Barings supports ECI’s acquisition of Zenergi
Barings, one of the world’s leading investment managers, today announced its role as sole lender on secured credit facilities backing ECI’s acquisition of Zenergi, a UK-based energy and sustainability services specialist offering energy procurement and energy management services targeting the education and public sector.
Founded in 2003, Zenergi has experienced continuous growth through helping its customers navigate an increasingly complex energy market. With its energy management offering, Zenergi also acts as a long-term energy partner for helping its customers achieve energy efficiencies as they work towards net zero targets.
With this acquisition, ECI will look to continue the growth of the business by bringing its offering to even more customers while helping organisations move towards a greener future.
Commenting on the deal, Matt Carty, Director in Barings’ European Private Finance Group, said:
“We are delighted to have supported ECI’s acquisition of Zenergi. This transaction represents Barings’ third with ECI, so we have built a strong relationship and seen their strong track record of results first-hand. We look forward to working with them again now to support Zenergi’s continued growth. What makes Zenergi unique is its sector expertise and high service levels in helping schools and other public sector organisations manage their energy requirements. This has led to excellent retention of its customer base and very high levels of recurring revenues.”
“It has been great working with Barings to complete this transaction and fantastic to have the opportunity to work with them again on another portfolio company. Zenergi is a leading player in the public sector energy procurement market and provides a strong platform for us to continue its buy-and-build strategy. Barings has provided flexible committed follow on financing to support the management team with these ambitions and we look forward to working with them to drive the company’s future success,” Toby Fitzherbert, Director at ECI added.
Barings is a $391+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of December 31, 2021