Category Archives: News

AIG and The Carlyle Group Announce Completion of Carlyle’s 19.9 Percent Investment in Fortitude Re

Carlyle

Fortitude Re Launches Brand

NEW YORK – American International Group, Inc. (NYSE: AIG) and The Carlyle Group (NASDAQ: CG) announced today that Carlyle completed its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re). The transaction was first announced on August 1, 2018, and closed following receipt of regulatory approvals and satisfaction of other customary closing conditions.

Fortitude Re’s new name represents the company’s focus on and expertise in managing long-dated, complex risks. Fortitude Re has also launched its website, http://www.Fortitude-re.com, which provides more information about the organization and its leadership.

James Bracken, Chief Executive Officer of Fortitude Re, said, “We are hard at work building Fortitude Re for long-term success. The closing of Carlyle’s investment and brand launch are two key milestones on that journey.”

Brian Schreiber, Managing Director and Co-Head of Carlyle Global Financial Services Partners, said, “We look forward to working with our partners at AIG and Fortitude Re to grow the business and extend Carlyle’s asset management platform.”

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About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

AIG Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.

The Carlyle Group Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, and other non-historical statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions and other important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:

AIG

Investors: Liz Werner; +1-212-770-7074; elizabeth.werner@aig.com
Media: Daniel O’Donnell; +1-212-770-3141; daniel.odonnell@aig.com

The Carlyle Group

Investors: Daniel Harris; +1-212-813-4527; daniel.harris@carlyle.com Media: Christa Zipf; +1-212-813-4578; christa.zipf@carlyle.com

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Vapotherm raises $56M via an IPO at NYSE

GIlde Healthcare

Utrecht (The Netherlands), Cambridge (United States) – Respiratory device producer Vapotherm, Inc. announced its Initial Public Offering and listing on the NYSE exchange. Shares in the IPO are issued to institutional investors in the US and Europe, raising gross proceeds of $56 million. The offering was significantly oversubscribed. The total market capitalisation of Vapotherm will be $244 million at the introduction price and shares will trade under the ticker symbol VAPO.

The new funds enable Vapotherm to continue ramping sales of its Hi-VNI® technology in the US and Europe. Vapotherm’s Hi-VNI® treats patients in respiratory distress in the neo-natal intensive care unit (ICU), the adult ICU, the emergency department, post-acute care and for patients in hospice. The technology has been proven equivalent to the gold standard of non-invasive ventilation, however can be delivered without the need for a mask, providing patients with more comfort and flexibility in their care.

In addition to ramping sales with existing products, Vapotherm will use proceeds from the IPO to pursue an aggressive product development program which includes products which automate the delivery of oxygen based on feedback from a patient’s oxygen levels; and a portable device which has the potential to be used in expanded clinical settings, including the home.

Gilde Healthcare acted as lead investor in the Series B financing for Vapotherm and will remain represented on the board of Vapotherm post listing. During Gilde’s investment period Vapotherm tripled US and International revenues, established a highly specialized direct sales force, and dramatically increased gross margins.

Bank of America Merrill Lynch and William Blair acted as Joint Bookrunners in connection with the IPO. Canaccord Genuity acted as lead manager and BTIG acted as co-manager.

About Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing €1 billion across two business lines: a venture & growth capital fund and a private equity fund. Gilde Healthcare’s venture & growth capital fund invests in medtech, digital health and therapeutics. The portfolio companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare services companies with a focus on the Benelux and DACH-region. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market. For more information, visit the company’s website at www.gildehealthcare.com

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Eurazeo PME signs an exclusivity agreement for sale of majority interest in Vignal Lighting Group capital

Eurazeo

Eurazeo PME, Eurazeo’s division specializing in medium-sized companies, has received a firm offer to
purchase all of its interest in Vignal Lighting Group from EMZ Partners. Thus, Eurazeo PME has entered into
exclusive negotiations with the Private Equity firm until January 2019. The divestment project will soon be
subject to consultation with the relevant staff representative institutions.
Eurazeo PME acquired a majority stake in Vignal Lighting Group, global leader in lighting for on and off-road
specialty vehicles, in February 2014, working together with Jean-Louis Coutin and the company’s
management team to the transformation of the Group. The transaction, should it occur, would allow
Eurazeo PME to make €119M proceeds from the sale, including the 2016 repayment of the bonds for €27M,
representing a multiple of 2.8x its initial investment.

