Electricity

Innova Capital acquires EnergoBit Group in Romania

Innova Capital, a Central European private equity fund, and the European Bank for Reconstruction and Development (EBRD) are investing in EnergoBit Group, an electrical engineering services company in Romania.

Innova Capital, a Central European private equity fund, and the European Bank for Reconstruction and Development (EBRD) are investing in EnergoBit Group, an electrical engineering services company in Romania.

Innova Capital, a Central European private equity fund, and the European Bank for Reconstruction and Development (EBRD) are investing in EnergoBit Group, an electrical engineering services company in Romania.

Innova Capital, a Central European private equity fund, and the European Bank for Reconstruction and Development (EBRD) are investing in EnergoBit Group, an electrical engineering services company in Romania.

Innova Capital, with a 52.8 per cent stake initially, will become a controlling shareholder in the company.

The transaction is scheduled to close in Q1 2013 once certain formal approvals and conditions precedent have been fulfilled. The parties agreed not to disclose the exact terms of the transaction.

The EnergoBit Group specialises in: turnkey projects for low, medium and high voltage electrical networks and power substations; provision of electrical engineering services, including implementation of metering and SCADA systems; production of electrical equipment, including medium voltage transformers and cells; electrical network maintenance services and specialist construction services. The company also operates in the fast growing ESCO market, providing energy saving solutions to industrial and public clients.

"Innova is very pleased to become a controlling shareholder in EnergoBit Group, a leading Romanian electrical engineering services company. Under the stewardship of the three founders, the company has grown into one of the largest local players in its field and we intend to continue this expansion in coming years. Romania has significant investment needs in the energy sector driven by the requirements for modernization of transmission and distribution networks and growing renewable power generation. As energy is one of the core sectors in Innova’s investment strategy, we look forward to supporting the existing management of EnergoBit Group in further development of its business in partnership with the founders and EBRD,” says Andrzej Bartos, managing partner, Innova Capital.

"I am pleased to announce that EnergoBit Group has attracted new investors, Innova Capital and EBRD, and enters a new stage of growth stronger than ever before. The new shareholders with their exceptional reputation and track record, will enable the group to capture upcoming opportunities and secure further expansion. It is important for us that our new partners are like-minded and have significant experience in the energy sector across the CEE region. Together we are stronger. We will continue to build EnergoBit Group’s success as one team,” says Pal Peter, one of the founders of EnergoBit Group.

Clifford Chance Badea, Roland Berger and Ernst & Young acted as advisers to Innova on this transaction.

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