Berlin, February 26, 2019: Apricum – The Cleantech Advisory acted as the exclusive financial advisor to Eternal Sun Group, a leading provider of solar simulation and testing solutions based in The Hague, Netherlands, in the recent transaction with ABN AMRO Energy Transition Fund (ETF). Eternal Sun’s shareholders and ABN AMRO ETF have come to terms on an agreement for a new shareholder structure and additional funding to accelerate Eternal Sun’s growth.
Apricum led a global investor search process, advised on the transaction structuring and supported through the due diligence and closing process.
Through the transaction, ABN AMRO ETF, an initiative of Netherlands-based financial services provider ABN AMRO, takes a majority stake in Eternal Sun. Together with Belgian family fund Vermec and key management, a strong shareholder base has been created to fuel expansion. Using ABN AMRO ETF’s investment, Eternal Sun Group will build out the global team and focus on new products and test services. Florian van Rijn van Alkemade (CEO), cofounder Stefan Roest (CTO) and Erik Bentschap Knook (CCO) will continue to lead the company. Cofounder Chokri Mousaoui concluded his leave by selling his shares in this transaction.
New PV module technologies and an increasing demand for highly accurate testing provide a strong growth outlook for the company’s high-end market segment served through its brands Eternal Sun and Spire.
“With ETF as a new shareholder and Vermec staying on board we can accelerate our growth, allowing us to increase our presence closer to our main markets, to accelerate new product development and to push our new test services offering,” said Eternal Sun Group CEO Florian van Rijn van Alkemade. “Apricum’s deep familiarity with our industry and their dedicated support throughout the entire process were key to closing this strategically important transaction for us.”
“With its impressive high-precision technology for both solar R&D and manufacturing markets, Eternal Sun has a well-diversified product portfolio that allows the company to benefit strongly from the continued enormous growth ahead in solar energy. We are happy to have supported on this transaction with ABN AMRO ETF, which is the perfect investor to fuel Eternal Sun’s future success,” said Dr. Moritz Borgmann, Apricum partner and lead on the transaction.
About Eternal Sun Group
Netherlands-based Eternal Sun Group (ESG) is a leading manufacturer of solar simulators and integrated climate chambers for measuring the performance and reliability of solar PV modules. Through its brands Eternal Sun and SPIRE, ESG serves a global customer base of PV module manufacturers, research institutes and test laboratories. Its mission is to contribute to the development and growth of the solar industry by enabling the highest degree of measurement control and certainty by providing high-end solar testing knowledge, technology and services. ESG simulators have renowned capabilities regarding repeatability, reproducibility, spectrum, uniformity, and stability.
About ABN AMRO Energy Transition Fund
The Energy Transition Fund is an initiative of Netherlands-based financial services provider, ABN AMRO. It manages a €200 million fund aimed at investing in companies and projects in the energy transition: renewable energy, clean mobility, smart infrastructure and energy efficiency. The fund typically makes equity capital investments in the range of €10 million to €25 million. The fund’s geographical focus is in Northwest Europe.
About Vermec
Vermec is a professional family office that invests in ambitious growth stage enterprises and projects. Vermec offers long-term capital, unique operational experience and a constructive sounding board. The firm is located in Brussels, Belgium and manages a portfolio of different types of assets in a broad range of sectors and geographical locations.
For further information, please contact Apricum Partner Dr. Moritz Borgmann.