Bridgepoint Development Capital has backed a management buyout of Building Automation Solutions (BAS).

The Altrincham-based company, founded in 2006 following a buyout from Siemens, helps businesses reduce their energy costs and consumption. Managing director Brin Sheridan led the buyout.

BAS designs, implements and supports management systems which help building owners to control, monitor and reduce energy usage. It typically has long-term recurring contracts with clients or undertakes project-based work. The company employs about 210 staff across seven UK offices.

Bridgepoint Development Capital said the transaction will allow it to tap into the building energy management system market – estimated to be worth more than £500m a year in the UK and is forecast to grow 6 per cent per annum. The broader energy management market is estimated to be worth in excess of £2bn a year.

Sheridan said: “There is a clear opportunity for BAS to grow its core support and project work where we are already a significant player.

“In addition, BAS will increasingly become more involved in helping companies design and deliver their broad energy objectives as part of the larger energy management market, using our proprietary software to capture data and informing customers to take more operationally focused decisions about their energy policy.”

Debt for the transaction was provided by Yorkshire Bank Corporate and Structured Finance. Dow Schofield Watts, Travers Smith, Ernst & Young, CIL and Investec advised Bridgepoint, while Addleshaws advised the bank. Laytons acted for the vendor.

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