South West specialist electrical engineering firm Sinewave is set to power ahead with its rapid expansion following a multimillion-pound investment into the business, supported by regional law firm Thrings.
Founded in 2015 by CEO Adam Woodley, Swindon-based Sinewave has grown from a small living room-based operation to a key independent player in the UK, providing mission-critical grid connection services to the electric vehicle (EV), renewable energy and data centre sectors.
It currently maintains more than 2,500 sites across.
Private markets investment firm Three Hills has acquired a significant minority stake in Sinewave to enable it to accelerate innovation and scale up its services.
The investment – exact details of which have not been disclosed – is structured as a mix of preferred equity and senior secured debt.
Three Hills said it would help Sinewave address some of the UK’s most pressing energy infrastructure challenges – from integrating renewable energy generation to delivering the high-capacity connections that power data centres and national EV charging networks.
Adam Woodley, CEO and founder of Sinewave, said Three Hills’ flexible capital approach and deep understanding of infrastructure businesses would be invaluable as the firm entered the next phase of growth.
“This partnership will allow us to expand our capabilities, strengthen our market position and continue delivering high-quality solutions to our clients,” he said.
Three Hills, which specialises in providing bespoke capital solutions to entrepreneurs and management teams in Europe and North America, has made the investment through its sustainability-focused Three Hills Impact operation.
Marco Anatriello, partner at Three Hills, described Sinewave as a standout example of a business delivering essential infrastructure for the energy transition.
“Its strong operational track record, technical capabilities and impact-driven culture make it an ideal partner for Three Hills,” he said.
“We are excited to support Adam and the team as they continue to drive significant growth and innovation in grid connection services.”
Marco Anatriallo and Daniel Knight from Three Hills have joined Sinewave’s executive team.
Leading on all legal aspects for long-time client Sinewave were Thrings’ corporate team, led by partner John Richardson and supported by Elaine Meyrick, Matt Cornforth, Bethan Shepherd and Joseph Watkins, who liaised with M&A advisor KPMG in relation to the highly competitive process and on negotiation of terms of the investment.
Also supporting the wide aspects of the deal were Natalie Ward and Sacha Jones from Thrings’ employment team and Annabel Rowland from the firm’s commercial property team.
Baringa (commercial) and RSM (financial and tax diligence) also advised Sinewave,
Three Hills was advised by Opus Corporate Finance, Eversheds (legal), CIL (commercial diligence), Cortus (financial & tax diligence), LCap Group (human capital), RSM (tax structuring) and Vista (insurance diligence).
Adam Woodley, at Sinewave, said: “We are delighted to have had the support of Thrings over the years and, particularly throughout this process, and want to thank John, Elaine and the team for the hard work that has gone into securing this investment.
“The firm has been a long-time ally in helping us achieve our goals and we look forward to continuing our partnership.”
Thrings partner John Richardson added: “Sinewave’s commercially and purpose-driven approach has been the catalyst for their continued success and a standout first decade in a competitive industry and we couldn’t be happier to have supported them through this latest leap in their development.
“With this investment and the backing of Three Hills secured, all attention can now turn towards the next 10 years and further growth and innovation within the business as they continue to break the mould.”