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Spanish infrastructure investment manager Asterion Industrial Partners’ subsidiary Fossa Holdco has agreed a €63 million deal to acquire UK heat and power distributor AMP Clean Energy.
Under the terms of the acquisition, AMP Clean Energy shareholders will receive 90 pence in cash for each AMP Clean Energy share.
AMP Clean Energy is an energy company which supplies biomass wood fuel, develops low carbon heat and power assets, and invests in companies that support decarbonisation.
A Herbert Smith Freehills team led by Alberto Frasquet advised Asterion on the deal, while Travers Smith acted for AMP Clean Energy. Asterion was also advised by KPMG, while AMP Clean Energy’s financial adviser was Evercore. AMP Clean Energy was also advised by FinnCap and Whitman Howard.
In the year to 31 March 2019, AMP Clean Energy’s revenues increased 14.5 per cent to €49.5 million, while gross profit was €10.8 million. The businesses’ net assets are valued at €24.1 million.
Jesús Olmos (pictured), founding partner and chief executive of Asterion, said: “We are excited about the opportunity to work with AMP Clean Energy in the increasingly important segment of distributed energy and energy efficiency and thereby to contribute to the clean energy transition in the UK.”
Richard Burrell, chief executive of AMP Clean Energy added: “This transaction not only represents an attractive offer price for AMP Clean Energy, but it ensures AMP Clean Energy has the right partner to help fund its next phase of growth to help UK businesses unlock the potential of decentralised, low carbon energy which supports the UK’s transition to a low carbon economy.”
He continued: “With access to further capital from Asterion, AMP Clean Energy will be able to continue to capitalise on its key strength of developing, operating and aggregating small-scale assets and in doing so, delivering energy close to the point of consumption, where and when it is needed most.”