Case Studies
Calash Advises Turner Iceni Group on Market Review of its Condition Monitoring and NDT Inspection Services
Calash Advises Turner Iceni Group on Market Review of its Condition Monitoring and NDT Inspection Services
Research
Research underpins everything that Calash does and is all about using the right data sources and engaging the most knowledgeable market participants to triangulate actionable observations and advice.
We subscribe to accredited data sources and actively identify and acquire other bespoke data streams. We believe that data tells only part of the story. Calash draws on over a decade of independent expert network experience to identify and engage niche specialists, and customer sets to provide actionable market and customer insight.
Our Research division can undertake multiple forms of primary research projects, either as standalone projects or as part of wider due diligence or strategy consulting exercises:
- Market Referencing
Tailored market and voice-of-the-customer exercises to assess sales pipeline, reputational and customer risk, and identify growth opportunities. - Data Analysis
Identifying market and customer trends to shape data-verified decision making. - Market Intelligence
Focused studies on niche markets and sub-sectors to identify investment risks and opportunities. - Analyst Support
Outsourced financial, commercial and strategic support for capacity-constrained businesses.
Deals
Calash advises Strada Partners on its investment into Elsyca
Calash is pleased to announce that it provided commercial due diligence support to Strada Partners on its majority shareholder investment into Elsyca, a European digital twin simulation software company focussed on predicting and preventing corrosion of critical oil and gas
Infrastructure​ & Environment
Environmental Due Diligence:
Mitigating Operational Risk
Environmental due diligence will identify gaps in environmental regulatory compliance and poor operational practices that are potentially harmful to people and the planet, and negatively impact on the reputation of a business. What is an environmental due diligence exercise? Environmental
Deals
Calash advises PD&MS on its receiving investment from RSK Group
Calash is pleased to announce that it provided vendor commercial due diligence to Inflexion-backed PD&MS, a multi-disciplined engineering company, on its sale to sustainable solutions provider RSK Group.
Deals
Calash supports SES Energy on its acquisition of Chemical Injection Utilities Ltd (CIU)
Calash supports SES Energy on its acquisition of Chemical Injection Utilities Ltd (CIU)
Deals
Calash expands in the EU and Central and Eastern Europe with new Sofia office
Calash has boosted its presence in Central Eastern Europe (CEE) with the opening of a new office in Sofia, Bulgaria, to meet growing demand in the region for professional advisory services.
Energy
Heat Networks: The Shift to a Regulated Infrastructure Asset Class
The UK heat network sector has reached a defining moment. As of 27 January 2026, Ofgem is formally the sector regulator. This marks the transition of district heating from an unregulated niche into a formal infrastructure asset class. While the
Deals
Calash advises EV Holdings on its sale to Enersol
Calash is pleased to announce that it provided vendor commercial due diligence to EV Holdings (EV), a leading global provider of vision-based diagnostics and analytics services for the oil and gas sector, in support of its sale to Enersol, a
Deals
Calash supports the Scottish National Investment Bank on its investment into Cyacomb
Calash is pleased to announce that it provided commercial and management due diligence to the Scottish National Investment Bank on its investment into Cyacomb, a digital forensics and online safety company.
Deals
Calash advises ASCO on receiving investment from Endless LLP
Calash is pleased to announce that it provided vendor commercial due diligence to ASCO, a global provider of multi-site integrated supply base operations to the energy industry, in support of its sale to UK-based private equity investor Endless LLP.
Energy
Subsea Infrastructure Failure: Market Risks, Costs and Opportunities
Subsea cables are the unseen infrastructure powering 95% of global internet traffic and connecting the fast-growing web of offshore wind, interconnectors, and transmission grids. At Calash, we are tracking how this critical network is hitting a breaking point. As networks
Deals
Calash supports Foresight on its investment into J+S Subsea
Calash is pleased to announce that it provided commercial due diligence to Foresight Group on its investment into J+S Subsea, a subsea engineering company specialising in the provision, repair and refurbishment of subsea control systems.
Deals
Calash advises the Scottish National Investment Bank on its investment into Forrit
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Forrit, a software security specialist and developer of cloud-based content management system (CMS) software.
Energy
The Evolving Electricity Market: What Investors Need to Know About Renewables, Balancing, and Grid Flexibility
The UK’s electricity market is undergoing significant structural changes. We’re seeing a clear trend: balancing actions are increasingly required to manage the system, and the share of negatively priced periods has tripled since 2022, signalling that inflexible supply is exceeding
Energy
Private Equity, Divergent Demand Forecasts and the Energy Transition
Calash has brought together some of the most recent data, alongside its own insights into investment trends in the energy sector, to provide a view on the risks facing investors in the power and energy space.
