HarbourVest Global Private Equity Limited (HVPE) has been advised of the proposed sale of ersol Solar Energy AG, one of HVPE’s 25 largest underlying company investments, by Ventizz Capital Fund II, LP.
At the announced price, the sale of ersol to Robert Bosch GmbH would result in a gain in NAV for HVPE of approximately $7.7 million, or $0.09 per share.
Ventizz is one of HVPE’s 25 largest underlying European managers and one of HVPE’s 25 largest underlying venture/growth equity managers. The proposed sale, which is subject to approval by antitrust authorities, is at a price of EUR101 per common share of ersol, representing a 63% premium to the closing price on May 30. Once concluded, HVPE expects toreceive total distributions of approximately U.S.$14 million as a result of this transaction.
ersol was acquired by Ventizz in 2004 as part of a HarbourVest-led synthetic secondary transaction in which Ventizz and the investor syndicate acquired a portfolio of eight later stage venture capital investments in Germany. Ventizz, a private equity manager with a geographical focus on German-speaking Europe, has expertise in cleantech and technology growth investments.
“We are delighted by this realisation within our European venture portfolio. Venture has been an important part of HarbourVest’s strategy for the past 25 years and is therefore a key component of HVPE’s strategy at approximately 40% of the portfolio. Today’s announcement is a confirmation of the merits of that strategy. The returns generated for HVPE also demonstrate the benefit to shareholders of having access to HarbourVest’s experience of selecting high quality, global, venture fund managers, as well as the firm’s expertise in structuring secondary transactions,” says George Anson, director, HVPE.