- Combined platform will strengthen position as one of the
world’s leading private asset growth investors focused on the
middle market, spanning private equity, infrastructure and credit
with offices across Europe, North America and Asia.
- Upfront enterprise value of £835 million, comprising 235
million of newly issued Bridgepoint shares, £233 million of cash,
and £179 million of ECP’s existing debt.
- Exceptional ECP leadership and investment team to continue
running the ECP business, investing its funds independently under
its current brand and delivering strong returns for the enlarged
group by continuing the strategy responsible for ECP’s track record
to date.
Bridgepoint Group plc (LSE: BPT) has taken a decisive step
forward in becoming a more diversified alternative asset manager
with the addition of Energy Capital Partners (“ECP”), a leading
North American infrastructure investor with an over two-decade-long
track record. ECP, which has raised over $30bn of capital since
inception in 2005, including more recently in the fast-growing
energy transition sector, has a market-leading position in the
highly sought-after power generation, renewables, battery storage,
environmental infrastructure and sustainability sectors. It
operates across North America in an expanding subsegment of
infrastructure investing which stands to be a key contributor to
and beneficiary of the global decarbonisation effort with
forecasted investment in the space expected to reach $1.9 trillion
per annum through 2050, creating significant investment tailwinds
and multiple potential growth avenues.
ECP and its highly experienced management team add a significant
third pillar to the Bridgepoint business and accelerate
Bridgepoint’s stated strategy of scaling through both product and
geographic diversification. The distinct ECP infrastructure
business will continue to operate under its existing brand and be
led by its current management and investment team. The strategy
will sit alongside Bridgepoint’s private equity and credit
businesses and offer LPs more comprehensive immersion across the
middle market. Doug Kimmelman, ECP’s Senior Partner and Founder,
will continue to lead the infrastructure platform and ECP
leadership will join Bridgepoint’s executive team bringing new
sector, management and transaction experience to seek to drive
further growth.
The transaction will be immediately accretive to Bridgepoint’s
shareholders and continue to be accretive over time by diversifying
and enhancing Bridgepoint’s earnings profile and profit
margins.
The transaction will accelerate ECP and Bridgepoint’s respective
growth ambitions in Europe and North America, building upon
Bridgepoint’s 24-year history and ECP’s 18-year history and opening
exciting new avenues for expansion given the complementary and
largely non-overlapping investment strategies and geographic
footprints. The combination will also provide opportunities to
enhance both organisations’ current operations in different sectors
of the credit market. The enlarged group will benefit from new
collective strengths and synergies leveraging Bridgepoint’s deep
European office network and connections which are likely to create
further opportunities for ECP to grow its presence in Europe,
capitalising on the continent’s energy transition. Equally, ECP’s
well-recognised North American brand, extensive market knowledge
and depth of relationships will benefit Bridgepoint.
Commenting on the transaction, William Jackson, Chairman,
Bridgepoint said:
“Joining forces with ECP is an important powerful next step in
Bridgepoint’s strategic objective of building a globally-scaled,
diversified platform in middle-market private assets investing. The
transaction accelerates our scale, leadership and strategic
development, enhances the quality of the Group’s earnings and
margin profile, and provides greater diversification and earnings
growth potential for shareholders.
We have a high bar for strategic M&A, and ECP is one of the
few platforms we have identified which clearly surpasses it, both
from a strategic and financial perspective.
As well as the compelling financial rationale for the
transaction, Bridgepoint will benefit from the investing expertise
of the ECP team, while, at the same time, there are significant
opportunities for both of us to work together on initiatives such
as adding adjacent strategies and expanding geographically.”
Doug Kimmelman, Senior Partner and Founder, ECP,
said:
“The opportunity to join forces with Bridgepoint is uniquely
attractive. Our businesses are not only highly complementary -
without any overlapping or conflicting investment strategies - but
our firms importantly share a culture of collaboration, integrity
and investment excellence making this a highly compelling
opportunity for our investors and our employees alike.
