M&A Deal Summary

British Columbia Investment Management and Macquarie Capital Acquire Reden Solar

On March 7, 2022, asset manager British Columbia Investment Management and private equity firm Macquarie Capital acquired renewable energy company Reden Solar from InfraVia Capital Partners and Eurazeo PME for 2.5B EUR

Acquisition Highlights
  • This is British Columbia Investment Management’s 1st and Macquarie Capital’s 2nd transaction in the Renewable Energy sector.
  • This is British Columbia Investment Management’s and Macquarie Capital’s largest (disclosed) transaction.
  • This is British Columbia Investment Management’s 1st and Macquarie Capital’s 1st transaction in France.

M&A Deal Summary
Date 2022-03-07
Target Reden Solar
Sector Renewable Energy
Buyer(s) British Columbia Investment Management
Macquarie Capital
Sellers(s) InfraVia Capital Partners
Eurazeo PME
Deal Type Secondary Buyout
Deal Value 2.5B EUR

Target

Reden Solar

Roquefort-sur-Soulzon, France
website
Reden Solar is an independent producer of renewable energy of photovoltaic origin, which focuses on the development, construction, and operation of photovoltaic power plants in France and abroad. Reden Solar operates PV power generation plants in France, Southern Europe, and Latam. Reden Solar was founded in 2008 and is based in Roquefort-sur-Soulzon, France.

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Buyer(S) 2

Buyer

British Columbia Investment Management

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 1999
PE ASSETS 21.9B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.

DEAL STATS #
Overall 16 of 18
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 8 of 9
Country (France) 1 of 1
Year (2022) 1 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-22 Refresco Gerber

Rotterdam, Netherlands

Refresco Gerber is a soft-drink company provides fruit juice and soft drinks for retail private labels and ‘in contract’ manufacturing for international A-brands. Refresco Gerber was founded in 1999 and is based in Rotterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-27 National Grid - Gas Transmission & Metering Business

London, United Kingdom

National Grid's Gas Transmission & Metering Business owns and operates regulated national gas transmission system and independent gas metering services.

Buy £9.6B
Buyer

Macquarie Capital

Investor Investor

website

Category Private Equity Firm
Size Mega
Type Sector Agnostic
DESCRIPTION

Macquarie Capital is the principal investing arm of financial services company Macquarie Group. Macquarie Capital has global capability in advisory, capital raising services, and provides clients with specialist expertise, advice and flexible capital solutions across a range of sectors and products including investing alongside partners and clients. Macquarie Capital is based in Sydney, Australia.

DEAL STATS #
Overall 25 of 27
Sector (Renewable Energy) 2 of 2
Type (Secondary Buyout) 6 of 7
Country (France) 1 of 1
Year (2022) 3 of 4
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-03 Roadchef

Cannock, United Kingdom

RoadChef is a roadside service area businesses operates motorway service areas in Britain. It operates catering and retail brand outlets, and restaurants, which provide meals, sandwiches, muffins, pastries, breakfasts, portions of fish and chips, and coffees. Roadchef was founded in 1973 and is based in Cannock, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-27 National Grid - Gas Transmission & Metering Business

London, United Kingdom

National Grid's Gas Transmission & Metering Business owns and operates regulated national gas transmission system and independent gas metering services.

Buy £9.6B

Seller(S) 2

SELLER

InfraVia Capital Partners

Investor Investor Investor Investor Investor

website

Category Infrastructure
Founded 2008
PE ASSETS 4.0B EUR
Size Large
Type Sector Focused
DESCRIPTION

InfraVia Capital Partners is a private investment group focused on mid-market infrastructure assets across Europe. InfraVia Capital Partners was formed in 2008 and is headquartered in Paris.

DEAL STATS #
Overall 13 of 15
Sector (Renewable Energy) 3 of 3
Type (Secondary Buyout) 4 of 6
Country (France) 6 of 7
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Packhelp

Warsaw, Poland

Packhelp is a tech-enabled B2B marketplace for personalized and sustainable packaging products. The company connects e-commerce retailers with packaging suppliers across Europe and provides a full suite of tech tools for suppliers to digitize their processes. Packhelp was founded in 2015 and is based in Warsaw, Poland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-18 La Seine Musicale

Boulogne-Billancourt, France

La Seine Musicale is a provider of music and performing arts center that can accommodate all styles of music, for all audiences. La Seine Musicale is based in Boulogne-Billancour, France.

Sell -
SELLER

Eurazeo PME

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.

DEAL STATS #
Overall 26 of 28
Sector (Renewable Energy) 1 of 1
Type (Secondary Buyout) 14 of 15
Country (France) 20 of 20
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-26 Cranial Technologies

Tempe, Arizona, United States

Cranial Technologies engages in treatment of plagiocephaly, or flat head syndrome, which typically manifests itself in infants 3 to 18 months of age. The Company’s skilled clinicians provide superior patient outcomes through a network of 37 treatment centers using a proprietary FDA-cleared cranial orthotic helmet, which is custom manufactured in-house. Cranial Technologies was formed in 1988 and is based in Tempe, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-14 Horus Pharma

Nice, France

Horus Pharma sells a wide range of more than 40 medicines, medical devices and food supplements designed to facilitate eye and eyelid health. The company specialises in hyaluronic acid and preservative-free products, and is the producer of Vismed, the leading eye lubricant for treating dry eye and the first treatment to be covered by the French health system in that indication. Horus Pharma was founded in 2003 and is based in Nice, France.

Buy -
Mergr

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