Terra Firma sells Phoenix to Hastings

The deal was worth approximately £700m, according to sources cited by Bloomberg. Hastings acquired Phoenix via the Royal Bank of Scotland Group Pension Fund (RBSGPF) and Utilities Trust of Australia vehicle. Hastings manages an unlisted infrastructure mandate for the RBSGPF.

Terra Firma acquired Phoenix in 2005 for €532m. The firm invested in the company via its Terra Firma Capital Partners II fund, which closed in February 2004 on €2.1bn. According to Terra Firma chairman Guy Hands, Phoenix has doubled in size since the GP's acquisition.

Company
Founded in 1996, Phoenix currently employs 230 staff and is headquartered in Belfast. The company recorded turnover of £45.1m for 2012, as well as an operating profit of £15.9m.

Phoenix is a natural gas distribution company that operates in the Greater Belfast area of Northern Ireland. The company's natural gas network is available to 300,000 properties in the area.

People
Terra Firma financial managing director Julie Williamson worked on the original acquisition of Phoenix. Andrew Day is the chief executive of Hastings. Peter Dixon is the group chief executive of Phoenix's parent company, Phoenix Energy Holdings.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Industrials
• Exits
• Terra Firma
• Ireland