We are very fortunate to have access now to a public equity
currency to support our growth, while broadening the ownership of
ECP across our firm, allowing us to continue attracting and
retaining the very best team, especially in a period of heightened
interest in the energy transition. All of us at ECP are excited
about the combination and the support that this partnership will
provide.
We look forward to working closely with the Bridgepoint team to
further enhance our ability to serve our respective clients and
grow our firm in a sustainable fashion well into the future.”
Raoul Hughes, Bridgepoint’s Group Managing Partner,
said:
“We have enjoyed interacting extensively with ECP over the last
year as we have been jointly evaluating a transaction. We have
found our cultures and approaches to business to be aligned and we
are attracted to ECP’s leading infrastructure position across the
rapidly expanding energy transition theme. Together we will offer
more diverse revenue streams and greater growth opportunities with
accelerating earnings expectations and a broader product mix to
offer to our combined LP relationships. We expect ECP to continue
on its successful growth path, with new and accelerated
opportunities for growth, and the ECP team, under its continuing
leadership under Doug and team, will bring an invaluable experience
to the Group.”
The transaction, which is expected to close within four to six
months, will be funded with units in a new limited partnership
exchangeable for Bridgepoint shares and Bridgepoint’s existing
balance sheet resources, and will see ECP’s senior management and
many of its employees becoming significant shareholders in the
company. A share ownership program will be instituted across ECP’s
employee base and will be designed in a similar way to the existing
structures established at Bridgepoint at the time of its IPO. As a
result, ECP partners will collectively become one of Bridgepoint’s
largest shareholders, holding 19% of Bridgepoint’s shares pre-earn
out and up to 25% assuming full earn-out, ensuring strong alignment
with the future success of the platform and in driving shareholder
returns. Equity awards being made available to ECP employees will
also incentivise future generations of ECP colleagues.
The historic growth of both firms has benefited from the
minority investment positions from the funds managed by Blue Owl
(formerly Dyal Capital Partners) and as part of this transaction,
Blue Owl will convert its share of ECP fee related earnings into
Bridgepoint equity, thereby remaining a shareholder in the enlarged
group. Sumitomo Mitsui Trust Bank will retain its minority interest
in ECP’s fee related earnings as the desire remains for both firms
to partner in the important Japanese market.
J.P. Morgan Cazenove and Morgan Stanley served as lead financial
advisors to Bridgepoint, and Simpson Thacher & Bartlett LLP
served as legal counsel.
BofA Securities served as exclusive financial advisor to ECP,
and Kirkland & Ellis served as legal counsel.
About Bridgepoint
Bridgepoint is one of the world’s leading quoted private asset
growth investors, specializing in private equity and private debt.
With over $40 billion of assets under management and a strong local
presence in Europe, North America, and China, we combine global
scale with local market insight and sector expertise, consistently
delivering strong returns through cycles.
About ECP
Energy Capital Partners (ECP), founded in 2005, is a leading
equity and credit investor across energy transition,
electrification and decarbonization infrastructure assets,
including power generation, renewables and storage solutions,
environmental infrastructure and efficiency & reliability
assets facilitating the energy transition. The ECP team, comprised
of 86 people with over 800 years of collective industry experience,
deep expertise and extensive relationships, has consummated more
than 100 equity (representing more than $50 billion of enterprise
value) and over 20 credit transactions since inception. For more
information, visit www.ecpgp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230905178387/en/
Bridgepoint
Investors Adam Key Adam.Key@bridgepoint.eu +44
7833 748010
Media Christian Jones / James Murray
Christian.Jones@bridgepoint.eu / James.Murray@bridgepoint.eu +44 20
7034 3500
OR
FGS Global James Murgatroyd / Anjali Unnikrishnan
Bridgepoint@fgsglobal.com
ECP
Media FGS Global Kerry Golds / Kelsey Markovich /
Nick Rust / Akash Lodh ECP@fgsglobal.com
BP Prudhoe Bay Royalty (NYSE:BPT)
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