Altor acquires a minority stake in renewables developer OX2
Altor Fund V (“Altor”) has signed an agreement to acquire a 30% stake in OX2 AB (“OX2”) and to enter a partnership with Peas Industries AB (“Peas Industries”). Altor will support the company on its continued growth journey and to continue lead the shift to renewable energy in Europe. The founders through Peas Industries will remain as majority shareholders and continue to stay active in the development of OX2.
OX2 is a leading European renewables development company. Founded in 2004 OX2 has grown to become the #1 independent developer in Europe having realised more than 2.4 GW of wind power. OX2 currently has management contracts for 38 wind farms (2.1 GW). OX2 currently has operations in six countries and operates across the entire renewable development value chain with a significant pipeline across Europe within onshore and offshore wind as well as solar energy.
“We are pleased to have Altor as a partner in OX2. The company has an ambitious plan, and we are convinced that Altor will be able to contribute its expertise in the steps we plan to take with the company. It has been important for Peas Industries to maintain the majority ownership and at the same time collaborate with one of the leading players in the private equity sector”, says Johan Ihrfelt, CEO and Co-founder of Peas Industries.
“We are very impressed by OX2, the management team and the employees. We truly believe in the company, its strategy and its employees and think it will be very exciting to partner with the founders and Peas Industries on this journey to accelerate the ongoing energy transition and develop OX2 into the leading renewables company.” says Petter Samlin, Partner at Altor.
“OX2 is on an exciting mission of leading the ongoing energy transition and we are confident that getting Altor on the team will strengthen our position in the rapidly expanding renewable energy market. In the coming years we aim to focus on further growth in our core markets as well as adding new geographies and technologies to our portfolio”, says Paul Stormoen, CEO of OX2.
“This is a landmark investment for Altor. I am excited to partner up with OX2 and Peas Industries and jointly drive the transition to a fully renewable energy sector in order to achieve a carbon neutral future.” says Harald Mix, founder and Partner at Altor.
J.P. Morgan acted as exclusive financial advisor to Peas Industries on the transaction.
Gernandt & Danielsson Advokatbyrå acted as legal advisors to Peas Industries.
For more information, please contact:
Monica Welander, Head of Communications at Peas Industries +46 762 07 65 62
Rebecca Karlsson, Head of Communication & Sustainability at OX2 +46 734 21 50 50
Tor Krusell, Head of Communications at Altor +46 705 43 87 47
OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having developed and constructed more than 2,4 GW of wind power in Europe. OX2 currently has management contracts for 38 wind farms (2.1 GW). OX2’s mission is to lead the ongoing energy transition and promote a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is in Stockholm, Sweden. Sales revenue in 2019 amounted to EUR 463 million. For more information, please visit: www.ox2.com
About Peas Industries
Peas Industries is active today within some of the most disruptive industries from a positive impact perspective: a renewable energy sector, circular waste management and sustainable food production. Peas Industries is committed to building meaningful, profitable companies that integrate people’s needs with the integrity of the planet with the ultimate goal to create a regenerative society on the basis of all dimensions: environmental, social and financial. The group has the head office in Stockholm, Sweden. Total sales revenue in 2019 amounted to EUR 487 million. For more information, please visit www.peas.com.
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Eltek, Piab, Trioplast, SATS and Carnegie. For further information please visit www.altor.com