Blackstone and Vista Equity Partners Complete Acquisition of Energy Exemplar

Blackstone

SALT LAKE CITY, Utah, May 9, 2024 – Energy Exemplar, a leading global provider of energy market simulation software, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (”Blackstone”) and Vista Equity Partners (“Vista”).

“Completing our transaction with Blackstone and Vista marks the beginning of an exciting partnership that will accelerate investment in our leading SaaS platform providing accurate simulation and decision support for our customers in today’s rapidly changing energy landscape,” said David Wilson, CEO of Energy Exemplar. “I’d like to thank everyone across the Energy Exemplar organization for their unwavering commitment throughout this process and for maintaining exceptional service to our clients as we continue to grow as one global team.”

“Software is a vital component of the global energy transition, and Energy Exemplar provides critical modeling and analytics solutions to customers across the industry to help them become more efficient, reliable and profitable,” said Ryan Atlas, Managing Director at Vista Equity Partners. “We look forward to partnering with David, Blackstone and the entire Energy Exemplar team during this exciting next phase of growth.”

Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners, added: “We’re thrilled to be backing Energy Exemplar, a mission-critical software provider supporting the growth of renewable energy, battery storage, and transmission grid investment required for the energy transition. Blackstone’s energy market expertise and network of connections can enhance the company’s growth trajectory. We couldn’t be more excited to work with Vista, David, and the management team to drive the next stage of development for Energy Exemplar and its technology solutions supporting grid reliability and decarbonization. This investment is the latest in a series demonstrating Blackstone’s conviction in the energy transition.”

About Energy Exemplar

Energy Exemplar is a market leader in the technology of optimization-based energy market simulation. Our cloud software suite, headlined by PLEXOS® and Aurora, is used across every region of the world for a wide range of applications, from short-term analysis to long-term planning studies. It is relied upon by hundreds of organizations worldwide to inform multi-million-dollar decisions. Our people continually think of novel approaches and more realistic simulations that enhance decision making, create market opportunities and enable utilities and regulatory authorities to become smarter, more energy efficient and profitable. Energy Exemplar continues to ‘push the envelope,’ being first-to-market with the latest advances in programming and energy market simulations, as it strives to offer the most comprehensive energy analytics platform to its customer base.

Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable, and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Vista Equity Partners

Vista is a leading global investment firm with more than $101 billion in assets under management as of September 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

Media Contacts

For Energy Exemplar
Erin Marks
Erin.marks@energyexemplar.com
(636)-686-8649

For Blackstone
Kate Holderness
Kate.holderness@blackstone.com
(917) 318-6818

For Vista Equity Partners
Brian Steel
media@vistaequitypartners.com
(212) 804-9170

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BC Partners Credit and Riddell Team-up on Strategic Investment to Fuel Future Growth

BC Partners Logo

NEW YORK and DES PLAINES, Ill., April 3, 2024 /PRNewswire/ — BC Partners Credit, the credit arm of BC Partners, a leading alternative asset management firm, and Riddell, Inc., the industry leader in football helmet technology and sports protection innovation, today announced a strategic partnership that will further advance Riddell’s central role in the game of football into the future.

Founded in 1929 and based in Des Plaines, Ill., Riddell is an iconic brand serving the football equipment market and sports community for nearly a century. Riddell is the premier designer and manufacturer of football helmets, protective sports equipment, head impact sensing and reporting technologies, and related apparel and accessories. The Company also serves as the exclusive licensee of the NFL for collectible helmets and maintains promotional rights with the League as an authorized supplier of helmets worn by more than 77% of NFL players. Riddell is deeply involved in football with key touchpoints at the grassroots level as representatives are strategically based in local communities to address customer needs and provide support.

Riddell’s historically strong growth and financial performance have only improved in recent years, driven by the Company’s robust head protection and technologies roadmap, increased market share, and positive football participation trends. BC Partners’ $400mm investment in Riddell, which includes convertible preferred equity and debt, will empower Riddell to accelerate innovation and make compelling investments in the business for the benefit of all stakeholders. BC Partners will join Riddell’s Board, working closely with Riddell’s management team and committed investors, including majority investor Fenway Partners, who have been pivotal to Riddell’s longstanding success. Riddell will refinance certain existing debt and provide a dividend to current investors as part of the transaction.

“From its market leadership, attractive financial profile, and differentiated portfolio, Riddell has demonstrated it is built for sustained success,” said Ted Goldthorpe, Head of BC Partners Credit. Mr. Goldthorpe continued“We are pleased to have structured an investment that is customized for Riddell, as the Company embarks on an exciting growth trajectory, with increased investments in research and product development, strategic partnerships, and a best-in-class distribution platform. Dan and the entire Riddell team are exceptional, and we are excited to partner with them.”

Dan Arment, President, and Chief Executive Officer of Riddell, said, “Riddell proudly welcomes BC Partners as advisors and investors in our business. We clearly maintain a shared vision for maximizing Riddell’s role in the rapidly evolving products and services landscape within football and sports. This alignment will ultimately strengthen Riddell’s service to our customers, drive increased financial performance, and deliver value for our investors, including BC Partners and Fenway Partners.”

Said Fenway Partners Co-Founder and Managing Partner, Peter Lamm, “We welcome BC Partners to the Riddell team and look forward to working with them to drive continued innovation and growth. With the best management team in the industry, Riddell is well positioned to deliver outstanding performance for athletes and value for all of its investors.”

Three Ocean Partners served as the sole financial advisor to BC Partners Credit on both the preferred and debt financing, and King & Spalding LLP acted as legal advisor.

UBS Investment Bank and Baird served as financial advisors to Riddell, and Lowenstein Sandler LLP acted as the legal advisor to the Company in connection with the transaction.

About Riddell

Riddell was founded with a goal of giving back to the football community while advancing and improving athlete protection. As the long-standing leader in football head protection and protective athletic equipment for 95 years, Riddell is leading the game to a strong future by creating a path to next generation protection. Riddell also offers best-in-class reconditioning services to help ensure athletes have access to clean, sanitized, and recertified equipment. Off the field, Riddell’s licensed collectibles business is regarded as the cornerstone of football collectibles for fans and collectors of college and the NFL. For more information, visit www.Riddell.com or follow @RiddellSports on Instagram, Twitter, Facebook, and YouTube.

