Hermes Investment Management (“Hermes”), the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has today announced that its infrastructure team has acquired a 25.6% stake in Energy Assets Group (“Energy Assets”) on behalf of clients in consortium with investment funds managed by Alinda Capital Partners, which acquired the remaining 74.4% stake in Energy Assets. Prior to this Energy Assets shares were listed on the main London Stock Exchange.
Headquartered in Livingston, Scotland, Energy Assets is the largest independent provider of industrial and commercial gas metering services in the United Kingdom (by number of meters owned and managed) and is a major provider of multi-utility network metering and data services. As at March 2016 Energy Assets owned and managed a portfolio of c.450,000 gas and electricity assets.
Peter Hofbauer, Head of Hermes Infrastructure, said: “We are pleased to announce our investment in Energy Assets Group, one of the leading providers of installation and maintenance services of smart meters in the UK. Hermes Infrastructure is committed to working in partnership with Energy Assets and its clients in this important and growing sector of the UK energy market, delivering energy efficiency measures through the continued roll out of advanced meters across the country.”
Hermes Infrastructure held a final close in May 2015 for the Hermes GPE Infrastructure Fund (the “Fund”) and its related accounts (together, “HIF I”). HIF I raised a total of £1.16bn (USD1.8bn; EUR1.6bn)**, exceeding its £800.0m (USD1.3 EUR1.1bn)** target. The Hermes infrastructure team now manages funds of £3.9bn (USD5.2bn; EUR4.6bn)***.
In 2015, Hermes Infrastructure acquired stakes in Eurostar, the high-speed rail service and Associated British Ports, the UK’s leading ports group in consortium with Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board respectively. In May 2016, Hermes Infrastructure announced the acquisition of an additional 17.1% stake in Southern Water, taking Hermes’ overall managed ownership interest to 21%.
This does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments.
* Source: Hermes as at 31 March 2016 with the exception of one portfolio totalling £89.7m valued as at 31 January 2016.
** Source: Hermes Infrastructure: Hermes GPE Infrastructure Fund close as at 18 May 2015
***Source: Hermes Infrastructure AUM as at 19 May 2016
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