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HarbourVest Global Announces Sale Of Ersol Solar Energy AG
St Peter Port, Guernsey (SPX) Jun 12, 2008 HarbourVest Global Private Equity has been advised of the proposed sale of ersol Solar Energy AG by Ventizz Capital Fund II. At the announced price, the sale of ersol to Robert Bosch GmbH would result in a gain in NAV for HVPE of approximately U.S.$7.7 million, or U.S.$0.09 per share. Ventizz is one of HVPE's 25 largest underlying European managers and one of HVPE's 25 largest underlying venture/growth equity managers (based on NAV). The proposed sale, which is subject to approval by antitrust authorities, is at a price of EUR101 per common share of ersol, representing a 63% premium to the closing price on May 30. Once concluded, HVPE expects to receive total distributions of approximately U.S.$14 million as a result of this transaction. One of the leading players in the solar industry, ersol was acquired by Ventizz in 2004 as part of a HarbourVest-led synthetic secondary transaction in which Ventizz and the investor syndicate acquired a portfolio of eight later stage venture capital investments in Germany. Ventizz, a private equity manager with a geographical focus on German-speaking Europe, has expertise in cleantech and technology growth investments. George Anson, Director of HVPE, said: "We are delighted by this realisation within our European venture portfolio. Venture has been an important part of HarbourVest's strategy for the past 25 years and is therefore a key component of HVPE's strategy at approximately 40% of the portfolio. "The announcement is a confirmation of the merits of that strategy. The returns generated for HVPE also demonstrate the benefit to shareholders of having access to HarbourVest's experience of selecting high quality, global, venture fund managers, as well as the firm's expertise in structuring secondary transactions." Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links HarbourVest Global Private Equity Limited All About Solar Energy at SolarDaily.com
eSolar To 245 Megawatt Solar Power Tower
Rosemead CA (SPX) Jun 12, 2008Southern California Edison (SCE) has signed a contract to procure an additional 245 megawatts of solar power for its customers with Pasadena, Calif.-based eSolar in the nation's first commercial effort using power tower solar thermal technology. |
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