About BC Partners & BC Partners Credit

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. To date, BC Partners Credit has completed more than 400 transactions. For further information, visit www.bcpartners.com/credit-strategy.

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InfraRed Capital Partners completes purchase of renewables assets from Shell

InfraRed Capital Partners
19 March 2024 Investments

InfraRed Capital Partners (“InfraRed”) is pleased to announce that it has completed the acquisition of a portfolio of two operating, utility-scale renewable energy assets in the US from Shell Windenergy Inc. (“Shell”) and Savion Equity LLC (“Savion”), subsidiaries of Shell plc. This investment, which was undertaken on behalf of an InfraRed managed fund and co-investment vehicle, is a reflection of the attractiveness of the North American energy transition.

The portfolio includes a 60% stake in Brazos, a 182 MW onshore wind farm in Texas, as well as a 50% stake in Madison Fields, a 180 MW solar farm in Ohio. Shell will continue to own the remaining 40% stake of Brazos wind and Savion will continue to own a 50% stake in Madison Fields solar.

Shell will remain the asset and energy manager of Brazos and Madison Fields, and both projects will receive Inflation Reduction Act (“IRA”) tax credits.

Jack Paris, CEO, InfraRed, said:

“These assets benefit from contracted revenues with strong counterparties for attractive term-lengths and opportunities for yield enhancements through the Production Tax Credits under the IRA. They complement our North American energy transition portfolio of investments and also provide direct access to this growing market for some of our co-investors.

“This acquisition is both highly attractive as an investment and to further develop our strategic relationship with Shell, as we explore more opportunities within the region.”

ENDS

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160+ professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn of equity capital[1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating[2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $14bn equity under management (USD) – Uses 5-year average FX as at 30th September 2023 of GBP/USD of 1.2944; EUR/USD 1.1291. EUM is USD 13.597m

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

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DIF Capital Partners sells UK onshore wind farm project to TfL Pension Fund

DIF

DIF Capital Partners is pleased to announce that DIF Infrastructure IV (DIF IV) has signed an agreement to sell a UK onshore wind farm project to the Transport for London Pension Fund. Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

The Wadlow wind farm project, located close to Cambridge, has an installed capacity of 26MW and comprises 13 Vestas V90 2MW turbines. The wind farm has been operational since September 2012 and was acquired by DIF IV in 2016.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “We are very pleased with the successful exit of this project. Our proactive approach to divestments helps to deliver attractive risk-adjusted returns for our investors, with this sale further demonstrating the strong track record of our investment strategies.”

“The success of this investment since 2016 demonstrates how financing the energy transition can deliver strong returns for our investors as well as drive the transition to net zero. DIF will be continuing to look for investment opportunities in the UK renewables sector in the coming years.”

DIF IV was advised on the transaction by PKF Francis Clark (financial), Osborne Clarke (legal) and Natural Power (technical).

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

Press contact:

DIF Capital Partners: press@dif.eu

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Atlas energy solutions Inc. to acquire HI-Crush Inc., creating a leading proppant logistics provider

Clearlake

Austin, TX – February 27, 2024 – Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today announced that it has entered into a definitive agreement with Hi Crush Inc. (“Hi-Crush”) to acquire all of Hi-Crush’s Permian Basin proppant production assets and North American logistics operations in a transaction valued at $450 million (1).

 

The transaction consideration includes $150 million in up-front cash, $175 million in shares of common stock of AESI and $125 million in deferred cash payments in the form of a Seller’s Note. Both the up-front cash consideration and the principal amount of the Seller’s Note are subject to revision for customary post- closing adjustments.

 

Acquisition Highlights
  • Combination brings together two of the leading innovators in the Permian proppant space, and two of the largest holders of premium giant open dune sand reserves and resources in the Permian
  • Pro forma production capacity expected to be ~28 million tons, with ~80% of pro forma 2024 production capacity contracted, accelerating free cash flow generation and shareholder returns
  • Adds ~12 mmtpy of production capacity (~5 million tons in Kermit, TX, proximal to Atlas’s existing Kermit facilities and ~7 million tons from OnCore’s distributed mining network) (2)
  • We expect the acquired assets to contribute $110-125 million in Adjusted EBITDA in 2024, which implies on a full run-rate basis, a valuation of approximately 3x 2024 Adjusted EBITDA.
  • Broadens Atlas’s logistics offering through the addition of Pronghorn, a leading multi-basin provider of proppant logistics and wellsite services
  • Estimated to be immediately double-digit accretive to CFPS and EPS (3)
  • Expected to realize more than $20 million in annual synergies by 2026
  • Acquisition maintains low and flexible operating cost structure and a strong margin profile
  • Combines Atlas’s Delaware Basin-leading logistics offering (Dune Express) with Hi-Crush’s Midland Basin-leading logistics offerings (Oncore + Pronghorn) to drive significant operational efficiencies
  • The transaction is expected to close before the end of the first quarter of 2024

 

Bud Brigham, Executive Chairman and CEO of Atlas commented, “This is a great day for Atlas and Hi- Crush, we are thrilled to bring these two great organizations together. Both companies have led the industry’s innovations to drive efficiencies in proppant and logistics in different but complementary ways, a testament to the high quality people involved. Combining the teams, their technologies and best practices, as well as their complementary geographical footprint, should compound constructively to the benefit of our shareholders. It also furthers our goal to lead the industry in transitioning the Permian, already the premier producing region in the country, to becoming the most efficient and livable energy manufacturing center in the world.”

 

John Turner, President and CFO of Atlas commented, “Over the years both Atlas and Hi-Crush have invested significant capital in their proppant and logistics businesses to drive efficiency gains for our customers at the well site – Atlas with its Dune Express, high efficiency trucking operations, and autonomous trucking and Hi-Crush with its OnCore distributed mining network and Pronghorn logistics platform. These investments have supported a consolidating industry that has quickly scaled. We look forward to continuing to invest to drive innovation and efficiencies at the well site.”

