M&A Advisory

RenEnergy

Adviser to a leading solar energy generation business, RenEnergy on its sale to global mobile power provider, Aggreko.

The deal

We’re pleased to have advised the shareholders of RenEnergy, a leading solar energy generation business based in the UK and South Africa, on its sale to Aggreko, a global energy solutions business.

RenEnergy is known for its innovative commercial and industrial solar energy generation and storage solutions. The business, which was founded in 2006 and expanded to South Africa in 2012, now employs 85 people globally and specialises in large scale commercial solar photovoltaics, solar carports, batteries and electric vehicle charger installations.

Aggreko is the global leader in providing energy solutions that help businesses grow and communities thrive. Operating in a rapidly changing energy market where reliable supplies of energy have never been more critical, they provide customers with power and temperature control solutions when, where and for however long they need it. Aggreko employs more than 6,000 staff across 60 locations worldwide.

Our Corporate Finance team, led by Partner Jon Dodge, Director Joanne Price and Executive Lydia Kelsall, and supported by Tax Director Matt Field, acted as lead advisers on the competitive transaction. The team successfully orchestrated and oversaw a worldwide competitive sales process, identifying and engaging with more than 50 interested parties globally. From the initial stages to the finalisation of the deal, our team played a pivotal role in originating, negotiating, and managing the entire transaction. We offered hands-on support throughout the due diligence process, skilfully navigating the complexities of the cross-border elements and the associated partial re-investment process. Additionally, our team provided comprehensive tax planning guidance to the UK owners, ensuring the adoption of the most tax-effective disposal structure.

This strategic acquisition comes at a time when the drive for businesses, governments and individuals to transition to a greener, cleaner world has never been stronger, with both businesses committed to being at the forefront of this transformation and is the latest step in Aggreko’s commitment to drive sustainable energy solutions and expand its presence in the renewable energy sector.

Jon Dodge, Partner at FRP Corporate Finance, said: “We are delighted to have been able to originate this deal and to advise the shareholders on the transaction. The anticipated business synergies between Aggreko and RenEnergy will enable the combined business to deliver even more comprehensive and innovative renewable energy solutions. We congratulate the shareholders on having built a great business, which we expect to see go from strength to strength in the next stage of its continuing development.”

Damian Baker, Managing Director of RenEnergy UK, added: “Aggreko really is the perfect partner for us as our capabilities and growth aspirations complement and strengthen one another. We are excited for the future and the opportunity to continue the green energy transition. FRP’s advice and support secured a very attractive deal for all stakeholders. The team went above and beyond in dealing with a number of challenges along the way, with the cross-border aspects of the deal and a complex deal structure, while providing hands-on support to allow us to continue to manage and grow our business.”

Deal summary

Date:

December 2023

Sector:

Industrials & Manufacturing

Deal type:

Selling a business

Deal size:

Undisclosed

The anticipated business synergies between the Aggreko and RenEnergy will enable the combined business to deliver even more comprehensive and innovative renewable energy solutions. Jon Dodge Corporate Finance

Related team

Jon Dodge

Jon Dodge

  • Practicing Consultant
  • Corporate Finance, Forensic Services
  • Norwich

Joanne Price

Joanne Price

  • Director
  • Financial Advisory
  • Norwich

Lydia Kelsall

Lydia Kelsall

  • Assistant Manager
  • Corporate Finance
  • Norwich

Matt Field

Matt Field

  • Director
  • Corporate Finance
  • Norwich