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STAR acquired 3i’s minority shareholding in
GWE and provided a funding commitment to allow the company to develop
its pipeline of opportunities. The incumbent management and other
existing “non-3i” shareholders rolled over their interests
into the new ownership structure and own the remaining shares. STAR
owns 72% of the shares of GWE.
GWE is an independent energy services provider operating in the German distributed energy sector. It specialises in the provision of heat, cooling and power (“CHP”) to a broad range of customers, including industrials and hospitals. GWE has created a competitive advantage by integrating the core competencies of project development, operations and energy portfolio management, something that few of its competitors are able to offer. There is a significant political and social trend towards more energy efficiency throughout Europe and the promotion of CHP energy is of high priority.
GWE has already created an excellent reputation in the market with its customers for providing a well-managed and cost-effective solution to their energy and heating needs. When this is combined with the growing market for decentralised energy, we believe GWE is an excellent platform with which to build on. The company already has a large pipeline of future projects that we will look to complete over the next few years.
Why does GWE fit STAR’s investment strategy?
- GWE’s business directly reflects STAR’s strategy
of providing outsourced solutions for a company’s non-core
and capital-intensive activity.
- It has long term contracts which provide good downside risk
protection.
- The services provided by GWE are core to the running of the
customers’ businesses.
- There are a variety of ways to enhance value and generate upside,
including expansion of the energy portfolio management business
and generating further operational efficiencies.
- There is a strong and experienced management team.
http://www.gwe-mbh.de/00/00.htm
 
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