A consortium comprising Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers is pleased to announce it has completed the acquisition of Energy Assets Group (“EAG”), from Alinda Capital Partners and Hermes Infrastructure.
Headquartered in Livingston, Scotland, EAG is a leading integrated provider of multi-utility metering services and management, and last-mile utility connections. EAG is the largest independent provider of Industrial & Commercial gas metering services in the United Kingdom, with offices across England, Wales and Scotland.
The acquisition of EAG represents a unique opportunity to invest in a high-quality core and critical energy infrastructure platform in the United Kingdom. The company generates revenues from stable, long-term contractual arrangements with credit-worthy counterparties. As an accredited meter asset manager, meter operator and data collector, EAG works alongside major energy suppliers, and leading real estate developers and brands.
EAG’s contracted growth is further underpinned by Ofgem’s (the regulator for gas and electricity markets in Great Britain) obligation for energy suppliers to convert their existing old meters to advanced meters by 2024. Over the past few years EAG has undergone a successful transformation creating a unique platform positioned for further growth within the utility and adjacent asset class infrastructure space. The company is looking to expand into new sectors such as IGT (Independent Gas Transporters) / IDNO (Independent Distribution Network Operators), fibre, electric vehicle charging infrastructure and energy demand management.
EAG’s strengths additionally come from its highly experienced management team, which has a notable track record, having consistently been at the forefront of business development and committed to the ongoing expansion of the group. The consortium as long-term investors in the business are focused on the ongoing partnership with EAG and the communities it serves.
The consortium was advised by Cantor Fitzgerald and Clifford Chance.