With Eurazeo PME as its majority shareholder, Vignal has conducted its significant transformation from an
European player in signaling for trucks and trailers to the global leader in lighting for on-road and off-road
specialty vehicles. The acquisition and integration of ABL Lights (2014) and CEA (2016) have supported the
group to offer a comprehensive and complementary product ranges on diversified end-markets (trucks,
construction, mining, handling, agriculture) and geographies (Europe, Americas, Asia) both in OEM and
aftermarket segments. Since 2014, the group has sped up its international expansion, benefitting from
significant cross-selling between product ranges and set-up of a direct presence in the US and in Asia.
Supported by Eurazeo PME, the group has invested in its industrialization across the three continents, with
in particular a new 11,500 sqm industrial and R&D center in Corbas and the opening of a new plant in China.
The group’s turnover more than doubled over the period from €47M in 2013 to €106M in 2017.
Pierre Meignen, Managing Director and Member of Eurazeo PME’s Management Board, declared: “With
the management of Vignal Lighting Group, we have had, since our acquisition, great ambitions to transform
the company in France and internationally. Thanks to the quality of its managers and employees, Vignal
Lighting Group fully respects its strategic roadmap by combining organic growth with external growth,
allowing for a significant expansion of its product range as well as expansion into new markets.”

About Vignal Lighting Group
Vignal Lighting Group is specialized in designing, manufacturing and marketing of lighting and signaling products and systems for industrial and commercial vehicles. It is the result of the combination in 2014 of Vignal Systems and ABL Lights. Both companies gained over time an international recognition in their respective fields thanks to innovative and high-quality products. In 2016, Vignal Lighting Group extends once again its product ranges with the acquisition of the company CEA SA based in Rancate, Switzerland, specialized in beacons and safety products for special vehicles especially in the agricultural field. Vignal Lighting Group also has production sites in the United States and China. With a staff of c. 500 persons, Vignal Lighting Group generated in 2017 a turnover of higher than €106M.
The R&D centers are located in France in the industrial areas of Lyon and Caen and in Rancate, Switzerland.

About Eurazeo PME
A subsidiary of Eurazeo, Eurazeo PME is an investment company dedicated to majority investments in French SMEs
with a value of under €250 million. As a long-term professional shareholder, it provides its investments with all the
financial, human and organizational resources necessary for long-term change, and supports those companies in its
portfolio in implementing sustainable and therefore responsible growth. This commitment is formalized and deployed through a CSR (Corporate Social Responsibility) policy.

Eurazeo PME achieved a consolidated turnover of €1.1 billion in 2017 and supports the development of the following
companies: 2RH, Dessange International, Léon de Bruxelles, Péters Surgical, Vignal Lighting Group, Redspher, the MK
Direct Group, Orolia, Smile, In’Tech Medical and Vitaprotech. These companies are solidly established within their
market and driven by experienced management teams.

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AUCTUS has acquired a share in the Berlin-based Contus Group

Auctus

Munich, November 13

In course of a succession settlement , AUCTUS has acquired a share in the Berlin-based Contus Group. The Contus Group – Berlin Brandenburg is an active player in the construction industry as a full-service provider for installation, maintenance and repair of electric, heating and sanitary facilities, especially in residential properties (but also other types of real estate).

The company has been family-owned since shortly after its foundation in 1991. With this transaction, AUCTUS enabled a smooth generation change by acquiring the father’s shares, while the son stays shareholder and CEO of the company. Being based in Berlin, the Contus Group – Berlin Brandenburg is ideally located to serve the most dynamic markets for renovation and new-building construction in Germany, since there is an urgent housing shortage and a high share of very old residential real estate in the region. The Contus Group- Berlin Brandenburg is one of the few companies in Berlin capable of offering the so-called “Strangsanierung”: Fast-paced renovation processes allow residents to leave their unrenovated home in the morning and come back to their fully renovated home in the evening of the same day! This is a great USP, since tenant satisfaction (and, therefore, no bad publicity or damage claims) is of utmost importance to housing companies.

Moreover, in 2010, the Contus Group – Berlin Brandenburg has won the “Grand Prix of the ‘Mittelstand’”, a renowned award that confirms the success of Contus Group’s business model.

Currently, the company generates a total output of EURm 25 and shall expand Germany-wide via add-on acquisitions.

AUCTUS is with 14 investment professionals and more than 160 investments in the last 17 years the leading Private Equity firm in the German-speaking SME sector. We particularly focus on a sector-specific ‘Buy-and-Build’ strategies in which up to 30 national and international companies are merged to form a market leader. Our portfolio companies grow on average by 10% per year in employees, revenues and income. Within the last years AUCTUS received dozens of awards for being the best German-speaking fund as well as for being the best Buy-and Build fund.

