(Alliance News) - Bridgepoint Group PLC on Wednesday said it has added Energy Capital Partners to its platform, which it said will be "immediately accretive".
Bridgepoint is London-based private equity investor that listed in London two years ago this month and later joined the FTSE 250 index.
The cash and shares acquisition is worth GBP835 million. "ECP is a market leader in value-add infrastructure specialising in energy transition and sustainability-focused investing," the private equity investor said.
Bridgepoint said the acquisition made it a EUR57 billion global private markets asset manager. The newly combined platform will span private equity, infrastructure and credit with offices across Europe, North America and Asia, it added.
Bridgepoint Chair William Jackson said: "Joining forces with the infrastructure specialist ECP is an important and powerful next step in Bridgepoint's strategic objective of building a globally-scaled, diversified platform in middle-market private assets investing. The transaction accelerates our scale, leadership and strategic development, enhances the quality of the group's earnings and margin profile, and provides greater diversification and earnings growth potential. It will be immediately accretive for Bridgepoint shareholders."
Following the acquisition, which is subject to shareholder approval, it plans to split the roles of CEO and chair. William Jackson will continue his role as chair and focus on the core private equity business.
Meanwhile, managing partner Raoul Hughe, an "architect of both ECP and Bridgepoint Credit transactions", will become CEO from October 1. Hughes will lead the business on a day-to-day basis, and join the ECP board.
Further, Bridgepoint announced plans for a new GBP50 million share buyback. It has currently repurchased GBP43 million of its existing GBP50 million programme.
Bridgepoint shares rose 2.7% to 179.69 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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