 

  1. The Transaction excludes Hi-Crush’s Northern White Sand mining assets, as well as its extensive rail terminal network in the Northeastern United States
  2. Oncore’s distributed mining network of mobile proppant production assets currently includes Oncore #1-7, which are currently producing sand and Oncore #8, which is scheduled to open during the second quarter of 2024.
  3. CFPS = Net income plus depreciation, depletion and amortization divided by shares outstanding ; EPS = Earnings per share

 

Dirk Hallen, CEO of Hi-Crush commented, “I’m so proud of all that our team has accomplished over the past several years. I thank our employees for their relentless effort restoring Hi-Crush to a leadership position in our industry and thank our partners at Clearlake Capital Group and Whitebox Advisors for their support. I echo Bud and John’s excitement in uniting two of the most innovative players in frac sand under Atlas. There is no doubt that this winning combination will be transformative for our industry, employees, customers, and shareholders.”

 

Colin Leonard, Hi-Crush Board Chairman and Partner at Clearlake Capital Group L.P. added, “This transaction represents an important milestone for Hi-Crush after going through a strategic transformation over the past several years in partnership with Dirk and the broader team. The leadership has driven innovation and growth, as well as transformed the operational footprint of the business to address the evolving needs of our customers. Atlas’ investment reflects their conviction in the strategy, and we look forward to all that we will accomplish together.”

 

Pro Forma Estimated 2024 Outlook

The transaction has an effective date of February 29, 2024 and as such, Atlas will begin to include Hi- Crush’s financial results in its financial results from March 1, 2024 onwards. The guidance below reflects this partial-year ownership of the Hi-Crush assets and will be impacted by the timing of the completion of the Dune Express and additional Oncore deployments.

On a combined basis, we’ll have 28 million tons of available production capacity, increasing to about 29 million tons in 2025 with a full year’s contribution and the benefit of these additional Oncore deployments. Given the effective date of February 29, 2024, 26 million tons of this capacity is available to us in fiscal year 2024. As our contracted volumes and Permian activity levels remain strong, and completions efficiencies continue to compound proppant usage, we expect to continue to operate at 85% to 90% utilization going forward. Taking into account Hi-Crush’s contracts, we expect our sand prices for 2024 to average between $26-$28 per ton. Assuming just over three quarters of contribution from Hi-Crush, we expect 2024 Adjusted EBITDA to range between $425 to $475 million. We expect total capex for 2024 to be between $335 and $360 million. This includes between $285 and $305 million in growth capex, consisting of $220 million for the construction of the Dune Express, between $25 and $45 million for Oncore deployments and another $40 million attributed to other capex. We are forecasting maintenance capex for 2024 will range between $50 and $55 million.

 

Financing Details
  • Our ABL facility has been amended to, among other things increase the maximum borrowing availability to $125 million. Atlas intends to draw ~$50 million at closing
  • Our Stonebriar Term Loan has been amended to, among other things install a new $150 million Acquisition Term Loan to be drawn at closing
  • Atlas will use a combination of the above debt facilities to fund the cash component of the up-front purchase price and to add cash to the balance sheet to fund capital expenditures associated with Hi-Crush’s near-term investments in Oncore #8 and #9
  • The number of shares to be issued to the seller at closing will be 9,711,432, as calculated pursuant to a 10-day volume weighted average share price as defined in the Merger Agreement

 

Advisors

Piper Sandler & Co. is serving as lead financial advisor to Atlas. Goldman Sachs is also advising Atlas. Vinson & Elkins LLP is serving as legal advisor in association with the transaction.

Moelis & Company LLC is serving as exclusive financial advisor to Hi-Crush. Baker Botts LLP is serving as legal advisor in association with the transaction.

 

Conference Call

The Company will host a conference call to discuss the transaction along with financial and operational results on Tuesday, February 27, 2024 at 8:00am Central Time (9:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available at https://ir.atlas.energy/. Please access the webcast or dial in for the call at least 10 minutes ahead of the start time to ensure a proper connection. An archived version of the conference call will be available on the Company’s website shortly after the conclusion of the call.

The Company will also post an updated investor presentation titled “Hi-Crush Acquisition Presentation”, at https://ir.atlas.energy/ in the “Presentations” section under “News & Events” tab on the Company’s Investor Relations webpage prior to the conference call.

About Atlas Energy Solutions

Our company was founded in 2017 by long-time E&P operators and led by Bud Brigham. Our experience as E&P operators, combined with our unique asset base and focus on using technology to deliver novel solutions to our customers’ toughest challenges and mission-critical needs differentiates us as the proppant and logistics provider of choice in the Permian Basin.

Atlas is a leader in the proppant and proppant logistics industry and is currently solely focused on serving customers in the Permian Basin of West Texas and New Mexico, the most active oil and natural gas producing regions in North America. Our Kermit, TX and Monahans, TX facilities are strategically located and specifically designed to maximize reliability of supply and product quality, and our deployment of trucking assets and the Dune Express is expected to drive significant logistics efficiencies.

Our core mission is to maximize value for our stockholders by generating strong cash flow and allocating our capital resources efficiently, including providing a regular and durable return of capital to our investors through industry cycles. Further, we recognize that our long-term profitability is maximized by being good stewards of the environments and communities in which we operate. In our pursuit of this mission, we work to improve the processes involved in the development of hydrocarbons, which we believe will ultimately contribute to providing individuals with access to the energy they need to sustain or improve their quality of life in a clean, safe, and efficient manner. We take great pride in contributing positively to the development of the hydrocarbons that power our lives.

About Hi-Crush

Hi-Crush Inc., together with its subsidiaries, is a fully-integrated provider of proppant and logistics services for hydraulic fracturing operations, offering frac sand production, advanced wellsite storage systems, flexible last mile services, and innovative software for real-time visibility and management across the entire supply chain. Hi-Crush’s strategic suite of solutions provides US oil and gas operators and service companies with the ability to build safety, reliability, and efficiency into every completion. Clearlake Capital Group L.P. and Whitebox Advisors LLC are the controlling shareholders of Hi-Crush Inc.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words “may,” “assume,” “forecast,” “position,” “strategy,” “potential,” “continue,” “could,” “will,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements about the anticipated financial performance of Atlas following the transaction; the expected synergies and efficiencies to be achieved as a result of the transaction; expected accretion to free cash flow, cash flow per share, Adjusted EBITDA and earnings per share; expected production volumes; expectations regarding the leverage and dividend profile of Atlas following the transaction; expansion and growth of Atlas’s business; Atlas’s plans to finance the transaction; and the receipt of all necessary approvals to close the transaction and the timing associated therewith; our business strategy, our industry, our future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance.

