London-listed Bridgepoint Group has added Energy Capital Partners (ECP), bringing access to North American infrastructure investing, with power, battery and sustainability interests.
ECP has raised more than $30 billion of capital since 2005. The deal valued the company at £835 million.
Bridgepoint will issue 235 million new shares to ECP, in addition to paying £233mn in cash – and covering £179mn of debt.
“Joining forces with ECP is an important powerful next step in Bridgepoint’s strategic objective of building a globally-scaled, diversified platform in middle-market private assets investing,” said Bridgepoint chairman William Jackson.
“The transaction accelerates our scale, leadership and strategic development, enhances the quality of the Group’s earnings and margin profile, and provides greater diversification and earnings growth potential for shareholders.”
The addition of ECP, and its management, will provide a “significant third pillar” to Bridgepoint, it said.
“As well as the compelling financial rationale for the transaction, Bridgepoint will benefit from the investing expertise of the ECP team, while, at the same time, there are significant opportunities for both of us to work together on initiatives such as adding adjacent strategies and expanding geographically,” Jackson said.
ECP founder and senior partner Doug Kimmelman said the deal was “uniquely attractive. Our businesses are not only highly complementary – without any overlapping or conflicting investment strategies – but our firms importantly share a culture of collaboration, integrity and investment excellence making this a highly compelling opportunity for our investors and our employees alike.”
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