The transaction, representing an enterprise value of €81 million (in addition to earn-outs), is the first investment of Tikehau Capital’s private equity funds in Spain and aims at creating a leading pan-European integrated bioenergy player.
Acek Energias Renovables established its biomass division in 2009, which is a vertically integrated platform focused on the engineering, construction, operation and maintenance of biomass energy plants (power, heat or combined heat and power), as well as the supply of biomass.
The transaction includes the 17MW biomass plant in Garray (Soria), several long-term operation and maintenance contracts in Spain and Portugal, as well as its industry-leading engineering business in Puerto de Santa Maria (Cadiz).
The acquired business employs over 120 people and generated a turnover of €64 million in 2018.
Tikehau Capital seeks to accelerate the company’s growth, developing a robust pipeline of opportunities to create a leading bioenergy player focused on regulated and non-regulated markets. The company will continue to be led by Emilio López Carmona, who created and led the expansion of the biomass business of Acek Energias Renovables since 2009 and before that, Valoriza Energia.
The acquisition is the first Private Equity transaction made by Tikehau Capital in Spain, representing a significant milestone and demonstrating its commitment to invest in this asset class in the region.
Carmona said, “We share values and commitment with Tikehau Capital to face the challenge of a carbon neutral and sustainable economy. It is a very important step that will release the potential of our organization to provide integrated solutions in the bioenergy and circular economy sectors in Europe."
Carmen Alonso, head of Iberia at Tikehau Capital, said, "We are pleased to invest in an integrated platform in the biomass sector in Spain and Portugal. The company enters a new phase supported by Tikehau Capital. Alongside its management team, we aim at creating a leading integrated bioenergy player."