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Hermes Infrastructure realises 25.6% investment in Energy Assets

Hermes Infrastructure has sold its 25.6% managed interest in Energy Assets Group Limited (‘Energy Assets’) to a consortium comprising European institutional investors and an infrastructure fund.

The realisation was completed as part of a 100% sale, alongside funds managed by Alinda Capital Partners. Hermes Infrastructure and Alinda Capital Partners acquired Energy Assets by way of a public-to-private transaction in 2016 and have since invested further capital to support the sustainable growth of the business.

 

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, an owner of last-mile utility connections, and a provider of multi-utility network metering and data services.

 

Energy Assets by its nature contributes directly to a number of the UN Sustainable Development Goals; in particular the advanced meter roll out programme that is at the core of Energy Assets’ business helps to provide consumers, suppliers and energy system operators with detailed, real time information for energy usage, which drives efficiency gains across the energy sector. During its investment, Hermes Infrastructure supported management to develop and monitor a range of sustainability KPIs, reduce carbon intensity through improved utilisation of the technical field force and establish training and modern apprenticeship programmes to provide opportunities for young people within the community.

Hamish de Run, Head of Hermes Infrastructure said, “Energy Assets has delivered upon our original investment thesis, had a positive impact on ESG factors including enhanced energy efficiency in the UK, and delivered above target returns to our investors. Our active ownership has delivered growth in value that has been crystallised upon our exit, in particular through the continued build-out of the metering asset base and EBITDA, launching a high-value last-mile business segment, the completion of accretive bolt-on acquisitions, rationalisation of the business for private ownership and optimisation of the capital structure. We are delighted to have achieved a successful realisation for our clients.”

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Johnny Weir,
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