SEP increases stake in Anesco

Karin Wasteson
03 September 2013

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Scottish Equity Partners (SEP) and Hermes have acquired Zouk Capitalтs stake in Anesco, a UK energy efficiency solutions company.

SEP, which led the transaction, already has a stake in Anesco via its Environmental Energies Fund (EEF) portfolio and increased its holding through this share purchase.

Anesco is aiming to reach a turnover in excess of £100m, as the company is seeing increased demand for its Green Deal, Eco, Esco and RHI products.

SEP and Zouk provided funding to co-launch Anesco in December 2010, their respective funds EEF and Cleantech Europe II taking a 40% stake each, while Anesco's management retained 20%. The precise value of the deal was not disclosed, but was thought to be worth less than £25m. The fresh capital was to be used for add-on acquisitions. Anesco is the first exit for Zouk's second Growth Capital fund.

SEP specialises in investments in seed, start-up, early-stage, secondaries direct and management buyout transactions. The firm seeks to invest between £2-20m in companies having a minimum revenue of £5m and operating across information technology, healthcare, life sciences and energy sectors in UK and other European countries. Portfolio companies include Pure 360, Mister Spex and SocialBro.

Company
Reading-based Anesco was founded in 2010 by SEP and Zouk. It provides energy efficiency and micro-generation services to domestic and commercial clients. The firm offers services through a broad range of technology in areas such as solar power, renewable heating, insulation and other energy efficiency measures.

Anesco reached a turnover in excess of £55.1m and an EBITDA of £3.4m in May. In July, the company signed a £7m deal with RBS to fund its solar farm projects.

People
David Sneddon is a partner at SEP – he will join the Anesco board as a non-executive director. Samer Salty is the CEO of Zouk. Adrian Pike is the CEO of Anesco.