EC approves Blackstone’s investment in Dutch Esdec Solar
A solar installation using Esdec's FlatFix solution. Source: Esdec b.v.
The European Commission (EC) on Tuesday gave the go-ahead to US investment giant Blackstone’s (NYSE:BX) agreement to invest in Esdec Solar Group BV, a Dutch rooftop solar mounting systems provider and a portfolio company of European private equity firm Rivean Capital.
The nod was granted without conditions after the EU merger regulator ruled that the deal is not seen to harm competition because of the lack of overlaps between the companies’ activities and the fact that they are not active in related markets, a press release said.
Blackstone inked the deal to make a significant strategic investment in Esdec Solar through funds managed by Blackstone Energy Partners and Blackstone private equity at the end of July. The size of the shareholding and the amount of the investment were not disclosed.
Esdec, whose business is associated with nearly EUR 500 million (USD 486.5m) in sales, develops and distributes rooftop solar racking and mounting systems. The company was founded in 2004.
Rivean took over Esdec in partnership with the company’s management in 2018.
The deal agreed with the US investment firm is seen to support Esdec in its next phase of growth.
“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,” the Dutch firm’s CEO Stijn Vos said in the July statement.
The transaction is expected to close before the end of 2022.