SEP sells Anesco to CBPE

Ellie Pullen
02 December 2014

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Scottish Equity Partners (SEP) has sold its majority stake in UK cleantech firm Anesco to CBPE Capital.

CBPE has also bought the stake held by Hermes Private Equity. Anesco's management, led by CEO Adrian Pike, are believed to have reinvested in the company as part of the transaction.

CBPE is currently investing from its latest fund, CBPE Capital Fund VIII, which closed on £405m in February 2010.

The deal marks an exit for SEP's Environmental Energies Fund.

Previous investment
Scottish & Southern Energy (SSE) invested in Anesco in December 2010, in a deal thought to be worth less than £25m, according to unquote" data.

The firm and fellow investor Zouk Capital each took a 40% stake in the business, with the latter investing via its Cleantech Europe II fund. According to unquote" data, the two firms are the founding investors of the company.

In January 2012, SEP partnered with SSE to launch the £95m secondaries Environmental Energies Fund, with SEP also acquiring SSE's alternative energy portfolio, which included Anesco.

In September 2013, SEP and Hermes bought out Zouk's stake in the business in a replacement capital deal. SEP increased its shareholding through the purchase.

Company
Founded in 2010 and based in Reading, Anesco is a provider of energy efficiency services such as audits, recommendations and installations.

The company works with homeowners, housing associations, local government and businesses to try and help them reduce their carbon emissions.

Anesco generated £107m in turnover and an EBIT of £10.8m last year.

People
Adrian Pike is the CEO of Anesco. CBPE partner Ian Moore, investment director Rob McCombie and investment manager Tom Biddle led the deal. SEP partners Gary Le Sueur and David Sneddon managed the firm's investment in Anesco and led the exit.