June 28, 2022
Deventer, Utrecht and London – Esdec Solar Group B.V. (“Esdec” or the “Company”), the global market leader in rooftop solar mounting systems, is pleased to announce that an agreement has been reached to strengthen its shareholder base with a significant strategic investment from funds managed by Blackstone Energy Partners and Blackstone private equity (“Blackstone”).
Esdec develops and distributes high-quality mounting systems and solutions for rooftop solar. The Company was acquired by Rivean Capital (“Rivean”) and the management team in 2018 which together have since then transformed the business from a small innovative Benelux gem with just over €30m in sales to the global industry leader with close to €500m in sales across three continents.
Against the backdrop of an accelerating energy transition, and with a reputation for innovative best-in-class solutions, Esdec has achieved significant organic growth. In addition, the Company has executed on an expansion strategy by successfully acquiring and integrating six add-on acquisitions in both the US and Europe.
With its current scale and professional organization, six locations globally employing c. 400 FTE in total, and with its reputation of bankability and reliability, Esdec is the go-to-party for installers, developers and distribution partners. The Company is well positioned to benefit from attractive organic market growth and consolidation opportunities in the years to come, playing its part in enabling the acceleration of the energy transition.
To support management in Esdec’s next phase of growth, the current shareholders have reached an agreement with Blackstone to acquire a significant strategic stake. Blackstone brings deep experience in the renewable energy sector and additional support and resources to help deliver on Esdec’s ambitious plans. The backing of two leading European and US investors will enable a further acceleration of Esdec’s growth.
Stijn Vos, CEO of Esdec commented: “On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further grow our business and benefit from Blackstone’s widespread, relevant network.”
Maurits Boomsma, Senior Partner at Rivean Capital added: “For both management and Rivean this has been an exceptional journey. We were lucky to partner with the right business and the right management team 4 years ago, and are grateful and proud of what has been achieved through this strong partnership. We are very much looking forward to continue the journey and together with Blackstone support Esdec in the next phase of growth.”
Jürgen Pinker, Senior Managing Director at Blackstone, said: “Esdec is an industry-leader in a fast-growing market with a track record of profitable growth, and we are delighted to partner with the management team and Rivean in achieving their long-term strategic plans.”
David Foley, Global Head of Blackstone Energy Partners, said: “Esdec’s products enable installers of rooftop solar to work safely and more efficiently, making solar power more affordable to consumers and thereby accelerating the energy transition, a key investment theme for Blackstone Energy Partners.”
Completion of the transaction is expected to take place before the end of this year following satisfaction of certain closing conditions, including approval from the relevant competition authorities.
Contacts
Esdec Solar Group
Claire Verhagen (Group Communications & Investor Relations)
c.verhagen@esdecsolargroup.com
+31 650 516 325
Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30
Blackstone
Louis Clark (Media)
Louis.Clark@Blackstone.com
+44 7867 930156
About Esdec Solar Group
Esdec is a leading developer and distributor of professional rooftop solar racking and mounting systems and solutions for both residential and commercial roofs. Developed for installers, by installers, its in-house R&D team has simplified installations with some of the fastest, most economical solutions on the market. Production is outsourced to third parties, after which the systems are assembled and distributed to wholesalers, EPC contractors, solar integrators or installers directly. For more information, visit www.esdecsolargroup.com.
About Rivean Capital
Rivean is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean manages funds in excess of €3bn and has offices in Utrecht, Brussels, Frankfurt, Zurich and Milan. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions. For more information, visit www.riveancapital.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager with $941 billion in assets under management. With $276 billion of assets under management, Blackstone’s private equity business has been a global leader since 1985.
Blackstone Energy Partners, Blackstone’s energy-focused private equity business, is a leading energy investor with a successful long-term record, having invested over $20 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs, and generate lasting value for our investors, employees and all stakeholders. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.