The European Commission's mergers and acquisitions authority is looking into a planned investment by US private equity group Blackstone in Dutch solar rooftop mounting specialist Esdec Solar.
Since being acquired in 2018 by compatriot private equity company Rivean Capital – formerly Gilde Buy Out Partners – Esdec has embarked on a spree of acquisitions which, according to a post on Blackstone's website in July, saw it grow from around €30 million ($28.9 million) of annual sales in the Benelux countries to €500 million across three continents.
Esdec snapped up fellow Dutch businesses Solarstell and Solar Construct and also bolted on US rivals Quick Mount, IronRidge, EcoFasten, and PanelClaw.
Blackstone announced its intent to invest in an unspecified percentage of Esdec shares in July.
Popular content
“The company is well-positioned to benefit from attractive organic market growth and consolidation opportunities in the years to come,” Blackstone said of Esdec in July.
The commission is considering whether the move, which would see Blackstone take joint ownership of the business, is in line with its merger and acquisition rules.
The EU executive has asked for submissions on the proposed deal by Saturday, Oct. 8.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
2 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.