Asterion Industrial reaches a c. €1.1 billion Final Close after raising the hard cap of its maiden fund
- Following approval of its investors, the Fund raised the original €1 billion hard cap to €1.1 billion to be able to accommodate strong demand above the €850 million initial target size
- Asterion Industrial Infra Fund I becomes the largest private capital fund ever registered in Spain and one of the largest infrastructure-focused funds in Europe
- Asterion has closed the acquisition of low-carbon distributed energy company AMP Clean Energy in the UK, completing its fourth investment and its first take-private
- Offer made by Asterion and F2i to acquire Italian energy group Sorgenia has been accepted
- Asterion has generated in excess of €500m of co-investment for its investors alongside the Fund so far
Madrid, 21st January 2020 – Asterion Industrial Partners, an independent investment manager focused on infrastructure investments in Europe, announced today that it has reached a Final Close of c. €1.1 billion on its inaugural fund Asterion Industrial Infra Fund I, FCR. The Final Close was held just over one year since the launch of the Fund. Following approval of its investors, the Fund raised the original €1 billion hard cap to €1.1 billion to be able to accommodate strong demand above the €850 million target. After this, Asterion Industrial Infra Fund I becomes the largest private capital fund ever registered in Spain and one of the largest infrastructure-focused funds in Europe.
Investors in the Fund include pension funds, sovereign wealth funds, asset managers, insurance companies and endowments from across Europe, North America, Middle East and Asia.
Since inception Asterion has been actively investing in several opportunities for the Fund in line with its investment strategy across Europe. In addition to the c. €1.1 billion of capital commitments to the Fund, the Asterion team has also generated more than €500m of co-investment opportunities in some of its transactions closed to date also including opportunities pending closing, taking total capital under the company’s management to close to €1.6 billion (USD 1.7 billion).
Asterion Announces Closing of its Acquisition of AMP Clean Energy in the UK
On 29th November 2019 Asterion made a recommended cash offer to buy 100% of the shares of UK-based Aggregated Micro Power Holdings plc (listed on the London Stock Exchange’s Alternative Investment Market as AMP Clean Energy), carving out its participation in the US company Incubex at the same time. The offer at GBP 90p per share was approved by shareholders on 8th January 2020 and as of 17th January the company is 100% owned by the Asterion Fund, having been delisted from AIM as a result of that.
AMP Clean Energy is a low-carbon distributed energy and energy services business based in the UK, one of Asterion’s core investment geographies. It has a strong regulated revenue base, a large customer base and a best-in-class, highly experienced management and technical team. Furthermore, the integrated business model that AMP has established is critical to the energy transition in the UK to help meet its net zero ambition.
Asterion’s vision is to provide the necessary capital to enable AMP Clean Energy to grow and realise new opportunities and to add value to the business in the long-term through continuous pursuit of operational excellence.
Jesús Olmos, Partner and CEO at Asterion Industrial Partners commented on the transaction: “We are excited about the opportunity to work with AMP Clean Energy’s management team to take the company to the next level and develop the business in the increasingly important segment of distributed energy and energy efficiency in the UK”.
Richard Burrell, Chief Executive of AMP Clean Energy added: “This transaction has allowed AMP Clean Energy shareholders to crystallise value whilst providing AMP Clean Energy with the stable source of capital that it requires to move forward and achieve its ambitions. We truly believe Asterion is the right partner to support AMP Clean Energy in this new phase of its journey”.
This transaction represents the fourth investment for Asterion Industrial Infra Fund I, adding UK exposure to the existing portfolio based in France, Spain and in small parts in the US and Latam through Nabiax. To date, the Fund’s sector exposures include investments in the energy services industry (submetering and renewable distributed energy), renewables and data centres, in line with its core strategy focus.
Offer Accepted to Acquire Italian Energy Group Sorgenia
The offer made by Asterion in partnership with infrastructure fund manager F2i to acquire Italian energy specialist Sorgenia from a vehicle owned by the main Italian banks was accepted in late December 2019.
Sorgenia is an integrated energy utility with 3.2 GW of gas-fired power generation capacity and a fast-growing electricity and gas retail platform. The offer is inclusive of a 50% stake in Italian power producer Tirreno Power owned by Sorgenia. As part of the transaction, F2i will transfer a portfolio of wind and biomass assets into the group to enhance the diversity of its generation profile. The transaction will enable Asterion and F2i to create one of Italy’s largest utilities, uniquely positioned to lead the energy transition in the country with significant upside potential while benefitting from strong downside support from the Italian regulatory framework.
Asterion and F2i plan to work together with the management team in the creation of an integrated utility across renewable, baseload and intermittent peak demand power generation with a strategic retail offering to address changing network requirements and create long term value for the future.
Signing is expected by mid-February. Pending successful completion, the investment would further expand the geographical footprint of the Fund to also include Italy.
ABOUT ASTERION INDUSTRIAL PARTNERS
Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.
The information contained herein is for informational purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Asterion Industrial Infra Fund I, FCR, and is being provided in accordance with rule 135e under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy interests in Asterion Industrial Infra Fund I, FCR (the “Interests”) or any other security in any jurisdiction and shall, in any circumstance, not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Interests have not been and will not be registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state and local securities laws. Accordingly, the Interests are being offered and sold (i) in the United States only to qualified investors in accordance with Rule 506 of Regulation D under the U.S. Securities Act and (ii) outside the United States in accordance with Regulation S under the U.S. Securities Act. Although Asterion Industrial Infra Fund I, FCR has no intention to conduct any public offering of the Interests in the United States or to register the Interests under the U.S. Securities Act, any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Asterion Industrial Infra Fund I, FCR and that will contain detailed information about Asterion Industrial Infra Fund I, FCR, Asterion Industrial Partners, SGEIC, S.A. and management thereof, as well as financial statements.