Ventizz and Partners Group acquire Rioglass from GED

Ventizz invested through the vehicle Ventizz Capital Fund IV LP, which closed on €450m in 2007. Technology solutions provider to the energy and environment sectors Abengoa will remain a shareholder. Financial details of the transaction were undisclosed.

Investment will underpin a growth strategy devised by Abengoa, the management and investors, and is in keeping with Ventizz Capital's interest in renewable energy portfolio companies.

Previous funding
In 2008, GED invested in Rioglass through the vehicle GED Fund II, which closed in 2001 on €86m and is fully invested. The amount invested is unknown but investments made through the vehicle are usually between €7-15m.

Company
Founded in 2007, Rioglass manufactures solar reflectors for application in concentrating solar power (CSP) plants. Unlike other forms of renewable energy, CSP technology is able to store thermal energy. The company employs more than 200 members of staff at its production sites in Asturias, Spain and Arizona, the US. The company is expected to report annual turnover of around €100m.

People
Helmut Vorndran is CEO of Ventizz. Dr Jürgen Diegruber is partner and head of Partners Group's Munich office. Felix Guerroro is managing partner at GED and led the transaction alongside partner Enrique Centelles-Satrustgeui. Jose-Maria Villanueva is founder and CEO of Rioglass Solar and led deal negotiations for the company.

Advisers
Equity – Latham & Watkins (Legal).
Vendor – SJ Berwin, Carlos Pazos, Pablo Diaz-Gridilla (Legal).

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