Altor Fund V has signed an agreement to acquire a 30% stake in renewables developer OX2 and enter a partnership with majority owner Peas Industries.
Altor, whose funds have invested more than $4.2bn in more than 60 predominantly Nordic companies since their inception, said this would allow it to support the company on its continued growth journey and to continue to lead the shift to renewable energy in Europe.
OX2 chief executive Paul Stormoen said: “OX2 is on an exciting mission of leading the ongoing energy transition and we are confident that getting Altor on the team will strengthen our position in the rapidly expanding renewable energy market.
“In the coming years we aim to focus on further growth in our core markets as well as adding new geographies and technologies to our portfolio.”
OX2 currently has management contracts for 38 wind farms with 2.1GW of capacity. It has operations in six countries and operates across the renewable development value chain with a significant onshore, offshore and solar pipeline across Europe.
“We are pleased to have Altor as a partner in OX2. The company has an ambitious plan, and we are convinced that Altor will be able to contribute its expertise in the steps we plan to take with the company,” said Peas Industries chief executive Johan Ihrfelt.
“It has been important for Peas Industries to maintain the majority ownership and at the same time collaborate with one of the leading players in the private equity sector.”
Altor partner Petter Samlin said the company was “very impressed” by OX2 and its management team and employees. “I am excited to partner up with OX2 and Peas Industries and jointly drive the transition to a fully renewable energy sector in order to achieve a carbon neutral future,” added Altor founder and partner Harald Mix.
J.P. Morgan acted as exclusive financial advisor to Peas Industries on the transaction.
Gernandt & Danielsson Advokatbyrå acted as legal advisors to Peas Industries.
OX2 has realised more than 2.4GW of wind power since its founding in 2004, the company said.