Bridgepoint Group plc (LSE:BPT) agreed to acquire Energy Capital Partners, LLC ("ECP") for approximately £810 million on September 6, 2023. The consideration will consist of cash consideration of £233 million,185 million consideration shares and issuance of 45 million Earn-Out Units on Closing, existing ECP debt of £179 million. The Earn-Out Units, or a portion of them, shall become realised depending on the extent to which certain performance targets are met, over the period to 31 December 2026, which period may be extended by the sellers to 31 December 2027 in certain circumstances. The transaction will be funded with stapled units in a new limited partnership formed beneath Bridgepoint (exchangeable for Bridgepoint ordinary shares) and from Bridgepoint's existing balance sheet resources, and will see ECP's founding partners and many of its employees become significant shareholders in the company. William Jackson will chair the Bridgepoint Group Board and continue to focus on Bridgepoint's core private equity business, Raoul Hughes, Group Managing Partner and an architect of both ECP and Bridgepoint Credit transactions, becomes CEO from October 1, 2023 (at which time he will be appointed as a director of the Company), leading the business on a day to day basis and joins the ECP Board, ECP's team will also strengthen Bridgepoint including Doug Kimmelman will join Bridgepoint's Executive Leadership team along with Managing Partner, Tyler Reeder, Pete Labbat, also Managing Partner, will join the Bridgepoint's Talent and Reward Committee and Xavier Robert, Bridgepoint Group CIO, joins the ECP Board.

The transaction is subject to Bridgepoint's shareholder approval and is conditioned upon other regulatory laws having been obtained or made. The transaction is supported by the Bridgepoint board of directors. The transaction is expected to close in the first quarter of 2024. The transaction will be accretive for Bridgepoint shareholders from day of closing across FRE, EBITDA and Net Income per share. As on October 25, 2023, Bridgepoint shareholders approved the transaction.

J.P. Morgan and Morgan Stanley & Co. International plc are acting as joint lead financial advisers, joint corporate brokers, and joint sponsors to Bridgepoint, BNP Paribas are acting as joint financial adviser and joint corporate broker to Bridgepoint, Campbell Lutyens are acting as financial and strategic adviser to Bridgepoint and Lucy Gillett, Adam Signy, Deborah Harris, Laura Harris, Tegan Creedy and Fran Towers, Matt Gabbard, Elizabeth Cooper, Ryan Williams, John Dougherty and Christopher Scavone, William Smolinski, Benjamin Rippeon, Sarah Lindley, Yash Rupal, Caleb McConnell, Phoebe Adams, Darius Meehan, Daisy Dai, Andrew Mandelbaum, Daniel Lloyd, Wilson Szet, Barnaby Geddes-O?Dolan, Michael Strachan, Dzeneta Masteiko, Seji Choi, Jamin Koslowe, Jeffrey Penn, Kate Sinclair, Harry Briffitt, Luca Misseroni, William Golden, Uma Sud, Toby Chun, Deepa Sarkar, Etienne Renaudeau, Richard Jamgochian, Josh Buckland, Allison Davido, Susanna Breslin and Luke Cowdell, Steve DeLott, Brian Robbins, George Gerstein, Lori Lesser, Kate Mirino and Mark Natividad of Simpson Thacher & Bartlett are acting as legal counsel to Bridgepoint. BofA Securities is acting as financial adviser to ECP, and Michael Reeves, Cy Jones, Rami Totari, Justin Solomon, Michael Lee, Greg Scott, Adrian Duncan, Francesca Storey-Harris, Don Rocap, Miles Johnson, Stephen Jacobson, Jabir Yusoff of Kirkland & Ellis are acting as legal counsel to ECP.