AUCTUS Capital Partners AG

T +49 (0) 89 15 90 700-0

Email: info@auctus.com

www.auctus.com

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NORDIC HEALTHCARE GROUP IS EXPANDING ITS VALUE-BASED HEALTHCARE ADVISORY

NORDIC HEALTHCARE GROUP IS EXPANDING ITS VALUE-BASED HEALTHCARE ADVISORY AND ANALYTICS SERVICES IN THE NORDIC COUNTRIES – FINNISH PRIVATE EQUITY FIRM VAAKA PARTNERS TO ACCELERATE GROWTH

Nordic Healthcare Group (NHG), a Finnish healthcare and social services advisory and analytics company, is expanding its value-based services in the Nordic Countries. NHG employs more than 100 professionals that help its clients develop influential services for future needs. NHG is the leading player in its field in Finland and aims to be the market leader in the Nordic Countries.

”NHG helps its clients build value-based health and social service operations by integrating cost, quality and customer experience data and analytics in their operations and management systems. We want to build better social services and healthcare in the Nordic Countries, with the vision of building a value-based service system. We combine analytics with expertise and experience in solving critical challenges and implementing the best practices”, says Vesa Kämäräinen, President & CEO of Nordic Healthcare Group.

Value-based delivery is a global megatrend in the social and healthcare sector and it is enabled by technological advances. Cost pressures, demographic changes and the consumerisation of healthcare have given rise to the need for measuring value in social and healthcare services, both in the Nordic Countries and globally. Value is measured by health outcomes relative to the cost of delivery.

To implement the company’s growth strategy, NHG and private equity firm Vaaka Partners have completed a transaction in which Vaaka Partners invests in Nordic Healthcare Group. Vaaka Partners is an active and growth-oriented partner that has been involved in the successful growth and internationalisation of a number of Finnish companies, such as Framery, Solita and Musti ja Mirri.

Vaaka Partners’ investment will accelerate the implementation of NHG’s Nordic growth strategy and enable acquisitions, investments in R&D and the development of competencies. The aim is to build on NHG’s existing strengths to create a Nordic company focused on the advancement of value-based healthcare and social services in the Nordic Countries. NHG’s ambition is to be the leading social and healthcare advisory and analytics company in the Nordics.

“We have contributed to NHG’s growth strategy and will be able to support the company in its implementation. NHG has superior expertise in its field, within the domains of analytics, service, leadership and management development, as well as transformation, which has great international potential. We are looking forward to supporting NHG’s key personnel in the implementation of the business plan together with an experienced Board”, says Antti Salmela of Vaaka Partners.

The parties have agreed that the terms of the transaction will not be disclosed. After the transaction, Nordic Healthcare Group will be owned by Vaaka Partners, the key personnel and founders of NHG and the members and advisors of the Board of Directors. In addition to the representatives of Vaaka, NHG’s Board of Directors will consist of Juko Hakala (Chairman), Marianne Saarikko Janson, Hannu Vaajoensuu and Petri Parvinen.

Additional information:
Nordic Healthcare Group
Vesa Kämäräinen, President & CEO
vesa.kamarainen@nhg.fi
+358 50 545 9025

Vaaka Partners Ltd
Antti Salmela, Partner
antti.salmela@vaakapartners.fi
+358 50 540 4640

Nordic Healthcare Group

Nordic Healthcare Group is a Finnish growth company founded in 2004. Our clients include hospital districts, municipalities, private service providers, pharmaceutical companies, private equity investors and healthcare technology companies. We employ more than 100 experienced professionals and young talents. Read more at www.nhg.fi

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Announcing our investment in Nested

Northzone

Nested, the startup that simplifies selling your home, has raised £120m in funds as they continue to disrupt estate agency in the UK. The round consists of £100m in debt financing from an institutional investor, and £20m in equity from leading European VCs Northzone and Balderton Capital, bringing total funding for the growing business to £165m.

Launched in 2016, Nested is the first estate agent to make home sellers chain-free. The company
provide a cash advance on the value of the property enabling customers to become cash buyers,
speeding up the process of moving home. Since launching, Nested has experienced rapid growth, helping over 400 homeowners during a period of market uncertainty with home sales falling 12% over the last year and 61% of homes for sale in London withdrawing from the market without selling, an effect of a slowing market in anticipation of Brexit.

