International private equity firm Cinven today announces that it has reached an agreement to acquire a majority stake in Amara NZero (‘the Company’), a leading energy transition player focused on decarbonisation, electrification, energy efficiency and digitalisation from ProA Capital. Financial terms of the transaction were not disclosed.
Headquartered in Madrid, Amara NZero is a B2B distributor of products and services used in the energy transition market. Drawing on its extensive experience in sustainable energy, Amara NZero is a key contributor to the transition to a low-carbon economy. Amara NZero serves as a value-added supply chain partner for suppliers and clients, offering a comprehensive portfolio of products and services across three divisions: renewables (solar, wind and hydro), electrification and energy transition services. With a strong presence in Spain, Italy and Brazil and a growing footprint in the US, Mexico and other countries, Amara NZero is directly exposed to worldwide decarbonisation. Amara NZero’s proven management team leads the Company’s commitment to the global energy transition and fosters a strong corporate culture and ESG values.
Having spent significant time targeting investment opportunities in the decarbonisation space, Cinven’s Iberia regional team and Business Services sector team worked closely together to identify Amara NZero as an attractive investment opportunity given its:
- Direct exposure to the highly attractive structural growth of the global energy transition market;
- Position as a key energy transition partner to clients and suppliers, distributing a comprehensive portfolio of products;
- Specialist market and technological expertise and know-how;
- Best-in-class logistics capabilities;
- International footprint, with significant further internationalisation potential;
- Proven track-record of rapid growth, having grown revenue organically c.65% per annum since 2020;
- Industry-leading platform for continued growth, both organically and through buy and build; and
- Strong management team with a proven track-record that has cultivated a strong corporate culture and achieved strong ESG credentials.
ProA Capital, Pablo Arnus, the Company’s Chairperson, and Gonzalo Errejón, the Company´s CEO, will retain minority stakes in the business and remain key partners to Amara NZero as it enters its next chapter.
ProA Capital acquired a majority stake of Amara NZero in 2021, coinciding with the appointment of Gonzalo Errejón as its CEO. In just two years, the company has achieved a complete transformation into a 100% energy transition company. In addition, it has hired senior talent in the management team and created a strong corporate culture aligned with the interests of its stakeholders and society.
Jorge Quemada, Partner and Head of Cinven’s Iberia regional team, commented:
“The acquisition of Amara NZero will enable Cinven to invest in a leading player in the energy transition space. We have been truly impressed by the management team, led by Gonzalo Errejón, and what they have achieved together with ProA Capital and Pablo Arnus. We are excited to continue the success story, working together to build the global technology-agnostic energy transition partner of choice for its clients, suppliers and employees. With a proven platform and leading positions in its core markets, Amara NZero is well positioned to continue to expand its service offering and footprint both organically and through acquisitions.”
Rory Neeson, Partner and Head of Cinven’s Business Services sector team, added:
“This transaction exemplifies Cinven’s ability to deploy our differentiated sector-country matrix. Cinven’s Business Services team has been focusing on exploring investment opportunities building on ESG and sustainability themes, including decarbonisation, and identified the distribution of energy transition products and services as an attractive sub-sector in which to invest. This continues to be an area of focus for Cinven’s origination as part of our thematic investment approach.”
Gonzalo Errejón, Chief Executive Officer of Amara NZero, and Pablo Arnús, Chairman of the Company, commented:
“Amara NZero has achieved significant growth with the backing and support of ProA Capital and we are excited to begin the next stage of our journey, together with Cinven. We have a strong commitment to energy transition and share that vision and focus on ESG with Cinven. In addition, Cinven’s proven track record in Business Services and successful investments in the Iberia region are a testament to the support they can offer for our next phase of growth.”
Carlos Gordillo, Co-founder and Partner at ProA Capital, added:
“ProA Capital is delighted to continue its support of Amara NZero’s next phase of growth. We have had the privilege of working alongside Pablo and Gonzalo since 2021 and are excited to continue the journey together alongside Cinven. We firmly believe that Cinven, with its impressive track record in the distribution market, provides the most attractive opportunity for Amara NZero to accelerate its business plan and its international expansion.”
This transaction builds on Cinven’s strong Business Services and distribution expertise, including through its funds’ investments in Barentz, Netceed (formerly ETC Group) and its subsequent acquisition of Amadys, and Ahlsell. It also builds on Cinven’s proven track record in the Iberia region, with other recent investments including Ufinet, Restaurant Brands Iberia, Masmovil, Planasa, Hotelbeds and Tinsa.
The transaction is subject to regulatory approvals and other customary closing conditions.