Alternative asset manager Gresham House is to acquire FIM Services, which has a renewables portfolio in the UK totalling 137MW.
FIM’s clean power portfolio consists of six onshore wind farms with combined capacity of 106MW and six solar plants totalling 31MW.
Gresham House will pay an initial consideration of £21m comprising £11.2m in cash and £9.8m in loan notes.
A remaining £4m will be paid subject to the satisfaction of certain performance targets being met over a two year period post-completion.
The deal also includes sustainable forestry assets owned by FIM. Completion is subject to shareholder approval.
Gresham House chief executive Anthony Dalwood said: “The acquisition of FIM will allow Gresham House to achieve scale and establish a market leading position as an investor in UK commercial forestry whilst also enhancing the Gresham House New Energy division.”
FIM managing director Richard Crosbie Dawson said: “Gresham House is the ideal home for FIM’s next stage of growth. We have a complementary client base to Gresham House and our combined expertise and experience will facilitate new investment opportunities.”
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UK investor snares FIM
By EBS