Nested is driven by a mission to fix the broken housing market, bringing honesty to a traditionally opaque industry. In addition to the unique cash advance, Nested have built a strong reputation with customers for transparent and data-driven valuations, offering vastly improved accuracy compared to high-street estate agents. To back-up it’s ability to value homes accurately, Nested make their valuation performance public.

Matt Robinson, CEO of Nested, said: “We’re excited to receive the backing from some of Europe’s top VCs who share our vision for fixing the age-old problem of buying and selling homes. We are building an incredible team to offer an unassailable service with the most progressive technology in the property industry. This investment will allow us to continue solving the problems that prevent people from moving home with ease.”

Jeppe Zink, Partner at Northzone, said: “Selling a home is the biggest and most important transaction most people undertake. Yet the sales process remains opaque, with the resulting never-ending property chains becoming the bane of the industry. I was immediately convinced by Matt’s vision for Nested to fix this, giving home-sellers an accurate view, backed by an advance, of the price they can achieve for their property. This means they can have peace of mind and the freedom to focus on securing their new dream home. I truly believe that Nested can be a fundamental game-changer and we are incredibly excited to be part of the journey.”

1 12% decrease in Residential Property Transactions from Sept 2017 to Sept 2018: HMRC Property Transactions
2 61% of homes listed for sale in London withdraw from the market: Dataloft & Reapit
3 Nested sell for an average of 1.5% more than the average valuation: Nested Performance

About Nested: Fixing home selling in the UK
Nested is an estate agent with a difference. It provides home sellers with up to 95% of their homes value when they need it and the rest when it sells, helping them to secure their dream home and providing certainty in an uncertain market. The innovative start-up was founded by established entrepreneurs, Matt Robinson (former GoCardless co-founder and current Board member) Phil Cowans (former Songkick CTO) and trained architect, James Turford.

Nested does all the work of a traditional estate agent, but unlike other agents it provides additional
value-add services including; experts at every step of the process including a dedicated progression
team, data-driven, transparent valuations, and an advance of up to 95% of the market value. If the home sells above this amount the seller will receive that too (minus their fees) and if it sells for less, Nested will take the loss.

  

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AURELIUS acquires Norwegian wholesale business from HELLA

Aurelius Capital

  • Second-largest wholeseller for automotive spare parts in Norway
  • Further strengthening of AURELIUS presence in the Nordic region
  • AURELIUS’ expertise in corporate spin-offs and difficult carve-outs paying off again

Munich/Oslo, November 12, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) acquires the Norwegian wholesaler Hellanor from Nordic Forum Holding A/S, a 100% subsidiary of HELLA GmbH & Co. KGaA. Headquartered in Skytta near Oslo, Hellanor is the second-largest automotive aftermarket wholesaler in Norway, generating c. EUR 70 million in revenues with approx. 250 employees. The transaction is scheduled for completion in the fourth quarter of 2018.

Hellanor supplies its customers, typically automotive workshops, car dealerships and local wholesalers, with spare parts from its central warehouse in Skytta as well as from 19 branches across the country. In addition, Hellanor offers workshop franchise concepts to its clients under its own AutoMester brand as well as for third-party concepts such as Bosch Car Service. Within its AutoMateriell business segment Hellanor supplies workshop equipment of leading equipment OEMs such as JohnBean and MAHA.

“I am pleased to welcome Hellanor as the fourth Nordic company in our portfolio, highlighting our commitment to this region. The transaction also proves again that our experience in corporate spin-offs is highly appreciated by corporate sellers,” said Leif Lupp, AURELIUS Group’s Head of Nordics. “Hellanor is the number 2 in Norway and operates in a healthy market. As a former non-core business under HELLA ownership, Hellanor will clearly benefit from the heightened attention it will receive as a standalone business under the AURELIUS umbrella. Our operations experts will help to ensure a successful, expeditious carve-out and then support management in aligning Hellanor to challenges and growth potential in the automotive after-market.”

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Montagu Private Equity to acquire Kodak’s Flexographic Packaging Division

Montagu

Montagu Private Equity (“Montagu”), a leading private equity firm, today announces that it has reached an agreement to acquire the Flexographic Packaging Division (“Kodak’s Flexo business” or “the company”), a leading provider of graphics solutions for global packaging printing, of The Eastman Kodak Company (“Kodak”).

