Venture capital firm Scottish Equity Partners (SEP) and London-based private market investment firm Hermes have acquired Anesco, billed in a statement as the UK’s “leading energy efficiency solutions company”.
The seller was Zouk Capital, the clean energy private equity and infrastructure fund manager and a founding shareholder in Anesco in 2010. “As the first exit for Zouk’s second Growth Capital Fund, Anesco sets a benchmark for the returns that we target across the portfolio,” Samer Salty, Zouk chief executive, commented in the statement, without disclosing what Zouk’s target returns are.
Terms of the deal were also not revealed. But whereas Hermes will be a new shareholder in Anesco, SEP already owned a stake in the company through its Environmental Energies Fund.
Anesco helps local authorities, businesses and homeowners to reduce their carbon footprint, offering a range of solutions including solar photovoltaic installations, insulation arrangements, and several other energy efficiency services.
Based in Reading, Anesco recorded £55 million (€65 million; $85 million) of turnover last year and a pre-tax profit of £3.4 million. The company hopes to hit over £100 million of revenues soon, the buyers said.