THIS ANNOUNCEMENT IS FOR INFORMATION
PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY
SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN
ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR
APPROVAL.
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
Bridgepoint Group
plc
("Bridgepoint" or the "Company")
Bridgepoint announces closing
of ECP transaction
Further to Bridgepoint's
announcement on 6 September 2023 regarding the agreement to add
Energy Capital Partners Holdings LP and affiliated entities
("ECP") to its platform and
updates provided on 2, 19 and 20 October 2023, and 4 March 2024,
the Company is pleased to announce today that closing of the
transaction has occurred, creating a leading global private asset
growth investor focused on the middle market.
The combined group encompasses
private equity, infrastructure and credit investing, with a strong
presence across Europe, North America and Asia. The transaction
accelerates the Enlarged Group's growth ambitions, creating new
opportunities for expansion due to complementary investment
strategies and geographic footprints.
Bridgepoint remains confident in the
transaction's ability to improve the Group's earnings quality and
margin profile, while offering shareholders increased strategic
diversification and the potential for enhanced earnings
growth.
Raoul Hughes, Chief Executive,
Bridgepoint said: "The addition of ECP is a
transformational step for Bridgepoint and ECP, combining two
complementary businesses to form a more global, better diversified
middle-market private assets investment platform. This partnership
strengthens our scale, strategic development and earnings quality,
while broadening our growth potential. Bridgepoint is committed to
delivering the benefits of the transaction by enhancing growth
opportunities and offering a broader product mix to our combined
investors. ECP has an exceptional leadership team and together with
our new colleagues, we look forward to the exciting opportunities
ahead."
Doug Kimmelman, founder of ECP
said: "We're immensely excited and proud to
join forces with Bridgepoint as we look to accelerate growth for
both businesses and maintain best-in-class service for our
clients. Our platforms are complementary as are our
geographic footprints, and at a critical time for energy security
and the global energy transition, we believe ECP's long-standing
history and expertise in the space will drive opportunities across
the combined platform, including those that can now be unlocked
with Bridgepoint's differentiated viewpoint and network. Our firms
share a culture of collaboration, ethical integrity and investment
excellence. We look forward to working together."
As indicated in the
circular published on 2 October 2023 (the "Circular"), (i)
entities affiliated with the Blue Owl Sellers have elected to
exchange 22,814,631 OP Units for newly issued Bridgepoint Shares;
and (ii) certain Awards granted in accordance with the ECP Employee
Equity Terms vested immediately on grant, and consequently
4,288,937 Bridgepoint Shares shall be issued in settlement of such
Awards. Accordingly, an application has been made for 27,103,568
newly issued Bridgepoint Shares to be admitted to the Official List
and to trading on the London Stock Exchange's Main Market for
listed securities, with admission expected to occur on 22 August
2024.
For the purposes of UKLR 7.3.3, the
Company confirms that completion of the transaction has taken place
and, except as disclosed, there has been no material change
affecting any matter contained in the Circular.
Capitalised terms not otherwise
defined in this announcement have the meaning given to them in the
Circular.
ENQUIRIES:
Bridgepoint
FGS Global (Public Relations Adviser
to Bridgepoint)
Charles O'Brien / +44 20 7251 3801 /
+44 7825 043 656
Anjali Unnikrishnan / +44 20 7251
3801 / +44 7826 534 233
bridgepoint@fgsglobal.com
FGS Global (Public Relations Adviser
to ECP)
Kerry Golds / Kelsey Markovich /
Nick Rust / Akash Lodh
ECP@fgsglobal.com
Legal Entity
Identifier (LEI):
213800KFNMVI8PDZX472