5/23/22, 4:12 PM BioTherm Energy (Pty) Ltd.

was acquired by Actis LLP | Mergermarket

Overview

Target BioTherm Energy (Pty) Ltd.

Buyer Actis LLP

Seller Denham Capital Management LP

Deal value Not available

Announced date 01/08/2019

Feedback
Completed date 01/08/2019

Deal description

Actis LLP, the UK-based private equity firm, has acquired an undisclosed stake in
BioTherm Energy (Pty) Ltd., a South Africa-based renewable energy developer
that focuses on wind and solar project development, financing, construction and
operations, from Denham Capital Management LP, the US-based private equity
firm, for an undisclosed consideration.

The acquisition will enable Actis to drive 300GW of growth renewable generation
across Africa in coming ten years.

Pursuant to the deal, Jasandra Nyker, the CEO of BioTherm will be joining
Denham’s International Power Group as its managing director. BioTherm has a
total capacity of 288MW. Denham has sold BioTherm through its Fund V.

Source Links:

Denham Capital Management LP press release, 01 August 2019

Actis LLP press release, 01 August 2019

Target BioTherm Energy (Pty) Ltd.

South Africa-based renewable energy developer that focuses on wind and solar
project development, financing, construction and operations
Sectors Energy
Subsectors Alternative energy
Address Building 1, Ground Floor, Design Quarter District, Leslie
Avenue East, Fourways, 2055, South Africa
Telephone +27 011 367 4600

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5/23/22, 4:12 PM BioTherm Energy (Pty) Ltd. was acquired by Actis LLP | Mergermarket

e ep o e 0 36 600
Fax +27 011 367 4601
Email info@biothermenergy.com
Website http://www.biothermenergy.com
Buyer Actis LLP

UK-based private equity firm that invests between USD 5m and USD 100m, and
has three business lines: Energy, Private Equity and Real Estate.
The Energy
business seeks to invest in high growth, buy and build power companies, focusing
on power generation technologies (wind, solar, gas, hydro). It is interested in high
growth monopoly distribution platforms as well. Depending on geography, the

Feedback
firm determines, which sectors can be supported in a cost-competitive way. The
Energy business has contributed USD 4.4bn to 31 energy transactions, and exited
21 investments.
Within the Private Equity business the firm seeks to make
investments typically in four sectors: consumer, financial services, healthcare, and
industrials, preferring mid-market, high-growth companies. It contributed
approximately USD 5.6bn to more than 160 transactions, and exited 134
investments.
Actis LLP invests mainly in Africa, South-Asia and Latin-America.
The company was founded in 2004, and has raised totally USD 13bn capital since
inception. Its international team consists of 200 employees, including 100
investment professionals, working across 13 offices worldwide.
PE House Actis LLP
Sectors Financial Services
Subsectors Venture Capital/Private Equity
Address 2 More London Riverside, London, Greater London,
SE12JT, United Kingdom
Telephone +44 (0)20 7234 5000
Fax +44 (0)20 7234 5010
Email info@act.is
Website http://www.act.is/
Seller Denham Capital Management LP

US-based private equity firm that invests between USD 50m and USD 250m in
companies engaged in energy and resources sectors worldwide. The firm focuses
on three sub-sectors, oil & gas, mining and international power, and it invests
across all stages of the corporate lifecycle. It seeks to establish long-term
partnerships with entrepreneurs. Denham Capital Management has raised nine
funds since inception, and it manages approximately USD 9.8bn of committed
capital. The firm's latest fund, Denham Mining Fund held final close in July 2018 at
USD 558m.
The firm was founded in 2004, and operates four offices in Boston,
Houston, London and Perth.

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PE House Denham Capital Management LP

Related companies Denham Commodity Partners Fund V LP

Sectors Financial Services

Subsectors Venture Capital/Private Equity
Address 185 Dartmouth Street, 7th Floor, Boston, Massachusetts
(MA), 02116, USA
Telephone +1 617 531 7200
Email info@denhamcapital.com
Website http://www.denhamcapital.com
Target financials

Feedback
Reported EUR (m) Year 1 Source Year 2 Source

Revenue - -

EBITDA - -

EBIT - -

Earnings - -

Earnings Per Share - -

Book value - -

Exit Multiples Year 1 Year 2

Revenue - -

EBITDA - -

EBIT - -

Earnings - -

Book value - -

Sector Analysis Year 1 Source Year 2 Source

Total
Production
(boe/day)

Cost per - -
boe/day of

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boe/day of
Sector Analysis
Production Year 1 Source Year 2 Source

Total Reserves
(mmboe)

Cost per boe of - -

Total Reserves

Total 1P

Feedback
Reserves
(mmboe)

Cost per boe of - -

Total 1P
Reserves

Total 2P
Reserves
(mmboe)

Cost per boe of - -

Total 2P
Reserves

Total Electricity
Output (GWh)

Cost per MWh - -

of Electricity
Output

Total 288 Actis LLP

Generation press
Capacity (MW) release, 01
August
2019

View
original
source

Cost per KW of 1736.11 (USD) -

capacity

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Consideration structure

Type Value EUR (m) Source

Cash - Not disclosed. Denham Capital Management

LP press release, 01 August 2019

View original source

Feedback
Total 0

Deal Financials

Financial Value EUR (m) Source

Enterprise 452.24 Denham Capital Management LP press

Value release, 01 August 2019

View original source

Net Debt -

Implied -
Equity Value

Deal Value -

Sources of funding

Role Company Individuals Stake % Value EUR (m) Source

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5/23/22, 4:12 PM BioTherm Energy (Pty) Ltd. was acquired by Actis LLP | Mergermarket

Role Company Individuals Stake % Value EUR (m) Source

Private Actis LLP Lisa n/a n/d Stake

Equity Pinsley acquired and
House amount
contributed
not
disclosed.

Feedback
Denham
Capital
Management
LP press
release, 01
August 2019

Total Not
Funded by disclosed
Equity

Total Not
Funded by disclosed
Senior
Debt

Total Not
Funded by disclosed
Other
Debt

Total Not
Funded by disclosed
Debt

Total Not
Funded by disclosed
Mezzanine

Advisors

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5/23/22, 4:12 PM BioTherm Energy (Pty) Ltd. was acquired by Actis LLP | Mergermarket

Advisors to Target: BioTherm Energy (Pty) Ltd.

Role Company Credit % Individual Level

Chief BioTherm 100 Jasandra Level 1

Executive Energy (Pty) Nyker
Officer Ltd.

Chairman BioTherm 100 Allen Level 1

Energy (Pty) Morgan
Ltd.

Feedback
Advisors to Buyer: Actis LLP

Role Company Credit % Individual Level

Lawyer Clifford 100 Katja Level 2

Chance LLP Busuladzic Corporate

Nicholas Level 1
Hughes Corporate

Mayowa Level 2
Kalesanwo Corporate

Jo Low Level 2
Corporate

Gordon Level 2
Stewart Corporate

PR Maitland 100
(AMO)

Private Actis LLP 100 Lisa Pinsley Level 1

Equity House

Advisors to Seller: Denham Capital Management LP

Role Company Credit % Individual Level

PR FTI Consulting 100

Chief Denham Capital 100 Stuart Level 1

Executive Management LP Porter

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Officer
Role Company Credit % Individual Level

Chief Denham Capital 100 John Level 1

Financial Management LP Collins
Officer

In house Denham Capital 100 Paul Level 1

lawyer Management LP Winters Corporate

Feedback
Private Denham Capital 100 Scott Level 1
Equity Management LP Mackin
House

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