Bridgepoint to Acquire Energy Capital Partners to Create $61 Bln Asset Manager — Update

By Joe Hoppe

Bridgepoint Group said it will add infrastructure specialist Energy Capital Partners Holdings and its affiliated entities to its platform for an enterprise value of 835 million pounds ($1.05 billion), creating a 57 billion-euro ($61.11 billion) global private markets asset manager.

The private-equity firm said Wednesday that the enterprise value for Energy Capital Partners, or ECP, will comprise 235 million newly issued Bridgepoint shares, GBP233 million of cash, and GBP179 million of ECP’s existing debt. The transaction is expected to close within four to six months, and is subject to shareholder approval.
A further GBP50 million share-repurchase program is expected to start once the existing program completes, given the fundamental value and prospects of the enlarged company, Bridgepoint said.
The combined group will split the roles of chief executive and chairman after ECP is added, with William Jackson set to chair the Bridgepoint Group board and continue to focus on the core private equity business. Bridgepoint’s Group Managing Partner Raoul Hughes will become chief executive from Oct. 1.
ECP will continue to be led under its current brand by Senior Partner Doug Kimmelman and existing leadership, who will also join the combined group’s executive leadership.
Shares at 0901 GMT were up 5.1 pence, or 2.9%, at 180.0 pence.
Write to Joe Hoppe at [email protected]