 

Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: the completion of the transaction on anticipated terms and timing or at all, including obtaining any required governmental or regulatory approval and satisfying other conditions to the completion of the transaction; uncertainties as to whether the transaction, if consummated, will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas’s ability to integrate Hi-Crush’s operations in a successful manner and in the expected time period; the occurrence of any event, change, or other circumstance that could give rise to the termination of the transaction; risks that the anticipated tax treatment of the transaction is not obtained; unforeseen or unknown liabilities; unexpected future capital expenditures; potential litigation relating to the transaction; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the effect of the announcement, pendency, or completion of the transaction on the parties’ business relationships and business generally; risks that the transaction disrupts current plans and operations of Atlas or Hi-Crush and their respective management teams and potential difficulties in retaining employees as a result of the transaction; the risks related to Atlas’s financing of the transaction; potential negative effects of this announcement and the pendency or completion of the transaction on the market price of Atlas’s common stock or operating results; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; our ability to complete growth projects, including the Dune Express, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; the ability of our customers to meet their obligations to us; our ability to maintain effective internal controls; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in our prospectus, dated September 11, 2023, filed with the SEC pursuant to Rule 424(b) under the Securities Act on September 12, 2023 in connection with our recent corporate reorganization, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 

Non-GAAP Financial Measures

This press release includes or references certain forward-looking financial measures not prepared in conformity with generally accepted accounting principles (“GAAP”), including free cash flow, cash flow per share, Adjusted EBITDA and earnings per share. Because Atlas provides these measures on a forward- looking basis, it cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP financial measures, such as Gross Profit, Net Income, Operating Income, or any other measure derived in accordance with GAAP. Accordingly, Atlas is unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures. Atlas believes that these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing Atlas’s forecasted financial performance to the forecasted financial performance of other companies in the industry.

 

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Atlas Investor Contact

Kyle Turlington

5918 W Courtyard Drive, Suite #500

Austin, Texas 78730 United States

T: 512-220-1200

IR@atlas.energy

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Ardian Clean Energy Evergreen Fund (ACEEF) Invests in Finnish Battery Energy Storage System

Ardian

First investment for Ardian Clean Energy Evergreen Fund in battery energy storage
• Investment and project execution led by Ardian’s Nordic operating platform, eNordic
• Investment forms part of ACEEF’s wider wind power and battery storage strategy in Finland

Ardian, a world leading private investment house, in partnership with its operating platform eNordic, today announces it has taken Final Investment Decision (FID) to build Mertaniemi battery energy storage project, a 38.5MW one hour utility scale battery energy storage system (BESS) in Finland, to support the Finnish power grid.

The investment, made from the Ardian Clean Energy Evergreen Fund (ACEEF), marks the fund’s first investment in the BESS asset class, which is expected to grow significantly in size from 11GWh of installed capacity in Europe today to 75GWh by 2030 according to Bloomberg New Energy Finance.  Ardian assessed the merits of this investment using OPTA, Ardian’s proprietary data analysis platform, which powers revenue and operational strategy across Ardian’s renewable infrastructure portfolio globally.

The project is aligned with the ACEEF strategy in Finland, which aims to acquire and aggregate wind and solar power assets to benefit from economies of scale and to better utilize the grid interconnection points by developing battery storage assets. This follows the acquisition of two wind farms in Finland in 2023, totaling more than 27MW. The strategy is being executed by eNordic, a renewable energy platform developed and wholly owned by Ardian to serve the Nordic region.

Mertaniemi battery energy storage project is a joint venture between ACEEF and Lappeenrannan Energia, a Finnish municipal energy company. It will see the development of a 1-hour 38.5-megawatt energy storage system. The project is due to complete in spring 2025 and is located near the Mertaniemi power plant in Lappeenranta.

In addition to the energy storage system, the project includes the development of facilities to protect the batteries from extreme weather conditions. Once complete, the system will participate in the local grid’s frequency reserve markets and support the balancing of production and consumption in the power grid.

The ACEEF will continue to execute its strategy to grow the platform in Finland, with the acquisition of further wind and battery assets in the region.

More broadly, Ardian’s investment portfolio in renewable energy in the Nordic countries now aggregates to €1.2 bn. It comprises wind parks totalling over 500 MW, as well as renewable energy company Nevel, which is active in district heating, industrial utilities and biogas across Finland, Sweden and Estonia. Recently Ardian announced acquisition of Verne Global, a company who owns  and operates i.a. 3 data centers in Finland; this acquisition is still in the approval process by local authorities.

“The investment in a new battery storage system, which is a first for Ardian’s clean energy evergreen fund, is an essential part of our strategy in Finland. We identified an opportunity to scale Finland’s wind capacity and connect battery storage technology to create a balanced and productive energy system. With our existing strong presence and network in the Nordic countries, and our expertise in financing and operating long-term renewables projects, Ardian is perfectly placed to foster this new market opportunity.” Benjamin Kennedy, Managing Director Renewables Infrastructure, Ardian

“Ardian is dedicated to driving forward the energy transition and helping to scale renewable technology to reduce carbon emissions. Renewable energy is now being generated at an unprecedented rate and building power storage solutions is vital for helping balance supply and demand to the grid, for the creation of a stable modern electricity network. This investment is a significant step towards a more sustainable and reliable energy future in Finland.” Mathias Burghardt, Executive Vice President and Head of Infrastructure, Ardian

“The Nordic energy market is already ahead of the curve regarding the energy transition, largely due to the volume of emerging technological developments.  Mertaniemi battery energy storage project exemplifies eNordic’s position at the forefront of this movement, helping realize the region’s ambition to become a leading player in sustainable energy”. Eero Auranne, CEO of eNordic

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian is a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds, the team manages a renewable energy portfolio of more than 8GW of heat and renewable energy capacity in Europe and the Americas, and over $28bn assets under management across the globe.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

 

ABOUT ENORDIC

eNordic is the Nordic’s first sustainable energy platform, formed by a partnership between Ardian, a world-leading private investment house, and leading domestic industry executives.
Through a local, responsible and agile investment approach, eNordic enables the transformation of the energy sector through long-term partnerships with those that develop or operate sustainable energy projects in the Nordics.
It invests in opportunities in wind, biomass, hydro and district heating, in addition to traditional energy assets that have the potential to be transformed or managed in a particularly sustainable way.
eNordic is based in Sweden and Finland, with local teams operating throughout the Nordics region.

