ACON Investments LLC said Wednesday that it closed its buy of APR Energy LLC. The deal was announced in October. Jacksonville, Florida-based APR rents out turbines and generators to cover electricity shortfalls, Reuters News repored. Bank of America provided debt financing. Barclays provided financial advice to APR while Hogan Lovells US LLP was the attorney for ACON.
WASHINGTON, Feb. 24, 2016 /PRNewswire/ — ACON Investments, L.L.C. and its affiliates (“ACON”) announced today that it has completed the acquisition of Florida-based APR Energy, L.L.C. (“APR Energy” or the “Company”) in a public-to-private takeover. APR provides large-scale power generation solutions on a global basis, utilizing an advanced fleet of mobile power generation equipment, including aero-derivative turbines. The Company’s vertically integrated engineering, logistics and installation capability allows it to construct and deconstruct utility-scale facilities on very short notice, providing customers with the flexibility to scale-up and scale-down as their needs evolve. ACON partnered with Fairfax Financial Holdings Limited and Albright Capital Management (the “Consortium”) to complete the transaction. The Consortium brings substantial financial backing to support the Company’s business initiatives, including committing more than $200 million in fresh equity capital to reduce debt and increase working capital.
“APR has established itself as the premier provider of rapidly deployed, turnkey plants to global utility customers, and we believe the company’s value-added offering is not only financially compelling for customers, but also technologically superior in APR’s target market,” said Aron Schwartz, Managing Partner of ACON. “We have significantly strengthened the company’s balance sheet to service the growing market for leased power generation solutions, and could not be more excited by the Company’s potential,” added Schwartz.
“This is a significant milestone in the evolution of APR Energy,” said John Campion, APR Energy’s Founder. “We are pleased to be working alongside a group that truly understands our business and our market – and that shares our longer-term vision. Our new investors bring significant strategic value to our business, including global relationships, a sophisticated understanding of international finance and extensive experience investing in global power markets. Their significant investment reflects a strong belief in our business, our market and our management team, and we expect them to be great partners as we grow the Company and continue to serve our expanding base of global customers.”
“This transaction clearly makes us stronger, and will pay down debt, increase working capital and enable us to approach the longer term with renewed confidence.”
Debt financing for the acquisition is being provided by a syndicate of lenders led by Bank of America. Hogan Lovells US LLP acted as legal adviser to ACON. Barclays acted as exclusive financial adviser to APR Energy in the transaction.
About APR Energy
APR Energy is a global leader in large-scale, fast-track power solutions, providing customers with rapid access to reliable electricity when and where they need it. APR Energy combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customizable and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific and the Middle East. For more information, visit the company’s website at www.aprenergy.com.
About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON has responsibility for managing approximately $4.3 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit www.aconinvestments.com.