Madrid, 20 December 2019 – Tikehau Capital, through its private equity fund dedicated to energy transition, has signed an agreement to invest in the biomass assets of Acek Energias Renovables.
The transaction, representing an enterprise value of €81m (in addition to earn-outs), is the first investment of Tikehau Capital’s private equity funds in Spain and aims at creating a leading pan-European integrated bioenergy player.
Acek Energias Renovables established in 2009 its biomass division, which is a vertically integrated platform focused on the engineering, construction, operation and maintenance of biomass energy plants (power, heat or combined heat and power), as well as the supply of biomass.
The transaction includes the 17MW biomass plant in Garray (Soria), several long-term operation and maintenance contracts in Spain and Portugal, as well as its industry-leading engineering business in Puerto de Santa Maria (Cadiz).
The acquired business employs over 120 people and generated a turnover of €64m in 2018.
Tikehau Capital seeks to accelerate the company’s growth, developing a robust pipeline of opportunities to create a leading bioenergy player focused on regulated and non-regulated markets. The company will continue to be led by Mr. Emilio López Carmona, who created and led the expansion of the biomass business of Acek Energias Renovables since 2009 and before that, Valoriza Energia.
This acquisition is made through Tikehau Capital’s Energy Transition Fund, a pan-European private equity fund focused on the development, transformation and international expansion of medium-sized energy transition companies across three verticals: Clean Energy Value Chain, Low Carbon Mobility and Energy Efficiency, Storage and Digitalisation.
Tikehau Capital’s first private equity deal in Spain
The acquisition is the first Private Equity transaction made by Tikehau Capital in Spain, representing a significant milestone and demonstrating its commitment to invest in this asset class in the region.
Emilio López Carmona, Head of the biomass division of Acek Energias Renovables said: “We share values and commitment with Tikehau Capital to face the challenge of a carbon neutral and sustainable economy. It is a very important step that will release the potential of our organization to provide integrated solutions in the bioenergy and circular economy sectors in Europe”.
Emmanuel Laillier, Head of Private Equity at Tikehau Capital, said: “We are delighted to invest in the biomass assets of Acek Energias Renovables. It is crucial that companies which can have a direct impact on the environment today have the necessary means to grow. Equity investment, which Tikehau Capital provides, is an effective way to support energy transition actors unlocking entire value chains by giving them the means to develop solutions to drive the decarbonisation of the energy sector”.
Carmen Alonso, Head of Iberia at Tikehau Capital, said: “We are pleased to invest in an integrated platform in the biomass sector in Spain and Portugal. The company enters a new phase supported by Tikehau Capital. Alongside its management team, we aim at creating a leading integrated bioenergy player”.
About Tikehau Capital:
Tikehau Capital is an asset management and investment group with €24.3bn of assets under management (as at 30 September 2019) and shareholders’ equity of €3.1bn (as at 30 June 2019). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxembourg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.
Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
Tikehau Capital: Julien Sanson +44 20 3821 1001
Finsbury: Arnaud Salla & Charles O’Brien +44 207 251 3801
Shareholders and Investors Contact:
Louis Igonet – +33 1 40 06 11 11
This transaction was carried out by TIKEHAU INVESTMENT MANAGEMENT SAS (on behalf of the funds that it manages), a portfolio management company approved by the AMF since 19/01/2007 under number GP-0700000006.
This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relates to Tikehau Capital North America.