STX Services BV (Netherlands) - Dec 2007

unquote
01 December 2007

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Ludgate Environmental Funds has invested almost €800,000 in STX Services BV, a Dutch carbon broking company bringing its stake in the company to 19.2%. Last December in a first round funding the private equity house injected €191,968 with the acquisition of 2,432 ordinary shares. In January the fund made a further investment of €600,000. The investment team at Ludgate has known the principles at Wallich & Matthes, STX’s parent company, for a long time and also spent over a year getting to know the management team of STX. The management of STX has also invested in the company.

Company

Based in Amsterdam and with an office in Prague, STX Services was created in 2005. It is the carbon broker and environmental product division of Wallich & Matthes Holding, an institutional brokerage established in 1879. STX Services spun off in May 2007 as a separate business, although Wallis & Matthes remains the largest shareholder. STX has been active mostly in broking and trading EU emission allowances. It has diversified into transactions in certified emission reduction, voluntary emissions reduction, bio fuel tickets, green certificates and electricity load-profile arbitrage. STX is across the European market. In addition, STX has developed a consultancy business advising on carbon neutral projects. The new capital will ensure the company has a sufficient balance sheet to run its brokerage activity.

People

Nick Pople, director of Ludgate was appointed to the supervisory board of STX while Nigel Meir, also director of Ludgate was appointed to the company’s credit committee.

Advisers

Equity - Warendorf, (Legal)

Sourced from: Benelux unquote" 56 (Jan 2008)