SEP ups stake in energy firm Anesco
SEP already owned 40 per cent of Anesco, a Berkshire-based company which was founded by Perth utility giant SSE, and together with pension fund group Hermes has now purchased the stake owned by private equity outfit Zouk Capital.
Zouk was a shareholder when Anesco was launched in 2010 and owned 40 per cent of the Reading-based company which achieved a turnover of £55.1 million and a profit of £3.4m before tax in its last financial year.
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Hide AdAnesco has targeted a medium-term turnover target of more than £100m.
The company is part of the portfolio of the Environmental Energies Fund (EEF) which is managed by Glasgow-based SEP. The fund was launched last year when it acquired stakes in a number of businesses, including Anesco, from SSE’s investment arm.
SEP partner David Sneddon will join Anesco as a non-executive director. He described Anesco as a “visionary technology-led company with its sights set on significant growth”.
He added: “We are delighted to increase SEP’s support for the Anesco team as they drive the company to achieve its long term goals.”
Adrian Pike, a former apprentice electrician with Southern Electric who is now chief executive of Anesco, said: “We have enjoyed our relationship with Zouk. We are delighted to have the support of SEP and Hermes to further our growth and diversification in the energy efficiency market.”
Samer Salty, chief executive of Zouk, said Anesco had an exceptional management team which had “outperformed our expectations of what could be achieved in the emerging UK energy efficiency market”.
Anesco works with homeowners, local authorities and businesses to help cut their energy use and implement renewable energy projects. In July, it signed a finance agreement with RBS which provided funding of up to £7m for the development of solar energy projects.