Manchester’s Edina bought in £55m deal

Manchester-based Edina, a provider for CHP, gas and diesel power generation, has been bought by EPAL, a joint venture between India’s EESL (Energy Efficiency Services Ltd) and UK based EnergyPro Asset Management Ltd for roughly £55 million.

The deal will give the new owners a platform for growth in both the UK and overseas and promises more jobs and further investment.

Edina supplies, installs and maintains CHP (combined heat and power), gas and diesel power generation systems.

It employs 200 people across its UK headquarters in Manchester, manufacturing base in Lisburn, Northern Ireland, and offices in Dublin and Cork within the Republic of Ireland, and provides work for 400 contractors. Edina also has a small operation in Australia.

EESL is the world’s largest public energy services company, owned by the Indian Public Service Undertaking which includes National Thermal Power Corporation, Rural Electrification Corporation, Power Finance Corporation & Power Grid Corporation. The four organisations have a combined market capitalisation of more than $30 billion.

EnergyPro Asset Management Ltd is a UK based company which aims to accelerate investment into energy and resource efficiency.

Edina’s new chairman is Saurabh Kumar, managing director of EESL and chairman of EPAL.

An electrical engineer from Indian Institute of Technology (IIT) Kanpur, he served the UN on deputation handling environmental issues in the Asia-pacific region.

He has been with the Union Ministry of Power for close to 15 years and has been leading EESL in successfully implementing energy efficiency projects.

Kumar said: “We are excited about this new venture and about harnessing the capabilities of a company that has a long history of successfully implementing combined heat and power technology.

“Leveraging Edina’s unique bespoke approach with our proven, innovative business models for scaling energy efficiency solutions across international borders, we are confident in the potential of this partnership to scale trigeneration technology adoption and to transform CHP market in India.

“The acquisition is therefore also an important strategic step in our continued efforts towards facilitating India’s energy security and sustainable energy supply.”

Tony Fenton, joint managing director, Edina stated: “We are looking forward to this new chapter in our growth story, of replicating our success in new markets while leveraging EESL’s experience across the globe.

“The opportunities in a vibrant and dynamic economy like India’s are particularly attractive for us, and we’d like to be able to introduce Indian industry to the benefits of CHP and our unique service offering.”

The deal’s professional advisors included KPMG, Bowline Capital Finance, Lux Nova and Verco Global.