PRESS CONTACT

ARDIAN

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Arevon and Blackstone Credit & Insurance Close $350 Million Preferred Equity, Debt, and ITC Transfer Financing for Condor Energy Storage Project

Blackstone

Transaction showcases Arevon and Blackstone’s strategic approach to financing clean energy projects through a combination of preferred equity, tax credit transfers, and debt

NEW YORK and SCOTTSDALE, Ariz. (February 13, 2024) – Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, together with Blackstone Credit & Insurance (BXCI), today announced a successful financial close for the 200 megawatt/800 megawatt-hour Condor Energy Storage Project (Condor) currently under construction in Grand Terrace, California.

The project is anticipated to start operations in Q2 2024 and is contracted under a 15-year agreement with Southern California Edison. The project will be capable of providing firming capacity, enhancing grid reliability and stability alongside increased adoption of renewable energy resources. Condor features Megapack 2 XL, Tesla’s utility-scale battery system. Tesla has been contracted to provide O&M services for the project. Rosendin Electric, Inc. is the project’s engineering, procurement, and construction (EPC) contractor. Arevon will own and operate the project on a long-term basis.

Blackstone’s preferred equity investment in Condor is structured to simplify the monetization of tax credits, eliminating the need for traditional tax equity financing.

Zachary Rubenstein, Managing Director in the Blackstone Credit & Insurance Sustainable Resources Group, commented “Arevon is a world-class renewable energy company, and we are excited to be their partner on the Condor financing. Blackstone continues to see tremendous need for large scale financing solutions in the energy transition market, and we look forward to partnering with Arevon on future opportunities.”

The financing includes a commitment from Stifel Financial Corp. to buy investment tax credits and is supported with a $164 million debt facility which was secured with Coordinating Lead Arrangers CoBank ACB, Helaba, and Sumitomo Mitsui Banking Corporation. The Bank of New York Mellon served as Collateral and Administrative Agent. Arevon secured real estate financing from climate investment firm HASI related to the Condor Energy Storage Project land.

Daniel Murphy, Director of Project Finance at Arevon, remarked “Condor represents not only our commitment to developing assets that deliver grid resilience but also our team’s adeptness in navigating complex, hybrid financing arrangements. Along with our partners, we remain focused on pioneering climate finance solutions that promote a sustainable clean energy future.”

“Helaba is very pleased to support Arevon and its Condor battery energy storage project, which we expect to play an important role in California’s ongoing efforts to decarbonize its electric system,” Christian Jagenberg, EVP & General Manager at Helaba New York Branch said.

Stoel Rives represented Arevon as sponsor transaction counsel and CRC-IB served as sponsor tax equity advisors. Milbank LLP served as the preferred equity counsel, and Winston & Strawn LLP served as lender counsel. Monarch Private Capital served as advisor to the tax credit purchaser, with Orrick, Herrington & Sutcliffe LLP as counsel to Monarch, and Paul Hastings served as counsel to the tax credit purchaser.

“We are excited to support a great sponsor like Arevon for a great project like Condor in bringing together innovative financing and collaborative financing partners,” Conor McKenna, Partner & Senior Managing Director at CRC-IB said.

“We appreciate our partnership with Blackstone Credit and Insurance, a leading player in providing efficient solutions in the renewable energy market, along with our other valued partners, who played pivotal roles in navigating the intricacies of this transaction. Together, we have forged a path toward sustainable energy solutions, and we extend our sincere thanks to all involved for their dedication and expertise,” Kevin Smith, Chief Executive Officer at Arevon said.

About Arevon
Arevon Energy, Inc. is a leading renewable energy company, supplying clean energy to utilities and corporations across North America. Headquartered in Scottsdale, Arizona, and New York City, Arevon uses innovative approaches and leading-edge technology to develop, build, finance, own, and operate clean energy projects. Arevon owns and operates more than 3,500 megawatts (MW) of solar, storage, and solar + storage hybrid assets across the country. The company is a renewable energy leader in California with more than 1,900 MW in operation and more than 1,000 MW under construction. Arevon has a robust portfolio of more than 6 gigawatts of projects in development which will enable the company to provide more clean, cost-effective energy to homes and businesses. Its financial strength, innovation, and industry expertise come together to improve the structure and performance of its platform of solar and energy storage power plants. Arevon was named one of Arizona’s Top Workplaces in 2022 and 2023. For more information, please visit: www.arevonenergy.com.

About Blackstone Credit & Insurance Sustainable Resources Group
The Blackstone Credit & Insurance Sustainable Resources Group focuses on providing private credit to the renewable energy, infrastructure, and energy transition marketplace. The Group has approximately 40 investment professionals across North America, Europe, and Asia and invests across the credit spectrum in investment grade credit, non-investment grade credit, preferred and convertible securities. In 2022, Blackstone announced that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade across its businesses.

Media Contact
Blair Matocha, Director of Communications
Arevon Energy, Inc.
bmatocha@arevonenergy.com
(713) 898-1325

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EMM and Chemicar join forces to ensure even more innovation

Quadrum Capital

olle (NL) / Zwijndrecht (BE) – Developments in the paint processing industry are moving faster than ever. The number of changes is unprecedented. Be it raw materials, circularity, energy management or legislation, significant changes are being made wherever you look. This requires a huge effort from all links in the international chain. The reason EMM (based in Zwolle, The Netherlands) and Chemicar (based in Zwijndrecht, Belgium) joining forces is henceforth to provide international paint professionals with the very best support from a single organisation.

