London-based private equity fund CGE Partners has announced an investment in Oxford-headquartered power and energy data and analytics provider Aurora Energy Research.
Aurora, which also has offices in Berlin and Sydney, has 148 employees. Its data and analytics is used by clients that need to adapt to the transition to a sustainable, low carbon energy system.
CGE is backing Aurora’s founder and CEO, Dr John Feddersen, and the existing management team in the transaction, and will support the company in its next phase of growth, including future mergers and acquisitions. Under the terms of the deal, energy data expert Steve Halliday will also invest in Aurora and join the board as chairman.
22C Capital, a US-based data and analytics fund led by Capital IQ co-founder Randall Winn, will invest alongside CGE. 22C Capital has a track record of helping management teams build data and information businesses such as Capital IQ, ZoomInfo, and Definitive Healthcare.
CGE, which targets fast growing tech-enabled businesses across Europe, launched its €440 million European mid-market buyout fund in 2019. It invests principally in majority buyouts of established businesses with an enterprise value of up to €200 million.
In a joint statement, CGE Partners director Chloe Holding and partner Christopher Fielding, said: “Aurora is a high-growth, tech-enabled business with a very bright future ahead of it. Its rapid growth is in large part due to the strength of John Feddersen and the exceptional team he has built in Europe and Australia. The platform they have created is well positioned to support clients through the energy transition which is set to continue for decades to come.”
Randall Winn and Kevin Black, partners at 22C Capital, added: “Aurora uses cutting-edge technology and proprietary models to provide long-term, data-driven analytics and intelligence on global power markets. We look forward to helping the team grow existing product lines, including expanding their SaaS offerings.”
Houlihan Lokey acted as the financial advisor to Aurora.
Travers Smith advised CGE Partners on the deal – the team was led by private equity & financial sponsors partners Ian Keefe and James Renahan supported by senior associate Victoria Bramall and associates Laura Kelly and Jessica Cragg. Tax advice was provided by partner Russell Warren and associate Aimee Hutchinson.
Aurora's shareholders were advised by Ashurst. The Ashurst team was led by corporate partners Nick Rainsford and Braeden Donnelly, with support from associates Lauren Garrett, Sara Hamzawi and Annie Ball. Partner Nicholas Stretch and senior associate Rebecca Servian advised on incentive matters, partner Alexander Cox and senior associate Sara Mardell advised on tax and partner Ruth Buchanan and associate Hamish Mishra advised on employment aspects. In Frankfurt, partner Benedikt von Schorlemer advised on German matters, and in Sydney partner Stuart Dullard and senior associate Jared Nickig advised on Australian elements.