Hermes Investment Management’s infrastructure team has acquired a 25.6 per cent stake in Energy Assets Group on behalf of clients in consortium with investment funds managed by Alinda Capital Partners.
The Alinda funds acquired the remaining 74.4 per cent stake in Energy Assets. Prior to this Energy Assets shares were listed on the main London Stock Exchange.
Headquartered in Livingston, Scotland, Energy Assets is the largest independent provider of industrial and commercial gas metering services in the UK (by number of meters owned and managed) and is a major provider of multi-utility network metering and data services. As at March 2016, Energy Assets owned and managed a portfolio of around 450,000 gas and electricity assets.
Peter Hofbauer (pictured), head of Hermes Infrastructure, says: “We are pleased to announce our investment in Energy Assets Group, one of the leading providers of installation and maintenance services of smart meters in the UK. Hermes Infrastructure is committed to working in partnership with Energy Assets and its clients in this important and growing sector of the UK energy market, delivering energy efficiency measures through the continued roll out of advanced meters across the country.”
In 2015, Hermes Infrastructure acquired stakes in Eurostar, the high-speed rail service, and Associated British Ports, a ports group, in consortium with Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board respectively.
In May 2016, Hermes Infrastructure acquired an additional 17.1 per cent stake in Southern Water, taking Hermes’ overall managed ownership interest to 21 per cent.