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Great things can be achieved together

By bringing together knowledge and expertise and, therefore, moving forward as one organisation, we can continue to provide first-class product solutions for paint application. And we can do all this with a focus on paint professionals and their work processes. As the companies behind the top brands Colad, Finixa and Hamach, we promise that paint professionals both at home and abroad will be able to carry out their work in a way that is safer, more efficient, of higher quality, more sustainable and more enjoyable. Recent product solutions such as the Colad UV Fast Curing System® and the Finixa Green Paint System are examples of how new ideas can come to fruition when the whole chain works together. Finixa’s eco-friendly product lineand Colad’s Pro Planet Proof product line are being developed further using this approach. The core productswill be available to purchase in the short term.

In 2021, EMM brought Quadrum Capital on board to accomplish shared ambitions in the future. In the new organisation, EMM and Chemicar will stay on as shareholders, with Quadrum Capital as the major shareholder. The management will head up the new organization under the leadership of joint shareholders Thomas van der Kooij and Piet Greeve. The merger of the two organisations will result in operations with a global reach, across more than 100 countries. This calls for additional, smart and advanced facilities, including the expansion of warehouse facilities. From Q1 2024, a total of 17,000 m² of warehouse space – with more than 10,000 pallet spaces – will be available in one location. The goal is to supply all business relationships from Zwolle after summer 2024.

EMM is a participating interest from Quadrum Investment Fund III. This Quadrum Capital fund has a size of over €250 million and is primarily funded by entrepreneurs and entrepreneurial families.

About EMM

Since its establishment in 1955, EMM has grown to become a global supplier and innovation partner to paint processing industries, including automotive, aerospace, marine and industrial. Through a continuous focus on product innovation, EMM is able to offer solutions that ensure higher productivity, quality and safety in paint processing. Products and machines under its own brands: Colad and Hamach form the basis for this. Co-creation is a spearhead in EMM’s approach: new ideas are further developed in cooperation with dealers and paint finishers at the head office in Zwolle (NL). EMM has offices in France, Germany, Sweden, South Africa and the United States and more than 75 employees worldwide. www.colad.com

About Chemicar

Chemicar Europe NV has more than 40 years of experience in the development and distribution of consumables, equipment and training for the professional car body repair, marine and industrial markets. Through a global network of dealers in more than 100 countries, goods and services are offered under the Finixa quality label, with an emphasis on responsible quality, sustainability and innovation. Almost all products are developed in-house and some manufactured in-house. The distribution and production centre is located in Zwijndrecht (BE) with more than 50 employees. ING Belgium, former minority shareholder of Chemicar, will exit the shareholding. www.finixa.com

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Service Compression accelerates growth strategy with investment from Warburg Pincus

Warburg Pincus logo

 

Lubbock, Texas (January 17, 2024) – Service Compression, LLC (“Service Compression” or the “Company”), a leading provider of natural gas compression services for exploration and production companies, today announced the closing of a preferred equity investment from Warburg Pincus, a leading global growth investor, through its Capital Solutions Founders Fund. Warburg Pincus’ investment comes alongside a new credit facility led by J.P. Morgan and an additional capital raise led by existing and new shareholders. The Company plans to use net proceeds from the combined transactions to repay outstanding borrowings on its existing credit facility with funds managed by Crestline Investors, Inc. and its affiliates and for growth of the Company, including its equipment fleet, as well as working capital support.

Service Compression worked closely with Warburg Pincus to design a solution that provides the Company with a robust, optimized balance sheet enabling the Company to further grow its fleet of compression units to meet the needs of its growing customer base. In particular, Service Compression aims to help customers meet their ESG (environmental, social, and governance) initiatives by accelerating the growth of electric compression units, which have improved performance and lower greenhouse gas emissions.

“Service Compression prides itself on providing compression services to its customers through long-lasting and mutually rewarding relationships,” said Rhett Newberry, President, Service Compression. “We are thankful for the continuous support that Dustin Womble and Masked Rider Capital have provided since the inception of our team, as well as our partnership with Crestline since 2022 that enabled the Company to kick off its electric compression strategy. Warburg Pincus’ investment in our company underscores the strength of our brand, first-in-class customer service, industry-leading employee base and commitment to ESG initiatives within the upstream oil and gas sector. We look forward to further collaboration with our customers to deliver on their growing and evolving compression needs.”

Warburg Pincus has a strong track record of investing in companies committed to the growth of sustainable practices across all sectors. Notable investments include Assent, ClimeCo, Eco Material Technologies, Gradiant, Monolith, Montana Renewables, PTSG, Scale Microgrid Solutions, Mosaic, TRC, and Viridi.

“Demand for electric powered compression equipment continues to grow, especially from blue-chip E&P companies who are looking for partners that can provide them with best-in-class technology and service. Leveraging the expertise of Warburg Pincus’ Energy Transition & Sustainability and Capital Solutions teams, Service Compression is well positioned to gain further momentum in this evolving market,” said Jeff Luse, Managing Director, Warburg Pincus.  “Rhett and the talented Service Compression team have established the Company as a leading platform in the sector, and we look forward to our partnership together,” added Gaurav Seth, Managing Director and Americas Head of Capital Solutions, Warburg Pincus.

The Warburg Pincus Capital Solutions Founders Fund was raised in 2023, leveraging the firm’s nearly two-decade track record of structured investing in more than 20 completed transactions, with over $4 billion in capital deployed. Capital Solutions professionals work closely with domain experts across Warburg Pincus’ core sectors and geographies to source and execute structured value additive transactions.

Moelis & Company served as lead placement agent and Baker Botts L.L.P. served as legal advisor to Service Compression. Imperial Capital also served as placement agent to Service Compression.  Willkie Farr & Gallagher LLP served as legal advisor to Warburg Pincus.

About Service Compression

Service Compression is a leading provider of natural gas compression services for exploration and production companies at the wellhead. The company focuses on advancing the ESG (environmental, social, and governance) initiatives of the upstream oil and gas sector through its differentiated service and technology offerings. Service Compression is headquartered in Lubbock, Texas, with field offices in Texas, New Mexico, Oklahoma, and Arkansas.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $84 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $113 billion in over 1,000 companies in more than 40 countries across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com. Follow us on LinkedIn.

Contact

Sarah McGrath Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

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Vulcain Engineering continues its growth with the support of a consortium of investors led by Ardian, in association with Tikehau Capital and EMZ and supported by Bpifrance, Amundi and the Fonds France Nucléaire, managed by Siparex

Ardian

Vulcain, the engineering group which specializes in energy transition and life sciences, and employs more than 3,500 people, has announced the exit of its shareholders Equistone Partners Europe and Sagard with a new LBO.

