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2 September 2004
STAR Capital Partners acquires German energy
business
STAR Capital Partners (“STAR”), a
European specialist investment fund focused on the acquisition and
development of capital intensive assets announces the acquisition
of a shareholding in GWE Gesellschaft für wirtschaftliche Energieversorgung
mbH (“GWE” or “the Company”), from 3i Deutschland
Gesellschaft für Industriebeteiligungen mbH (“3i”).
Following completion of the transaction, STAR will own 72% of the
shares of the new GWE Holding GmbH. The incumbent management and
other existing “non-3i” shareholders are rolling over
their interests into the new ownership structure and will own the
remaining shares.
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. The acquisition of GWE provides STAR with an opportunity
to acquire a platform in what is expected to be a growing market
for energy outsourcing in Germany.
Karl-Heinz Stupperich has been appointed as Chairman. Mr Stupperich
has a vast amount of experience in running industrial plants and
engineering businesses, having spent eight years as the CEO of Alstom
Germany. Karl-Ekkehard Sester, the original founder of GWE and developer
of energy portfolio management, will be the CEO. Mr Sester has 20
years experience in public power and gas utilities, CHP-plant construction
and operation and engineering.
Karl-Ekkehard Sester,
founder and CEO of GWE commented:
“Our customers believe that GWE offers an innovative and cost
efficient solution to their heat and power requirements. We remove
both the capital cost and operational burden and provide a guaranteed
source of energy at a price far more attractive than the alternatives.
We are delighted that our new ownership provides us with the financial
strength to continue to expand our operations.”
Karl-Heinz Stupperich, Chairman of GWE
commented:
“GWE has built up an excellent reputation for providing a
high-quality service and operation to its customers. The company
is ideally positioned to take advantage of the increasing need for
distributed energy generation in Germany. STAR’s experience
in and knowledge of the European energy markets will add considerable
value in growing the business”
Paul Gough, a Director of STAR, commented:
“STAR’s acquisition of GWE reflects our strategy to
provide outsourced financing solutions for a company’s non-core
and capital-intensive activities. The market for decentralised,
small-scale CHP plants is expected to grow considerably over the
next twenty years and provide strong competition for the major German
utilities. Given Germany’s decision to withdraw from nuclear
power generation and the closure of aging coal-fired power stations,
the prospects for CHP generation in Germany are very appealing.”
Willi Rugen, Senior Advisor to STAR in
Germany, commented:
"GWE marks STAR’s first investment in Germany, a market
that we believe has considerable potential for STAR going forward.
Although, we want to further expand STAR’s market position
in the energy sector, our investment horizon in Germany is much
broader. We are also targeting investment opportunities in the waste
management, transportation and healthcare sectors, among others."
 
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