The deal

Expansion into UK supplier market and metering operation services supports growth strategy

Our Corporate Finance team has advised EPG Energy Limited, trading under the name EnDCo, on the sale of the company to Erova Energy (Erova), an energy trading company with offices in Dublin, London and Amsterdam.

This transaction enables EnDco and Erova to expand into new areas such as fully backed green supply. EnDco’s focus on meter level logistics and Erova’s imbalance management expertise gives asset owners and suppliers access to fully outsourced energy operations.

Based in Chelmsford, Essex, EnDco is an electricity supplier operating in the UK industrial and commercial market, providing its customers with direct access to the wholesale electricity market on a transparent and independent basis.

The FRP Corporate Finance team, led by James Cooper and supported by Cameron Robertson, were initially appointed by the shareholders to conduct a strategic options review of EnDco, which concluded that a sale of the company to a trade party would deliver the requisite platform for continued growth. The team were then appointed to advise on the sale, which involved preparation for sale, presenting the business to Erova, and negotiating a deal structure that aligned the interests of all shareholders.

Erova was established in 2015 and has grown rapidly into a leading provider of energy management services, focusing on supporting the transition to a Net Zero world. With 2022 turnover exceeding €500 million, Erova now manages over 1GW of renewable and flexible generation across a range of Route to Market structures including Power Purchase Agreements and Revenue Optimisation Services in Ireland and the UK.

Ownership transfer will open new commercial opportunities for both EnDCo and Erova whilst maintaining EnDCo as an independent supplier. Combining the synergies of both parties with EnDCo’s core metering and trading systems coupled with Erova’s established market presence and increased financial resources, new products and services should be brought to the GB market space.

The transaction was supported by Birketts on behalf of EnDCo, led by Caroline Nicholls (Corporate) and supported by Lisa Hayward (Employee Incentives), Robbie Watson (Tax) and Alex Price (Corporate). Burges Salmon’s Corporate and Energy team (led by Jonathan Eves and Mark Devlin) advised Erova.

James Cooper, Director at FRP Corporate Finance, said: “EnDCo is a true pioneer that is taking a different approach to other energy suppliers and has created a niche service offering which is highly complementary to Erova’s growth strategy. The deal is an important milestone in the exciting future of the company, and we look forward to seeing the continued growth and success of the business under Erova’s ownership.”

Les Abbie, CEO at EnDCo said: “I am excited by the growth potential of teaming up with Erova. We will be able to move into new areas of the market and expand our customer base while continuing to operate the same business model.  We would like to thank FRP Corporate Finance for their advice and support provided during our transaction which was at all times professional, timely and focused.”

Nick Williams, Director of Origination at Erova, said: “We welcome the EPG Energy team to the Erova family. They play a strategic role in helping us expand our offering to the UK supplier market, and support us in extending our metering operations services.

“EPG Energy will maintain their independence to providing services and market pricing to generators, with the added advantage of having access to Erova’s financial strength.”