Accompanied by more than 350 employee shareholders, Co-CEOs of Vulcain Frédéric Grard and Alban Guilloteau have strengthened their positions in the group’s capital and governance structures. With the help of their long-standing advisor, D&A Corporate Finance, the founding managers steered a limited process that brought together a consortium of leading investors to support the group’s exponential growth.

Ardian, a world-leading private investment house, coordinates the consortium with Tikehau Capital, a world-leading private equity player in decarbonization and EMZ, a specialist in supporting founding managers.

Bpifrance, Amundi Private Equity Funds and the Fonds France Nucléaire managed by Siparex complete the financing round by providing specific expertise.

A pool of banks made up of leading players is financing the deal through senior debt, supplemented by mezzanine financing provided by Eurazeo Private Debt, the group’s long-standing partner.

With this transaction, the Group will have access to substantial and diversified financial resources, as well as French institutional shareholders committed to an entrepreneurial approach.

With the support of Equistone and Sagard, Vulcain has expanded rapidly over the past four years, growing from sales of €160m in 2019 to €370m by 2023. The realisation of current external growth opportunities should enable the company to cross the €450m threshold in 2024.

Its positioning as a multi-specialist engineering expert in critical infrastructures allows Vulcain to take advantage of mega-trends linked to the energy transition, with expertise in nuclear power, renewable energies, gas, hydrogen, energy transmission and distribution networks, and railways. The Group’s market opportunity is further bolstered by sovereignty issues in the pharmaceutical industry.

Vulcain’s track record of external growth, with 27 acquisitions made since 2019, has enabled it to strengthen its relationship with its major customers, and to expand its range of high added-value services, as well as its geographical presence.

It now generates more than 35% of its business abroad, particularly in the UK, Finland, Belgium, Spain, Switzerland, Denmark, Sweden and Germany, as well as in North and Latin America.

The Group’s ambition is to continue to expand internationally and deepen its offering in terms of digitising engineering processes and making the most of data relating to facilities and infrastructures, notably through acquisitions.

The ambition of the joint CEOs Alban Guilloteau and Frédéric Grard is to continue to develop their company in line with the convictions and values that drive them. The quality of Vulcain’s workforce and the underlying markets open up the prospect of achieving sales of €1 billion under the next strategic plan.

Completion of the transaction remains subject to the usual pre closing conditions for this type of transaction, and in particular to obtain the required regulatory authorizations.

“After a decade of working together, we are delighted to have succeeded in building a multicultural management team within Vulcain and in involving more than 350 employees in our entrepreneurial and shareholder adventure. The consortium of leading investors that we are announcing today is the result of the work carried out by all the group’s employees over the last few years, which has enabled Vulcain to become a leading European player in the energy transition.” Alban Guilloteau & Frédéric Grard, Co-CEO’s, Vulcain

“Over the last four years, Vulcain Engineering has succeeded in consolidating its positioning driven by trends relating to the energy transition, health & life science and infrastructure. The group has accelerated its development with us through around twenty external growth operations in France, Europe and the American continent. We are happy to have supported Frédéric Grard, Alban Guilloteau and Vulcain Engineering in its transformation into a true European player. Vulcain’s trajectory illustrates what constitutes Equistone’s DNA: positively supporting high-quality management teams and supporting their development strategy in France and internationally to become leading players in their sector.” Grégoire Châtillon & Stanislas Gaillard, Equistone Partners Europe

“We have been impressed by the quality of Vulcain Ingénierie’s management team and convinced by the group’s positioning, which focuses on high-growth sectors driven by the energy transition. We were also impressed by the know-how in terms of external growth and the internationalization of the group. We will be making the resources of the Ardian platform available to further accelerate the Group’s development in its core business, in particular through acquisitions.”  Alexis Lavaillote, Managing Director Expansion, Ardian

“We are delighted to make the first investment of our second vintage of private equity strategy dedicated to decarbonisation in Vulcain Ingénierie. This significant transaction gives us the opportunity to support a recognised management team at the head of a resilient group, strongly committed to decarbonisation and European industrial sovereignty. With this private equity strategy focused on decarbonisation, Tikehau Capital is reaffirming its commitment to support the development of a positive-impact offering while helping companies to expand internationally via its global platform.” Emmanuel Laillier, Head of Private Equity, Tikehau Capital

“We were impressed by the leadership and quality of the management team led by Alban and Frédéric. Vulcain has a fantastic human capital, united by a motivating corporate culture and committed to the crucial issues of the energy transition and life sciences.  We are delighted to join this great entrepreneurial adventure.” François Carré, EMZ

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • VULCAIN INGÉNIERIE: ALBAN GUILLOTEAU, FRÉDÉRIC GRARD
    • EQUISTONE PARTNERS EUROPE: GRÉGOIRE CHÂTILLON, STANISLAS GAILLARD, FLORENT ROSTAING, VALÉRIAN FLEURY
    • SAGARD: MAXIME BAUDRY, JÉRÔME TRIEBEL
    • EXPANSION, ARDIAN: ALEXIS LAVAILLOTE, ARNAUD DUFER, ROMAIN GAUTRON, ZOÉ BERGERAULT
    • TIKEHAU: EMMANUEL LAILLIER, PIERRE GERBEAUD, MATHIEU BADJECK, LÉA POISSON, LUCIE TAILLEUR
    • EMZ: FRANÇOIS CARRÉ, AJIT JAYARATNAM, ARTHUR MORISSEAU
    • BPIFRANCE INVESTISSEMENT: ALESSANDRO GONELLA, PIERRE MONIN, RAFAEL DUCH, LOUIS LAFFOURCRIERE
    • AMUNDI PRIVATE EQUITY FUNDS: CLAIRE CHABRIER, FRÉDÉRIC LABIA, JEAN KARBOUYAN, THÉO QUINSAC, JULIEN KAISER-LORENTZ
    • FONDS FRANCE NUCLÉAIRE, SIPAREX: BENOIT DESFORGES, ROMAIN BOISSON DE CHAZOURNES, NICOLAS SLUYS, HUGO PETITJEAN

