Evolve Corporate Finance advises on sale of Fundamentals to EA Technology
Birmingham-based Evolve Corporate Finance has completed one of its sell-side mandates, successfully closing the sale of Fundamentals to private equity-backed EA Technology.
Founded in 1994 and headquartered in Swindon, Fundamentals is a provider of voltage control solutions to electricity utility companies. The company’s software helps utility companies overcome voltage control problems and improve the health and performance of electrical grids, particularly as networks transition to renewables.
The deal will see Fundamentals become part of EA Technology’s wider group and will enable the business to grow its offering and solutions. EA Technology, founded in 1966, is a global player in deploying data-driven solutions for electrical networks serving the electricity industry. Headquartered in Chester, its operations and customers are global, with four regional offices around the world. EA Technology is backed by Summa Equity.
Fundamentals will continue to operate from its headquarters in Swindon and from its site in Oldham, and all members of its board will continue to be part of the business.
The deal
An advisory team from Evolve Corporate Finance, led by partners Tom Hammond, Jonathan Wright and Justin Sparks, provided strategic advice to the shareholders of Fundamentals, negotiating terms, providing project management support, and leading the due diligence process. Roxburgh Milkins, a Bristol-based law firm, provided legal advice to Fundamentals.
Tom Hammond, partner at Evolve Corporate Finance, commented: “It has been a pleasure advising and supporting the shareholders of Fundamentals on this transaction. The strategic partnership with EA Technology will put Fundamentals in a truly impressive position in its market and enable it to capitalise on the success and innovation it has delivered to date.”
Reflecting on the collaboration with Evolve Corporate Finance, Jon Hiscock, shareholder and CEO of Fundamentals, said: “The sale to EA Technology is a pivotal moment in our journey. I am so pleased that we chose Evolve Corporate Finance to help us navigate the process and secure a wonderful deal for the business. They came highly recommended and certainly vindicated this with their exceptional knowledge, experience, continuous support, and positive attitude.”
Evolve Corporate Finance has a team of around a dozen dealmakers. The consulting firm works predominantly with owner-managers in the SME market on transactions between £5 million and £100 million.
