CLP has advised Volue ASA on its acquisition of Enerim Oy’s Wholesale Markets business line. The transaction is structured as a carve-out and is expected to close on 30 June 2023.
The Wholesale Market business line had EUR 9.8 million in revenues in 2022, EUR 2.3 million in EBITDA and 80% ARR, and is a market leader in portfolio management of intermittent renewables and third-party energy wholesale with 24/7 operation. The main offering is physical and commercial trading for the customer, without financial market risk.
CEO of Volue ASA, Trond Straume, described the rationale for the acquisition as follows:
“Led by our strategy for growth, we’ve decided to take the leading position for independent renewable players. Building on our proven technology, we’ll address this market segment with a software backed service. We will offer our comprehensive and scalable SaaS platform as a transparent 24/7 service offering, allowing new asset owners to participate in the market with the same sophisticated tools as the incumbents, further enabling them to monetise the volatile energy markets. This is why we are acquiring Enerim’s wholesale division. Combining this entity with our own capabilities we are becoming a market leader for digital services in renewables with operations in Norway, Sweden, Denmark, Finland and Germany from day one, with the ambition to continue growing organically into additional European territories.”
CLP’s Managing Partner, Lars Gunnar Aas, commented: “This is a complex and important carve-out of a stellar business line which will add important new products and services, blue chip customers, local presence across Finland and 63 new employees to Volue ASA’s offering. We are proud to have helped Volue ASA achieve it and delighted to have advised Volue ASA on the transaction.”
The CLP team was led by Lars Gunnar Aas and supported by Kristoffer Gjesdahl. Other team members included Erik Sletner and Jon Lauvstad Kruken. Krogerus acted as Finnish counsel, with a team led by Lennart Simonsen and Nora Hamed.
More information can be found here.