A technology and data business has been bought out by a private equity firm.
Solihull-based Correla has been acquired by the Birmingham office of NorthEdge following its divestment from Xoserve, the gas industry’s central data service provider.
Correla was created to fuel innovation in the gas and wider energy sector by providing tech and data services which aim to help create a less complex and more sustainable sector.
The undisclosed acquisition will allow it to deliver new products and services through investment into its data platforms and expansion into alternative energy markets through organic growth and acquisitions.
The divestment will also see Xoserve become a specialised contract management and assurance company as part of a restructure of its existing operations.
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It will continue to deliver services back to Xoserve through a commercial contract.
NorthEdge will work alongside Correla’s chief executive Sian Jones to deliver the business’ long-term vision of reducing industry complexity for the benefit of end consumers.
Ms Jones said: “The UK has an incredible task ahead to meet its decarbonisation targets and we’re committed to supporting customers every step of the way.
“NorthEdge’s acquisition has come at a critical time for us as we look to develop new products, services and technologies that will remove complexity from the market and unlock operating models that better support the UK’s energy transition.”
The investment is the first out of NorthEdge’s newly raised £250 million Fund III which closed in December which, alongside other funds, has given the firm £370 million to invest in high-growth businesses.
NorthEdge’s partner Jon Pickering and head of Midlands Andrew Skinner will join the Correla board alongside Ian Kelly as non-executive chairman.
Mr Skinner added: “Correla is already an integral service partner to stakeholders in the UK gas network and we’re excited to support the team to enhance that performance.
“We have been investing in the energy and utilities sector for more than ten years and therefore understand first-hand how data has transformed the market and the role it will play in the transition to net zero.
“We are extremely pleased to have Correla join our growing portfolio and look forward to working with Sian and the rest of the team to grow the business together.”
Advisers from BDO, Crosslake, Gateley, KPMG, PwC and Travers Smith acted on the deal.