M&A Deal Summary

Centrica and ECP Acquire Grain LNG

On August 14, 2025, Centrica and private equity firm ECP acquired energy services and equipment company Grain LNG from National Grid for 1.5B GBP

Acquisition Highlights
  • This is Centrica’s 5th and ECP’s 18th transaction in the Energy Services and Equipment sector.
  • This is Centrica’s 0th and ECP’s 4th largest (disclosed) transaction.
  • This is Centrica’s 11th and ECP’s 3rd transaction in the United Kingdom.

M&A Deal Summary

Date 2025-08-14
Target Grain LNG
Sector Energy Services and Equipment
Buyer(s) Centrica
ECP
Sellers(s) National Grid
Deal Type Divestiture
Deal Value 1.5B GBP

Target

Grain LNG

Kent, United Kingdom
Grain LNG is a liquefied natural gas import, storage, and regasification terminal that receives LNG from ships (including QMax-class vessels), stores it in cryogenic tanks, then regasifies and processes it (including blending) to meet UK gas-network specifications. Grain LNG is based in Kent, United Kingdom.

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Buyer(S) 2

Buyer

Centrica

Windsor, United Kingdom

Category Company
Founded 1812
Sector Utilities
Employees21,038
Revenue 19.9B GBP (2024)
DESCRIPTION

Centrica is a utility company that serves customers in the UK, North America, and Norway. Centrica aims to meet our customers’ energy needs and deliver long-term value to our shareholders. Centrica was founded in 1812 and is headquartered in Windsor, England.


DEAL STATS #
Overall 22 of 22
Sector: Energy Services and Equipment M&A 5 of 5
Type: Divestiture M&A Deals 6 of 6
Country: United Kingdom M&A 11 of 11
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-29 Ensek

Nottingham, United Kingdom

Ensek is a software-as-a-service (SaaS) platform to provide existing energy providers with its revenue assurance and gross margin accounting product and new entrants with the end-to-end software solution required to enter and operate in the UK market. Ensek was founded in 2010 and is based in Nottingham, England.

Buy -
Buyer

ECP

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.


DEAL STATS #
Overall 57 of 57
Sector: Energy Services and Equipment M&A 18 of 18
Type: Divestiture M&A Deals 10 of 10
Country: United Kingdom M&A 3 of 3
Year: 2025 M&A 1 of 1
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-10 Calpine

Houston, Texas, United States

Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine was founded in 1984 and is based in Houston, Texas.

Sell $26.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-14 Liberty Tire Recycling

Pittsburgh, Pennsylvania, United States

Liberty Tire Recycling is a provider of tire recycling services in North America. Liberty collects and recycles used tires for innovative, beneficial re-use. The recycled rubber produced by Liberty is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills, and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a network of processing plants and comprehensive, nationwide collection services. Liberty Tire Recycling was formed in 2002 and is based in Pittsburgh, Pennsylvania.

Sell -

Seller(S) 1

SELLER

National Grid

London, United Kingdom

Category Company
Founded 1990
Sector Energy Services and Equipment
Employees31,654
Revenue 18.4B GBP (2025)
DESCRIPTION

National Grid is an electricity and gas company that connects consumers to energy sources through its networks. National Grid was founded in 1990 and is based in London, United Kingdom.


DEAL STATS #
Overall 8 of 8
Sector: Energy Services and Equipment M&A 3 of 3
Type: Divestiture M&A Deals 6 of 6
Country: United Kingdom M&A 4 of 4
Year: 2025 M&A 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-27 National Grid - Gas Transmission & Metering Business

London, United Kingdom

National Grid's Gas Transmission & Metering Business owns and operates regulated national gas transmission system and independent gas metering services.

Sell £9.6B