I Squared Capital Signs an Agreement to Acquire Viridian Group Holdings Limited
I Squared Capital, an independent global infrastructure investment manager, and recipient of Private Equity International’s Infrastructure Investor Global Fund Manager of the Year award, has agreed to acquire Viridian Group Holdings Limited (“Viridian”) from Arcapita.
Viridian is the leading independent, integrated energy company operating across Northern Ireland and the Republic of Ireland. With over 480 employees, the Group comprises two main brands Energia and Power NI and has a c.20% share of domestic electricity sales volume and a c.27% share of business electricity sales volume on an all-Ireland basis.
Viridian’s generation portfolio consists of 747 megawatts of gas-fired combined-cycle generating technology capacity and 225 megawatts of onshore wind assets in operation and construction. In addition, Viridian has 793 megawatts of operating wind-farms under long-term contracts which is expected to increase to c.1,000 megawatts in just over a year as other wind-farms, currently under construction and in-development, become operational.
Commenting on the acquisition, Gautam Bhandari, a Partner at I Squared Capital, said: “Viridian has an attractive mix of diversified businesses with significant overlap with our areas of expertise. We intend to grow Viridian with the leadership team to achieve its full potential. The acquisition of Viridian is consistent with our strategy of investing in robust growth economies, such as Ireland, and within those economies selecting companies with stable cash flows and a potential to grow the business organically and through bolt-on acquisitions.”
Ian Thom, Chief Executive Officer of Viridian stated: “Over the last decade, Viridian has cemented its position as Ireland's leading independent integrated energy business. We are excited by the opportunity to work with I Squared Capital, which brings a proven track record of successfully operating and helping to expand businesses such as Viridian. In addition, the Group’s increased financial strength will enable us to capitalise on the many growth opportunities in our markets, which will benefit our employees and our customers."
ISQ Global Infrastructure Fund is to acquire 100 percent of Viridian in an all-cash transaction, which is expected to complete during the second quarter of 2016. I Squared Capital has also undertaken to provide additional significant equity cushion by paying down approximately £145 million in existing junior debt with new equity at closing, strengthening Viridian’s capital position which will support the Group’s future growth potential.
Notes to Editors:
The financial terms of the transaction have not been disclosed.
Credit Suisse acted as financial adviser to I Squared Capital, and Kirkland & Ellis International LLP acted as legal adviser.
Evercore acted as financial adviser to the selling shareholders alongside Houlihan Lokey, and White & Case LLP was the Company’s and selling shareholders legal adviser.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focused on energy, utilities, and transport in North America, Europe, and select high growth economies and recently received six prestigious awards, including Global Fund Manager of the Year, from Private Equity International.
About Viridian Group
Viridian is the leading independent energy company in the all-Ireland market. With an annual turnover of circa €2 Billion, the Viridian Group is one of Ireland’s Top 50 Businesses. For more information please visit www.viridiangroup.co.uk
I Squared Capital
Andreas Moon, +1 (212) 339-5339
Managing Director and Head of Investor Relations
Stephen Malthouse, Martin Pengelley, Latika Shah, +44 (0) 20 7353-4200
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