Kodak’s Flexo business is one of the world’s leading providers of imaging technologies for the graphics customisation of printed packaging materials. The company’s flagship flexographic plate imaging system, KODAK FLEXCEL NX, has received industry-wide acclaim for its leading image resolution quality, since debuting on the market in 2008. Flexography is the most common form of packaging printing and can apply images on almost any substrate, with a speciality in flexible packaging.

The company sells its products in more than 70 countries worldwide and has a loyal customer base that continues to enjoy the benefits offered by the KODAK FLEXCEL NX technology. Under Kodak’s stewardship, the business has consistently brought new, innovative and leading flexographic solutions to market, delivering strong organic growth above its peers. Montagu intends to work in close partnership with the management team to continue the company’s growth story, leveraging Montagu’s expertise, network and resources to further strengthen the business.

After the transaction closes, the business will operate as new standalone company and will have the same organizational structure, management team and growth culture that has served Kodak’s Flexographic Packaging Division well in recent years.

Chris Payne, who has served as President of the Flexographic Packaging Division for the last three years and will lead the new company as CEO, said: “We are very pleased that Montagu will be supporting the ongoing growth of the business going forward and that our customers will continue to experience the same product, same people, and same trusted brand. Under Montagu ownership, the company will have the focus, agility and resources to maintain a constant stream of innovation for our customers and continue the journey of transforming Flexo into the premium print process of choice for packaging.”

Ed Shuckburgh, Director at Montagu, said: “We focus on the acquisition of companies producing products or services that would be badly missed if the business did not otherwise exist, and are delighted to be investing in Kodak’s Flexo business, which has been very well established within Kodak and clearly meets our target profile. We are excited to support Chris and the team on their next stage of growth, building a standalone leader in the package printing market.”

Christoph Leitner-Dietmaier, Investment Director at Montagu, said: “Kodak’s Flexo business is well positioned to benefit from the exceptional growth in the packaging printing market. The company’s proprietary ‘Thermal Imaging Film’ technology enables them to offer a truly differentiated product that consistently produces high performing output. We are very much looking forward to working with the management as the business enters this next stage of its development”.

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Montagu Private Equity announces the completion of the sale of Equatex

Montagu

Montagu Private Equity (“Montagu”), a leading European private equity firm, today announced the completion of the sale of Equatex to Computershare Limited, a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications.

 

Equatex  is a deferred compensation service provider, specializing in the design, implementation and administration of deferred equity plans. The business provides equity compensation administration services to over 160 clients, servicing over 1.1 million share plan participants in 168 countries and managing around US$40bn in assets.  Equatex is an expert in managing deferred equity compensation plans for global businesses, with clients across all major industries including financial services, healthcare, industrial, pharmaceuticals, energy and IT.

 

Equatex was formerly the CEFS International operation of Swiss bank UBS. Montagu acquired the business in 2013.

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Iona Capital invests in new AD biogas plant in South West Scotland

Iona Capital

Iona Capital (“Iona”), a specialist investor in low carbon infrastructure has financed the construction and operations of a new 8.8MW anaerobic digestion plant located in Dumfries and Galloway.

The plant has pre-qualified under the Non-Domestic Renewable Heat Incentive (RHI) which was introduced in 2011 to incentivize the uptake of renewable heat in industry and businesses. Biomethane injection to grid is making a significant contribution in meeting the Government’s renewable heat targets.

The principal feedstock will be waste slurries generated from local dairy and beef farming operations, underpinning the plant’s compliance with OFGEM’s revised targets on sustainability.

The plant will have the capacity to generate 8.8MW of base load renewable energy which is sufficient to heat circa 7,000 households on an annual basis.  The plant is being built by Bioconstruct GmbH, one of the leading European AD equipment suppliers. The biomethane will be upgraded into the local gas distribution network, controlled by Scotia Gas Networks.

The UK has set ambitious targets for renewable energy – 20% of the country’s energy generation by 2020 should be “green” power.  Since its launch in 2011, Iona has financed 21 renewable energy projects in England, Scotland and Wales, all of which supply energy to the local grid networks. This latest project follows on from two earlier successful Biomethane to Grid projects completed in Scotland at Keithick and St Boswells. The three plants will have a combined capacity in excess of 20 MW and provide significant operational synergies.

Iona Capital’s main investment focus is within the Anaerobic Digestion, Energy-from-Waste and CHP sectors, and its investors in its LP3 Fund include a number of local authority pension funds.

Nick Ross, Director of Iona Capital said: “Creating a sustainable energy sector is a top priority for the UK and Iona’ s bioenergy projects provide both attractive commercial returns to investors as well as long term social and economic benefits to local communities and future generations.”

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