m for in early 2008.