(AOF) – Eurazeo has announced the acquisition of an 80% stake in Ikaros Solar, a Belgian supplier of photovoltaic solutions, from its founders and Capenergie 2, a fund managed by Omnes Capital. This acquisition embodies the Group’s ambition to invest in the energy and digital transition and to contribute to a sustainable economy with low carbon emissions. Eurazeo has committed up to 45 million euros.
Ikaros Solar develops, builds, owns and operates rooftop and ground-mounted solar photovoltaic power plants in Benelux, France, Portugal and the United Kingdom. The company, which has already installed more than 200 MWp, has a development pipeline of another 300 MWp.
Eurazeo will support Ikaros in its transformation into a European independent electricity producer by providing it with the financial means to enable it to develop, by facilitating access to its vast network of companies, as well as its project structuring capabilities. and financing.
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Key points
– Global investment company created in 2001;
– 21.8 billion in diversified assets in a portfolio of more than 450 companies, including 15 billion on behalf of third parties: 73% in private equity, 21% in private debt, 14% in mandates and 6% in real estate ;
– Business model: 4 strengths: equity guaranteeing the group’s independence, a strong presence in 10 countries and 4 continents, strong and longstanding commitment to CSR / 2 priorities: to become the reference investment platform in Europe , each division being No. 1 in its market, and continuing the fundraising dynamic / 2 complementary challenges for sustainable growth: asset management for predictable and recurring income and investment in companies not exposed to cycles or with strong growth potential;
– Private equity with Eurazeo Capital: (companies valued at over €200m), SMEs (€50 to €200m), EuroBrands (brands with international potential, Eurazeo Growth (technology companies with a proven business model), China Acceleration, Venture (digital-focused innovation capital), Private Debt (European SMEs and ETIs, etc.);
– Capital structured between JC Decaux holding (17.91%), the Michel David-Weill family (16.71%) and the Richardson family (3.55%), Michel David-Weill chairing the 15-member supervisory board and Virginie Morgon the Executive Board;
– Solid debt-free balance sheet with €5.1 billion in equity at the end of June 2021 and €1.1 billion in cash.
Challenges
– Medium-term growth strategy: doubling of assets under management, based on 4 sustainable growth axes, increase in asset management for predictable and recurring income, investments in companies not exposed to cycles or with high growth potential ;
– Innovation strategy led by a digital committee within the Supervisory Board in charge of accelerating the integration of digital into the Group’s operational activities, monitoring and analyzing the digital environment and assessing cyber risk;
– “O +“ environmental strategy aiming for net zero emissions by 2040 based on 3 commitments: positioning on the low carbon economy, integration of the cost of carbon in the performance measurement of the investment cycle, integration of the carbon variable in the entire investment cycle / 80% of active funds with a CSR investment policy / 20% of managed funds dedicated to the low-carbon economy;
– Portfolio rotation: €2.4 billion in disposals and €4.1 billion in investments at the end of September 2021;
– Balance of the portfolio, no company representing +10% of the NAV and the share of listed companies being limited to 4%.
Challenges
– Valuation linked to the financial markets and measured by the revalued net asset (€99.1 at the end of June 2021, historical level), to be compared with the stock market price;
– Reinforcement of positions in tech (1
er
investor in France and Europe) and in the “brands” activity for the deployment of strong brands; doubling of fundraising;
– At the end of September 2021, 44% growth in assets under management, driven by fundraising;
– 2022 expectations: dynamic fundraising, acceleration of asset disposals, growth in assets under management:
– 2020 dividend, of €1.5, and share buyback program.