Energy
SURF’s UP: Navigating the subsea transition
May 2022: The subsea market is heavily exposed to the energy transition, with offshore wind increasingly providing new project work. However, telecoms, power, and even deep-sea mining, are other areas of potential diversification. But how best to gain exposure to
Deals
Calash advises H2 Equity Partners on its investment in Motive Offshore
Calash is pleased to announce that it has provided commercial due diligence services to H2 Equity Partners on its multimillion-pound investment in Motive Offshore Group (Motive), which specialises in engineering, inspection and rental equipment for the energy sector.
Energy
CCUS: An energy transition crossover opportunity
In this Executive Insights, Calash explores the emerging CCUS market, its technical crossover with oil and gas, and how technology and service providers can gain exposure to the space.
Deals
Calash advises Foresight Group on its investment into FIS Chemicals
Calash is pleased to announce that it provided commercial due diligence to Foresight Group on FIS Chemicals, a leading chemical producer specialising in the formulation, manufacture, and distribution of chemical products across a range of industrial sectors, including oil and
Energy
The European Defence Market: A PE Opportunity
The defence sector has traditionally struggled to attract investment, often clashing with private equity mandates and rising ESG pressures. That is beginning to change. A broader range of investors is now showing interest, particularly in the complex supply chains that
Deals
Calash advises PTL on Stanley Oil & Gas acquisition
Calash is pleased to announce that it has provided commercial due diligence services to Pipeline Technique (PTL), an onshore and offshore infrastructure welding, coating, and fabrication services provider owned by Bluewater, on its acquisition of the oil and gas division
Deals
Calash supports OEG on its acquisition of OPS Wind
Calash is pleased to announce that it provided voice-of-the-customer support to OEG Offshore on its acquisition of Offshore Painting Services Limited (OPS Wind), a leading provider of specialist operations and maintenance (O&M) and training services to the offshore wind sector.
Executive Insights
Electric Vehicles: Electrification across transportation supply chains
Electric vehicles are becoming a normal part of our everyday lives, but the adoption of electrification technology across heavy transportation could take a different path to decarbonisation – how applicable is battery technology to larger vehicles? How quickly will electrification
Deals
Calash advises Foresight Group on its investment into Quanta EPC
Calash is pleased to announce that it has provided commercial due diligence in relation to the investment by infrastructure and private equity investment manager Foresight Group on its investment into Quanta EPC Holdings Limited, a specialist provider of engineering and
Opinion
Calash comes of age: Two decades of energy sector strategy, advisory and growth
Calash’s energy transition has accelerated over the past five years, with most of its work now in the renewables and cleantech space, but it remains proud of its heritage in the oil and gas space, and the unique position this
Deals
Calash advises LDC on its investment into Boston Energy
Calash is pleased to announce that it provided commercial due diligence to private equity investor LDC on its investment into Boston Energy, a technical services provider to the wind energy industry.
Energy
Market Segmentation:
Know Your Customers
No one knows your business as well as you but there is a limit to what a management team can achieve on its own. Often, internal resource constraints mean opportunities are left on the table. Access to data sources, market
Deals
Calash advises Longacre on its exit of Taylor Hopkinson
Calash is pleased to announce that it provided vendor commercial due diligence to support Longacre Group on its sale of Taylor Hopkinson, a specialist recruitment partner for the renewable energy sector, to Dutch flexible workforce solutions provider Brunel International.
Deals
Calash supports STAR Capital on its acquisition of Subsea Technology & Rentals (STR)
Calash supports STAR Capital on its acquisition of Subsea Technology & Rentals (STR)
Deals
Calash supports BGF on its investment into Sulmara
Calash is pleased to announce that it provided commercial due diligence to BGF on its investment into Sulmara, an independent provider of survey and inspection services to the offshore wind and energy markets.
Deals
Calash advises WestBridge on its acquisition of GoBe
Calash is pleased to announce that it has provided commercial due diligence services to WestBridge, a leading UK small-cap private equity firm. WestBridge saw the opportunity to combine its existing investment in APEM with GoBe Consultants, an offshore wind planning
Energy
Hydrogen Market Outlook
Hydrogen’s role in the energy transition has received increasing attention over the past 24 months, principally due to its ability to decarbonise hard to abate sectors, such as steel production, and balance intermittent power generation from renewables.
