Thursday, 7 July 2016

Palamon agrees sale of Eneas for an eternal return

I love these guys! / Yes, it's the Thursday morning PR email, back by popular demand.

Palamon Capital Partners ("Palamon" or the "Outfit"), a pan-European growth investor, has agreed the sale of Eneas Group ("Eneas" or the "Company") to Norvestor Equity ("Norvestor") for an undisclosed amount. The sale will bring total proceeds to NOK 750 million (approximately €80 million), representing a 3.3x return on invested capital. The transaction is expected to close in August 2016, subject to regulatory approvals. Full terms of the sale were not disclosed, however, following the transaction the Company will continue to be led by CEO and Founder, Thomas Hakavik.

Er, 3.3. That is eternal. I mean, they've gone beyond the THREE, yeah? 'Is that really what they mean, boss?' I don't know, Voice.

Eneas is the leading independent supplier of corporate energy services to small and medium sized enterprises ("SMEs") in the Nordic region and serves more than 25,000 customers with energy brokerage, energy audit and smart metering services. Palamon acquired a substantial majority stake in Eneas having recognised the growth potential of its highly-scalable energy brokerage business, which intermediates between SMEs and the deeply fragmented Nordic supplier base of almost 300 energy providers. Under Palamon's ownership, Eneas has grown into the largest independent energy broker for SMEs and the clear market leader in Norway and Sweden, representing 1.7 TWh of annual energy consumption. The Company has been able to successfully leverage its scale and sophistication in navigating the Nordic electricity market to offer competitive, convenience-focused products tailored to the needs of its SME customer base.

Well, well ... / Maybe not as exciting as it first seemed. Never mind. I've done my duty. Another PR email!