Alternative investment manager Blackstone, and private equity investor Rivean Capital announced today that they have completed the acquisition of rooftop solar mounting company, Esdec Solar Group.
Founded in 2004, Netherlands-based Esdec develops and distributes professional rooftop solar racking and mounting systems and solutions for residential and commercial roofs. To date, nearly 100 million solar panels have been installed on the company’s mounting structures, and more than 3.5 GW were secured on residential, commercial, and industrial rooftops globally in 2022.
Esdec CEO Stijn Vos said:
“I am excited to enter the next stage of development of our company with both Rivean and Blackstone as equally important strategic shareholders. Both shareholders bring their own specific set of expertise, a combination of deep market knowledge, a local-for-local approach, while using scale and expertise to drive economic growth and make a positive impact.”
Esdec was acquired by Rivean and the management team in 2018. Since the acquisition, the company has grown significantly from roughly €30 million in revenues to nearly €500 million. With today’s announcement, Rivean is realizing its initial investment, and reinvesting from its flagship fund, as well as from a newly raised continuation fund.
Maurits Boomsma, Senior Partner at Rivean Capital said:
“At the core of Rivean’s investment philosophy, we have backed a strong and ambitious management team on its journey from a regional champion to a global market leader. We are very much looking forward to supporting the Esdec team, together with Blackstone, during its next phase of accelerated growth, helping facilitate the global energy transition through innovation.”
Blackstone first announced its strategic investment in Esdec in July this year. The transaction marks the latest in a series of clean energy and renewables investments for Blackstone, including a recent agreement to invest $3 billion in private renewable energy company Invenergy Renewables, and $500 million commitment to utility-scale solar technology manufacturer Array Technologies.
Earlier this year the firm stated that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade.
David Foley, Global Head of Blackstone Energy Partners, said:
“As a leading investor in the energy transition, we proactively seek out companies with strong, entrepreneurial management that are well-positioned to benefit from this megatrend and help them fully capitalize on the growth opportunities available to them, thereby accelerating the energy transition and providing cleaner, more reliable and affordable energy to consumers worldwide.”