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.
“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.
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