PwC advises TMA on its sale to Magnesium Capital
PwC’s Corporate Finance team is pleased to announce that the shareholders of TMA Group Holdings Limited (“TMA”) have completed the sale of a controlling stake in the business to funds advised by Magnesium Capital LLP (“Magnesium”).
Founded in 1987 and an Elexon Qualified Agent since 2006, TMA is a leading provider of metering and energy data management services to the GB energy market, supporting more than 8.5 million electricity meter points across energy suppliers, third-party intermediaries and corporate customers.
Through its integrated NexFlow platform, TMA supports billing accuracy, settlement performance and regulatory compliance and is at the forefront of the industry, actively delivering the transition to Market-wide Half-Hourly Settlement (“MHHS”). Magnesium will partner with TMA’s management team to support the company’s next phase of organic growth, further investment in technology and service capabilities, expansion of its energy consultancy and carbon services, strengthening of its metering and field operations capability, and the pursuit of strategic acquisition opportunities.
“We’re delighted to welcome Magnesium Capital as TMA’s investment partner as we enter the company’s next phase of growth. Their backing will help us invest further in our technology and services, support customers through MHHS and build on TMA’s strong market position. PwC understood both our business and the wider energy market. Their commercial judgement, responsiveness and commitment throughout the process made a genuine difference in securing the right outcome for TMA and its shareholders.”
“Meridian have been involved with TMA at Board level for a number of years and are proud to have been part of this UK based success story. Working closely with the founder Tim Meyer and the amazing management team led by Rob Kitchen, this has been an incredible journey for this data led technology company leading the way in the energy and smart metering sector. We are very grateful for the market-leading advice, support and commitment PwC provided throughout the transaction, helping us navigate the process and deliver a successful outcome.”
“We are delighted to have advised the shareholders of TMA on this transaction. TMA has a long-standing reputation for providing mission-critical metering and energy data services to the GB energy market. With the transition to Market-wide Half-Hourly Settlement further increasing the importance of accurate and trusted energy data, the business is well positioned for its next phase of growth. Magnesium Capital is a strong strategic partner for TMA and we look forward to seeing the business continue to develop with Magnesium’s backing. It was a pleasure to work alongside Meridian Corporate Finance, who provided valuable support and guidance to the business throughout the transaction.”
PwC’s Lead Advisory practice brought together multiple Corporate Finance sector capabilities across Energy, Industrials & Services and Sponsor Coverage to deliver an excellent result for the client.
The Corporate Finance engagement team was led by Jonathan Massam (Partner), supported by Ben Francis (Director), Chris Bush (Associate Director), Ben Binnie (Manager) and Conor Hall (Manager).
The engagement team was assisted by PwC’s Financial Sponsor Coverage team led by Johnny Colville (Partner).
PwC also provided vendor due diligence services led by Simon White (FDD), Panos Stergiopoulos (CDD) and Carrie Hale (Tax DD).
A separate PwC Debt Advisory team provided debt advisory services to Magnesium Capital.
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