Further to Bridgepoint’s announcement on 6 September 2023 regarding the agreement to add Energy Capital Partners Holdings LP and affiliated entities (“ECP”) to its platform and updates provided on 2, 19 and 20 October 2023, and 4 March 2024, the Company is pleased to announce today that closing of the transaction has occurred, creating a leading global private asset growth investor focused on the middle market.
The combined group encompasses private equity, infrastructure and credit investing, with a strong presence across Europe, North America and Asia. The transaction accelerates the Enlarged Group’s growth ambitions, creating new opportunities for expansion due to complementary investment strategies and geographic footprints.
Bridgepoint remains confident in the transaction’s ability to improve the Group’s earnings quality and margin profile, while offering shareholders increased strategic diversification and the potential for enhanced earnings growth.
Raoul Hughes, Chief Executive of Bridgepoint, said:
“The addition of ECP is a transformational step for Bridgepoint and ECP, combining two complementary businesses to form a more global, better diversified middle-market private assets investment platform. This partnership strengthens our scale, strategic development and earnings quality, while broadening our growth potential. Bridgepoint is committed to delivering the benefits of the transaction by enhancing growth opportunities and offering a broader product mix to our combined investors. ECP has an exceptional leadership team and together with our new colleagues, we look forward to the exciting opportunities ahead.”
Doug Kimmelman, founder of ECP, said:
“We’re immensely excited and proud to join forces with Bridgepoint as we look to accelerate growth for both businesses and maintain best-in-class service for our clients. Our platforms are complementary as are our geographic footprints, and at a critical time for energy security and the global energy transition, we believe ECP’s long-standing history and expertise in the space will drive opportunities across the combined platform, including those that can now be unlocked with Bridgepoint’s differentiated viewpoint and network. Our firms share a culture of collaboration, ethical integrity and investment excellence. We look forward to working together.”
As indicated in the circular published on 2 October 2023 (the “Circular”), (i) entities affiliated with the Blue Owl Sellers have elected to exchange 22,814,631 OP Units for newly issued Bridgepoint Shares; and (ii) certain Awards granted in accordance with the ECP Employee Equity Terms vested immediately on grant, and consequently 4,288,937 Bridgepoint Shares shall be issued in settlement of such Awards. Accordingly, an application has been made for 27,103,568 newly issued Bridgepoint Shares to be admitted to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, with admission expected to occur on 22 August 2024.
For the purposes of UKLR 7.3.3, the Company confirms that completion of the transaction has taken place and, except as disclosed, there has been no material change affecting any matter contained in the Circular.
Capitalised terms not otherwise defined in this announcement have the meaning given to them in the Circular.
