Blackstone to invest in Rivean-backed Esdec Solar Group

Esdec was acquired by Rivean Capital and the management team in 2018.

  • Blackstone’s investment will support Esdec’s next phase of growth
  • Esdec’s sales have grown from €30 million in 2018 to close to €500 million
  • It has acquired and integrated six add-on acquisitions in the US and Europe  

Blackstone will invest in Dutch rooftop solar hardware specialists Esdec Solar Group, the firm announced on Thursday. Rivean Capital acquired Esdec in 2018 and Esdec’s sales have since grown from €30 million to close to €500 million.

The investment from New York-based Blackstone is to support Esdec’s growth plans. The company’s growth has been achieved organically and through M&A, by acquiring and integrating six add-on acquisitions in the US and Europe.

The investment, expected to complete before the end of the year, is to be made from funds managed by Blackstone Energy Partners and Blackstone private equity.

“Esdec is an industry-leader in a fast-growing market with a track record of profitable growth, and we are delighted to partner with the management team and Rivean in achieving their long-term strategic plans,” said Jürgen Pinker, senior managing director at Blackstone.

“Esdec’s products enable installers of rooftop solar to work safely and more efficiently, making solar power more affordable to consumers and thereby accelerating the energy transition, a key investment theme for Blackstone Energy Partners,” said David Foley, global head of Blackstone Energy Partners.

Rivean Capital is a private equity firm headquartered in Utrecht. It was founded in 1982 and has assets under management of €3 billion. It looks to invest in companies in Austria, Belgium, Germany, Italy, the Netherlands and Switzerland with an enterprise value between €100 million and €500 million.

“For both management and Rivean this has been an exceptional journey,” said Maurits Boomsma, senior partner at Rivean Capital. “We were lucky to partner with the right business and the right management team four years ago and are grateful and proud of what has been achieved through this strong partnership. We are very much looking forward to continuing the journey and together with Blackstone supporting Esdec in the next phase of growth.”

Esdec is a developer and distributor of professional rooftop solar racking and mounting systems for both residential and commercial roofs.

“I am very happy to announce this important step in the company’s growth strategy,” said Stijn Vos, CEO of Esdec. “For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefitting from Blackstone’s widespread, relevant network.”