Specialist asset manager Gresham House has agreed to acquire Hazel Capital, a UK-based asset manager focused on new energy infrastructure, for an undisclosed sum.
Founded in 2007 by Ben Guest, Hazel advises on around £100m of assets. The firm runs Venture Capital Trusts and Enterprise Investment Schemes.
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The deal, expected to close in the third quarter of 2017, will be financed through shares issued at a premium to the current share price along with a deferred earn out in cash and shares.
Gresham will also offer growth capital to Hazel in the form of a secured £4.6m loan to help the firm develop its energy storage system (ESS) projects.
Gresham CEO Tony Dalwood said: “We see a substantial growth opportunity in renewables and new energy infrastructure-related assets and today’s announcement is the first step towards bringing a recognised expert investor in this growing sector into our Group.
“Hazel Capital’s success in generating market leading returns through its VCT and EIS platform within the growth areas of infrastructure related asset management, fits well with our strategy to develop our range of alternative and illiquid investment solutions for long term investors.”
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By GlobalDataGresham said that the latest acquisition complements its existing real assets arm and the objectives of its recently announced British Strategic Investment Fund. The new fund, announced in February 2017, will focus on investment in the three themes of innovation, housing and infrastructure.
