OakNorth Bank has provided a £7m working capital facility to TriConnex and eSmart Networks to support working capital and future growth.
Previously part of AIM listed Nexus Infrastructure plc, TriConnex is a provider of multi-utility services, including electricity, water, gas, fibre and EV charging, and eSmart Networks, and is a fully accredited Independent Connections Provider, delivering the decarbonisation of the UK transport and energy systems.
Established in 2011 and with offices in Essex, Leicester and Bristol, TriConnex works closely with residential developers and SME housebuilders to offer end-to-end multi-utility solutions. Recently launching their new Grid Dynamix Service, TriConnex are further set to support developers in finding, capturing, and keeping the electrical connections they require for their live project pipelines.
Also founded by experienced business leader, Mike Morris, eSmart Networks design, supply, and install EV charging infrastructure, including grid connections, charger installations, civil engineering components, and battery storage solutions.
In addition, the business connects solar, wind, and other renewable energy sources to the electricity network, whilst also designing and building the on-site high-voltage electrical infrastructure required to get these renewable energies to the grid.
Both companies were acquired in February 2023 by FitzWalter Capital, the global private investment firm, from Nexus Infrastructure plc.
Alan Martin, Chief Financial Officer at TriConnex and eSmart Networks, said: “TriConnex and eSmart Networks have built-up very strong reputations within the UK’s utility industry. The recent acquisition by FitzWalter Capital is a testament to the two businesses and their successes over recent years. We were drawn to OakNorth as we required a specialist lender with experience in the sector and one that could provide us with a credit line that fitted our specific needs.”
Stuart Blair, director of debt finance at OakNorth Bank, added: “This transaction presented us with an opportunity to support both TriConnex and eSmart Networks alongside a successful equity fund to enhance their future growth plans. With the UK’s utility market set for significant growth over the coming years, driven by the government-led Review of Electricity Market Arrangements, both TriConnex and eSmart Networks are in a perfect position to capitalise on this tailwind.”