LIST OF ADVISORS

  • ADVISORS

    • M&A – SELLERS, COMPANY, MANAGEMENT : D&A (JEAN-MARC DAYAN, FRANÇOIS DUBOURG, JÉRÔME DA SILVA, CHARLES COLLE, PAUL DIGUET)
    • LEGAL ADVISOR M&A – COMPANY, MANAGEMENT: GOODWIN PROCTER (THOMAS MAITREJEAN, AURÉLIEN DIDAY, WILLIAM DUCROCQ-FERRE)
    • LAWYERS FINANCING – COMPANY, MANAGEMENT: GOODWIN PROCTER (ADRIEN PATURAUD, ALEXANDER HAHN)
    • TAX ADVICE – COMPANY, MANAGEMENT: CHAOUAT & ASSOCIÉS (STÉPHANE CHAOUAT, ALEXANDRE GROULT)
    • LAWYERS M&A – SELLERS: PAUL HASTINGS (SÉBASTIEN CRÉPY, OLIVIER DEREN, VINCENT NACINOVIC)
    • DEBT ADVISORY – COMPANY, MANAGEMENT: MARLBOROUGH PARTNERS (ROMAIN CATTET, PHILIPPE DE COURRÈGES, GRANT POLLOCK, KOUROS QUENTIN JENABZADEH, NICKA KOBIASHVILI)
    • STRATEGIC VENDOR DUE-DILIGENCE – SELLERS, COMPANY: LEK (DAVID DANON-BOILEAU, FREDERIC DESSERTINE, SERGE HOVSEPIAN, BENJAMIN TUCHMAN)
    • FINANCIAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY (LAURENT MAJUBERT, SAMI FOURATI, FLORIANE HAYOT, HUGO CHARPENTIER)
    • TAX VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (ALEXIS MARTIN, OLIVIER GALERNEAU, PIERRE-ANTOINE QUATRHOMME)
    • LEGAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (BENOÎT LOSFELD, MATHIEU COLLING)
    • SOCIAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (ANNE-ELISABETH COMBES, TAINA CELESTIN)
    • ESG VENDOR DUE DILIGENCE – SELLERS, COMPANY: AXA CLIMATE (JULIEN FAMY, LUCIE DELZANT)
    • LAWYERS M&A – BUYERS: HOGAN LOVELLS (STÉPHANE HUTEN, ARNAUD DEPARDAY)
    • STRATEGIC DUE DILIGENCE – BUYERS: MCKINSEY (FRÉDÉRIC RÉMOND, MARION SOULA, SOUHAIL BENTALEB)
    • FINANCIAL DUE DILIGENCE – BUYERS: KPMG (OLIVIER BOUMENDIL, BORIS GUEUDIN, ISMAIL RADI)
    • LEGAL, TAX, SOCIAL DUE DILIGENCE – BUYERS: KPMG (FLORENCE OLIVIER, XAVIER HOUARD, ALBANE EGLINGER)
    • INSURANCE DUE DILIGENCE – BUYERS: FINAXY (DEBORAH HAUCHEMAILLE)
    • ESG DUE DILIGENCE – BUYERS: PWC (EMILIE BOBIN, ALICE ROBINEAU)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ABOUT TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management group with €42 billion of assets under management (as at 30 September 2023).
Tikehau Capital has developed a broad range of expertise across four asset classes (private debt, real assets, private equity, capital markets strategies) as well as strategies focused on multi-asset solutions and special situations. Led by its co-founders, Tikehau Capital has a differentiating business model, a strong balance sheet, privileged access to global transaction opportunities and a solid track record in supporting high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides tailor-made and innovative alternative financing solutions to the companies it supports, and strives to create long-term value for its investors while generating a positive impact on society. Backed by substantial equity capital (€3.1 billion at 30 June 2023), the Group invests its capital alongside its investor-clients in each of its strategies. Controlled by its management, alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 757 employees (at 30 September 2023) spread across its 15 offices in Europe, Asia and North America. Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP).

ABOUT EMZ

EMZ is an independent pan-European investment company specialising in medium-sized companies. Since 1999, EMZ has contributed to the financing of more than 160 buy-outs and expansion transactions (acquisitions, industrial investments, etc.) for a total amount invested of more than €5 billion. EMZ’s investment strategy focuses on companies run by experienced management teams who are willing to enter into a collaborative, horizontal partnership with their financial partner.

ABOUT BPI FRANCE

Bpifrance’s equity investments are made by Bpifrance Investissement. Bpifrance finances companies – at every stage of their development – through loans, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance now also supports their export activities through a wide range of products. Advice, universities, networking and acceleration programmes for start-ups, SMEs and ETIs are also part of the services offered to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs have a single, close and effective contact to help them meet their challenges.

ABOUT AMUNDI

Amundi Real Assets & Alternatives brings together a complete range of capabilities in real estate, private debt, private equity, infrastructure, multi-management and alternatives. Drawing on decades of experience in private markets, Amundi facilitates access to real assets for institutional and retail investors. With nearly €72 billion in assets under management1, the business line is supported by 280 professionals in seven main investment hubs in Paris, London, Milan, Luxembourg, Barcelona, Madrid and Dublin.

ABOUT FONDS FRANCE NUCLEAIRE, SIPAREX

Equally subscribed by EDF and the French State and managed by Siparex, the France Nucléaire Fund invests in SMEs and intermediate-sized companies within the nuclear industry. It supports them notably in their projects for organic and/or external growth, as well as in the context of capital development, transmission, or restructuring operations. The fund intervenes in both majority and minority positions, either independently or through co-investment, leveraging the expertise of key players within the nuclear sector.
The French State’s participation in the fund is part of the France Relance plan, within which the French State allocates 470 million euros to the nuclear sector across various aspects, including the modernization of industrial tools, strengthening of skills, and research & development.

ABOUT EQUISTONE PARTNERS

Equistone is an independent investment firm wholly owned and managed by its executives. The company is focused on investing in European mid-market buyouts across six core sectors. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in various businesses. The company has a team of over 40 investment professionals operating across Benelux, France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap, and its Equistone Reinvestment Fund, which focuses on minority reinvestments alongside acquiring sponsors following an exit from one of its main buyout funds. Equistone Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

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