Esdec Solar Group Announces Strategic Investment from Blackstone

28 July 2022, Deventer, Utrecht and London – Esdec Solar Group B.V. (“Esdec” or the “Company”), the global market leader in rooftop solar mounting systems, is pleased to announce that an agreement has been reached to strengthen its shareholder base with a significant strategic investment from funds managed by Blackstone Energy Partners and Blackstone private equity (“Blackstone”).
Esdec develops and distributes high-quality mounting systems and solutions for rooftop solar. The Company was acquired by Rivean Capital (“Rivean”) and the management team in 2018 which together have since then transformed the business from a small innovative Benelux gem with just over €30m in sales to the global industry leader with close to €500m in sales across three continents.
Against the backdrop of an accelerating energy transition, and with a reputation for innovative best-in-class solutions, Esdec has achieved significant organic growth. In addition, the Company has executed on an expansion strategy by successfully acquiring and integrating six add-on acquisitions in both the US and Europe.
With its current scale and professional organization, six locations globally employing c. 400 FTE in total, and with its reputation of bankability and reliability, Esdec is the go-to-party for installers, developers and distribution partners. The Company is well positioned to benefit from attractive organic market growth and consolidation opportunities in the years to come, playing its part in enabling the acceleration of the energy transition.
To support management in Esdec’s next phase of growth, the current shareholders have reached an agreement with Blackstone to acquire a significant strategic stake. Blackstone brings deep experience in the renewable energy sector and additional support and resources to help deliver on Esdec’s ambitious plans. The backing of two leading European and US investors will enable a further acceleration of Esdec’s growth.
Stijn Vos, CEO of Esdec commented: “On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefiting from Blackstone’s widespread, relevant network.”
Maurits Boomsma, Senior Partner at Rivean Capital added: “For both management and Rivean this has been an exceptional journey. We were lucky to partner with the right business and the right management team 4 years ago, and are grateful and proud of what has been achieved through this strong partnership. We are very much looking forward to continuing the journey and together with Blackstone supporting Esdec in the next phase of growth.”
Jürgen Pinker, Senior Managing Director at Blackstone, said: “Esdec is an industry-leader in a fast-growing market with a track record of profitable growth, and we are delighted to partner with the management team and Rivean in achieving their long-term strategic plans.”
David Foley, Global Head of Blackstone Energy Partners, said: “Esdec’s products enable installers of rooftop solar to work safely and more efficiently, making solar power more affordable to consumers and thereby accelerating the energy transition, a key investment theme for Blackstone Energy Partners.”
Completion of the transaction is expected to take place before the end of this year following satisfaction of certain closing conditions, including approval from the relevant competition authorities.