Industrial​s
Chemicals in the energy transition – a private investment opportunity or challenge?
The dividing line between the chemicals and energy sectors has always been thin. Energy aside, the fact is that many of our most used materials are made from hydrocarbons, and yet private equity interest remains wary of investment.
Energy
Voice of the Customer (VoC): Pinpointing Decision Making:
Gaining insight into your customers and the markets you cater to is crucial for making informed decisions that sustain loyalty and identify new revenue streams. Enterprises employ Voice of the Customer (VoC) strategies to help enhance customer understanding and identify
Deals
Calash advises on the partial sale of Wood Thilsted
Calash is pleased to announce that it has provided vendor commercial due diligence services to the owners of Wood Thilsted, a global offshore wind engineering consultancy, which has successfully gained a minority investment from Inflexion, a leading mid-market private equity
Opinion
2022: The year that changed the rules of the games
You’d be forgiven for thinking the end times for oil and gas are here. Plague and now war have shaped the sector in ways unimaginable in 2019. The world will never be the same again, and yet 2022 has shown
Deals
Calash supports Nevis Capital on its investment into JWF Process Solutions
Calash is pleased to announce that it provided targeted due diligence support to Glasgow-based SME investor Nevis Capital on its investment into JWF Process Solutions, a global instrumentation supplier across the oil and gas, petrochemical, utility, healthcare and food and
Deals
Calash supports Davidson Kempner on its Acquisition of Swire Energy Services (SES)
Calash supports Davidson Kempner on its Acquisition of Swire Energy Services (SES)
Deals
Calash advises on the merger of Arq and Advanced Emissions Solutions
Calash is pleased to announce that it has provided technical and commercial due diligence in relation to the merger of UK-based environmental technology company Arq and Advances Emissions Solutions (ADES).
Deals
Calash advises Acteon Group on receiving new private equity investment
Calash is pleased to announce that it provided vendor commercial due diligence to Acteon Group, an offshore energy infrastructure services business, in support of its sale to Buckthorn Partners and One Equity Partners (OEP).
Deals
Calash advises Vespa Capital on its investment into Eserv
Calash is pleased to announce that it provided commercial due diligence to private equity investor Vespa Capital on its investment into Eserv, a leading provider of digital twin SaaS for complex industrial assets.
Case Studies
Calash supports CastleMill Equity Partners on its acquisition of Manor Renewable Energy
Calash supports Catle Mill on its acquisition of Manor Renewable Energy
Deals
Calash supports the Scottish National Investment Bank on its investment into Leap AI
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Leap AI, a low-cost industrial AI robotics company.
Deals
Calash advises the Scottish National Investment Bank on its investment into Utopi
Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Utopi, a leading real-estate data analytics platform.
Deals
Calash advises Chiltern Capital on its investment into Empteezy
Calash is pleased to announce that it has provided environmental and commercial due diligence to private equity investor Chiltern Capital on its investment into Empteezy, a designer, manufacturer and distributor of industrial safety products and solutions, focussed on environmental protection,
Deals
Calash advises Souter Investments on its acquisition of Premier Hytemp
Calash is pleased to announce that it provided commercial due diligence support to Edinburgh-based investment fund Souter Investments on its acquisition of Premier Hytemp.
Energy
Sustainability & Midmarket Investing
This presentation outlines an approach to segment and map sustainability-linked investments in the midmarket, offering insights into these sub-themes’ growth potential and opportunities. It will also highlight Calash’s expertise in sustainability-related investment advisory and strategic support.
Energy
Voice of the Customer (VoC): Pinpointing Decision Making
Gaining insight into your customers and the markets you cater to is crucial for making informed decisions that sustain loyalty and identify new revenue streams. Enterprises employ Voice of the Customer (VoC) strategies to help enhance customer understanding and identify
Energy
North Sea Energy
There’s space in the North Sea for both offshore wind and natural gas production to provide sustainable energy for northern European nations – but will a limited pool of offshore service providers meet the growing demand of operators?
Energy
Offshore wind M&A heads towards reboot
The wind sector is in growth mode and stakeholders are fiercely competing to increase their slice of the pie but growing pains have emerged, casting a shadow on previously held assumptions around the commerciality of the sector.
James Kirby
Senior Associate
James joined Calash in 2018 and has provided support to both sell and buy-side engagements for companies across the industrial supply chain, including related to automation technology developers and software businesses. James has an undergraduate degree in Automotive Engineering from Loughborough University and is an IMC holder.