Hermes Investment Management has announced that its infrastructure team has acquired a 25.6% stake in Energy Assets Group on behalf of clients in consortium with investment funds managed by Alinda Capital Partners, which acquired the remaining 74.4% 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 United Kingdom (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 c.450,000 gas and electricity assets.
Hermes Infrastructure held a final close in May 2015 for the Hermes GPE Infrastructure Fund and its related accounts (together, HIF I). HIF I raised a total of £1.16 billion (US$1.8 billion), exceeding its £800.0 million (US%1.3 billion) target. The Hermes infrastructure team now manages funds of £3.9 billion (US$5.2 billion)
Peter Hofbauer, Head of Hermes Infrastructure, said:
“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.”