By Nick Hedley
Alternative asset manager Blackstone, which has $941 billion in assets under management, has acquired a stake in Esdec Solar Group, a Dutch company focused on rooftop solar mounting systems.
The companies did not disclose the size of the transaction but said in a joint statement the “significant strategic investment” would support Esdec’s next phase of growth.
Esdec, which was acquired by European private equity firm Rivean Capital and the management team in 2018, generates annual sales of close to $506 million.
“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,” the companies said.
Esdec CEO Stijn Vos said Blackstone would bring expertise in the renewable space “and strong footing in the U.S., one of our most important markets.”
Jüergen 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.”
The transaction requires approvals from competition authorities and is expected to be completed before the end of 2022.