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Hazel Capital LLP (Hazel) is pleased to announce that it has been acquired by Gresham House Plc, the specialist alternative asset manager with over £500m under management which experienced 50% growth in the past six months since June 2017. www.greshamhouse.com
The consideration for the acquisition and investment is £2.6 million which initially includes £600,000 in cash for the acquisition of Hazel Capital’s asset management business plus an investment of £2.0 million, comprised of £750,000 in cash and £1.25 million satisfied through the issue of new ordinary shares at the prevailing share price on completion of the project investments.
A new division called Gresham House New Energy will be formed through the acquisition of Hazel. The new division will include Hazel Renewable Energy VCT 1 Plc, Hazel Renewable Energy VCT 2 Plc, as well as its other business activities including Energy Storage Systems (ESS). The new division will have an aggregated AUM in excess of £100m plus a pipeline of development assets. It will be led by Hazel’s partners Ben Guest, Bozkurt Aydinoglu and Gareth Owen who will leverage their specialist technical and investment expertise to drive further organic AUM growth within Gresham House. Gresham House has also exchanged contracts to acquire stakes in three of these operational and development stage battery storage projects.
Managing Partner Ben Guest announced, “This is a natural next step for Hazel Capital. Our expertise in renewables and battery storage will complement Gresham House’s existing strategies of private equity, infrastructure, strategic public equity and real assets. At the same time, we will gain from the experience and skills of the wider Gresham House team and will be able to leverage the resources from being part of the Group’s growing platform for differentiated investment strategies.”
Anthony Dalwood, CEO of Gresham House, said: “The Hazel Capital team’s skills and experience will significantly add to the Gresham House group. Gresham House New Energy had been identified as a strategic focus for the Company and we launch with AUM of over £100 million into an area with a significant growth opportunity through renewables and associated new energy infrastructure. Gresham House New Energy will leverage the specialist technical and investment expertise of the Hazel Capital team to drive organic growth, including new product launches, whilst further diversifying the Gresham House product portfolio.”