Blackstone makes strategic investment in Esdec Solar Group
Thursday 28th July 2022
Blackstone Energy Partners and Blackstone private equity (Blackstone) are to make a significant strategic investment in Esdec Solar Group BV (Esdec), a global specialist in rooftop solar mounting systems.
Blackstone — Founded in 1985, Blackstone is an American alternative investment management company based in New York City. Founded by Steven Schwarzman and Peter Peterson. CEO: Steven Schwarzman; AUM: $880.9bn.
Rivean Capital — a leading European PE investor in middle market transactions with operations in the DACH region, Benelux and Italy. Founded by in 1982; recently rebranded from Gilde Buy Out Partners.
Esdec — Founded in 2004, Esdec develops and distributes professional rooftop solar racking and mounting systems and solutions for residential and commercial roofs. CEO: Stijn Vos.
Key Points
- Completion of the transaction is expected to take place before the end of this year following satisfaction of certain closing conditions, including approval from the relevant competition authorities.
Investment History
- Esdec was acquired by Rivean Capital in 2018; they transformed the business from a small innovative Benelux operation with just over €30m in sales to a global organisation with close to €500m in sales across three continents.
- Against the backdrop of an accelerating energy transition, and with a reputation for innovative best-in-class solutions, Esdec has achieved significant organic growth. In addition, the Company has executed an expansion strategy by successfully acquiring and integrating six add-on acquisitions in both the US and Europe.
Investment Rationale
Earlier this year, Blackstone stated that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade.
Esdec is an industry-leader in a fast-growing market with a track record of profitable growth. They are the go-to-party for installers, developers and distribution partners as their products enable installers of rooftop solar to work safely and more efficiently, making solar power more affordable to consumers. The company is well positioned to benefit from attractive organic market growth and consolidation opportunities in the years to come, playing a strong role in accelerating the energy transition, a key investment theme for Blackstone Energy Partners.
Investment Objectives
- Leverage the backing of two leading European and US investors to enable further acceleration of Esdec’s growth, both organic growth and consolidation opportunities over the next few years.
- Leverage Blackstone’s experience in the renewable energy sector and support and resources as well as footing in the US, one of Esdec’s most important markets.
Investment Professionals
- David Foley, Global Head of Blackstone Energy Partners
- Jürgen Pinker, Senior Managing Director at Blackstone
- Maurits Boomsma, Senior Partner at Rivean Capital
References
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