Schroder UK Public Private Tst plc Hambro Perks to acquire Ombu's portfolio (2415J)
December 21 2020 - 1:00AM
UK Regulatory
TIDMSUPP
RNS Number : 2415J
Schroder UK Public Private Tst plc
21 December 2020
Schroder UK Public Private Trust plc (the "Company")
Hambro Perks to acquire Ombu's portfolio
The Company (LSE: SUPP) announces that Hambro Perks, a UK
venture firm and investment management platform, has agreed to
acquire the entire issued share capital of Ombu Group Limited
("Ombu"), a specialist investor in early and growth stage
environmental technologies, in which the Company is a minority
shareholder.
The transaction was financed by HP Environmental Technologies
Fund LP ("HPET"), a newly-established vehicle focussed on emerging
environmental technologies with anchor investors which include
Hambro Perks, Ombu's existing management team and a number of other
private and institutional investors.
T he sale of Ombu is facilitating a cash exit for a number of
shareholders in Ombu, however, the Portfolio Manager considered the
cash acquisition price offered by HPET to be more reflective of the
shareholder dynamics surrounding Ombu, than a fundamental
assessment of the portfolio value. Hence, the Portfolio Manager has
since worked closely with Hambro Perks to structure an alternative
option to allow the Company to retain exposure to the underlying
portfolio and its future value creation potential. As a result, the
Company has now elected to contribute its shareholding in Ombu in
return for a partnership interest in HPET.
Hambro Perks will assume management of the portfolio alongside
Ombu's existing management team, which includes Founder and CEO
Stephen Brooke, Investment Director Duncan White and Sir John Rose
who will be Chairman of HPET and join the Hambro Perks advisory
board. Hambro Perks will complement the existing management team by
providing expertise both in terms of operational support and access
to capital as the portfolio scales.
It is anticipated that, based on the terms of the transaction,
the Company's AIFM will revalue the holding to a valuation of
GBP4.0 million implied by the acquisition price, representing a 71%
discount to the latest carrying value of the Company's holding in
Ombu which stood at GBP14.0 million as of 30 September 2020. This
will be reflected in the NAV calculation as at 31 December 2020,
which will be announced in the Company's annual report and accounts
for the year ending 31 December 2020.
About Ombu
Ombu is a holding company owning stakes in seven environmental
technology companies. Ombu was founded as a specialist early and
growth stage investor in environmental technologies. It made its
first investments in 2011.
The Ombu portfolio consists of:
-- Bluewater Bio - Bluewater Bio provides water treatment
technologies and solutions, focused on rapid upgrading,
optimisation and monitoring of water and wastewater treatment
plans.
-- Bowman - Bowman develops waste to heat energy hardware
technologies to improve engine efficiency, reduce emissions and
reduce fuel consumption.
-- driivz - driivz provides software solutions which enable
Electric Vehicle (EV) charging network operators to efficiently
manage their infrastructure and customers.
-- i20 - i20 is a smart water network solutions provider to
water utilities around the world - helping them to monitor and
manage their freshwater distribution networks.
-- Iceotope - Iceotope is a leader in chassis-level liquid
cooling technologies for the data and Edge-of-Network cooling
market. Such technologies help data centre owners reduce their
carbon footprint significantly, whilst cost-effectively managing
the explosive growth in data generation.
-- Open Energi - Open Energi is an energy management platform
for automating and optimising distributed asses in real time to
reduce energy costs and provide flexile capacity to enable a 100%
renewable energy system.
-- P2i - P2i provides a suite of liquid-repellent nanocoating
solutions to OEMs in the global electronics industry to improve the
reliability of their products and reduce waste.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
Schroder Investment Management Limited
Gareth Faith Tel: 020 7658 5264
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