Strategic Acquisition will allow for rapid expansion through Benelux region Thenergo nv, a Belgium based renewable energy company announces it has concluded a share purchase agreement with Leysen Invest nv ("Leysen"), a Belgian organic waste-to-energy group.
Leysen is active in two core areas:
- Organic Waste Procurement solutions for agribusinesses, industry, regional authorities and ports in the Benelux area.
- Upstream Logistics activities including waste collection, sorting, treatment and processing for energy recovery.
Leysen's activities complement Thenergo's focus on the development and operation of CHP units and electricity sales.
The integration of Leysen's fuel procurement and logistics know-how, with Thenergo's concept engineering, operational management, electricity sales and trading experience will enhance both companies' strengths.
Looking forwards, Leysen has identified two new areas of activity:
- Biomass power production
Leysen has advanced development projects for biogas, CHP and biocoal production, using
processed organic waste, wood residues, sawdust and organic sludge.
- Biofuel production
Development of Jatropha oil farms for potential CHP units, and wood pellet production for
sale to European power stations.
Thenergo CEO Kurt Alen said "This highly complementary industrial partnership gives Thenergo immediate strategic acceleration, coming at a time when organic waste and its associated markets are increasingly recognized by governments and investors as a powerful environmental alternative to wind and solar".
"Leysen's development portfolio will significantly strengthen Thenergo's position in the waste-toenergy space. In procurement terms, Leysen will improve long term security of Thenergo's growing range of primary fuels. Additionally, Leysen's organic waste procurement and logistics activities will add a new and profitable dimension to Thenergo's value chain".
Under the terms of the acquisition, the senior management and development team of Leysen will remain in place, and the Company's head office will stay in Turnhout. "We are still a local company," said Yves Leysen, CEO of Leysen, "and we will continue to work with local and regional industries across the country to grow our waste treatment sites. We are the same company we were yesterday - the difference is we now have the resources and expertise to help create value from organic waste, to accelerate our entry into the waste-to-energy market, and to build and manage our energy operations in a more cost-effective way."
The total purchase price was €56m, of which €20m was paid in cash, leveraged by debt financing, while €36m was settled in Thenergo shares, in two tranches. In the first tranche, Thenergo issued 1,727,862 shares based on the average market price of Thenergo shares between the IPO (14 June 2007) and 31 August 2007. The second tranche of €20m in shares will be contingent upon the achievement of new business development targets budgeted at €80m in sales and €16m in EBITDA at the end of 2011.
On the strength of Leysen's accounts, forecast to deliver 2007 sales of €22m and EBITDA of €3.0m, the partnership will allow Thenergo to expand its existing business model and to accelerate the development of biomass units.
At the same time, Thenergo's turnover and earnings will substantially increase, and recurrent cashflows will be enhanced thanks to Leysen's on-going waste management activities.
Founded in 2002 and based in Antwerp, Belgium, Thenergo is one of Europe's leading independent developers and operators of sustainable energy projects using biomass, biogas and natural gas.
Thenergo designs, builds, finances, operates and sells energy from Combined Heat and Power (CHP) projects for its own account and on behalf of its clients. It has proven expertise in European energy trading markets as well as in green power and CHP certificates.
To date, Thenergo has a gross installed capacity of 33MW for an annual electricity production capacity of 135 GWh. Since 14 June 2007, Thenergo has been listed on Alternext, Paris. (Ticker: ALTHE).
Founded in 2002, Leysen Group is a privately owned company, headquartered in Turnhout, Belgium. Its core activities include collection, pre-treatment & treatment of waste in the Benelux region, and biomass for energy, biomass application, investing in projects and companies in the field of renewable energy on a more global scale.
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