Bridgepoint Group in London said it is evaluating a possible bid for Energy Capital Partners, commenting after a report that the private equity firm was negotiating a $1bn purchase with the energy transition investor.
In a statement citing media speculation on potential mergers and acquisitions, Bridgepoint confirmed that it is evaluating a number of possible strategic opportunities. The discussions, including those with Energy Capital Partners, remain at an early stage and may not result in a deal, Bridgepoint said.
Earlier on 28 November, Bloomberg said publicly traded Bridgepoint was in talks to buy the Summit, New Jersey, investment firm for $1bn in cash and stock, citing sources it didn’t identify.
Energy Capital, also known as ECP, invests in power generators and other energy infrastructure businesses, as well as in providers of services that help reduce carbon emissions.
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ECP’s investments include a stake in Calpine, one of the largest privately held power companies in the US. ECP also owns a stake in solar and wind project developer Terra-Gen.
Since its founding in 2005, ECP has raised $26bn in capital commitments, according to regulatory filings. The firm’s latest main investment fund, ECP V LP, as of April had collected roughly $3bn toward a $4bn target, WSJ Pro Private Equity reported at the time.
ECP also invests through credit strategies in addition to private equity.
In 2017, ECP sold a minority stake in itself to Dyal Capital Partners, now part of Blue Owl Capital.
Bridgepoint invests in midsize companies valued from €250m to €1.5bn across sectors such as business services, retailers and consumer products, healthcare and technology. The firm manages around €37bn, according to its website.
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This article was published by The Wall Street Journal, a fellow Dow Jones Group title