Averna Capital invests in ClimateCare to accelerate its growth as a leading profit-with-purpose environmental and social impact company.
London, 14 October 2020 – Averna Capital, the mid-market European private equity firm, today announces that it has completed an investment in ClimateCare, a leading profit-with-purpose environmental and social impact company.
As a leader in the global carbon markets and climate change sector, ClimateCare provides businesses and governments with carbon offset services, sustainable development programmes, environmental and social impact measurement and project development.
The company was founded in 1997 with a focus on projects that reduce carbon emissions and fund social development. ClimateCare is a certified B Corporation and one of the first companies to be awarded B Corporation status in the UK. The company has offices in the UK and Kenya.
“The programmes that ClimateCare puts together for its clients allows them to offset their carbon emissions and deliver positive social impacts. ClimateCare does this by financing, developing and managing projects across the world which cut carbon, tackle poverty and improve health. At Averna Capital, we share this commitment to the Climate+Care approach of turning climate responsibilities into positive outcomes and we look forward to continuing the firm’s success and accelerating its growth in this exciting and rapidly growing market,” says Pierre-Edouard Harant, Partner at Averna Capital.
“ClimateCare has a track record of more than 20 years as a leader in carbon markets and tackling climate change. We are focussed on delivering Impacts at scale and to date have reduced over 43 million tonnes of CO2 and improved the lives of over 41 million people. This is just the beginning and there is so much more to be done. We are focused on growing and increasing the size and pace of our contribution to tackling climate change. We encourage all corporations to take full responsibility for their climate impacts now on their journey to achieve “net zero”. Together with Averna, we will further accelerate our impact and be even closer to our customers worldwide, enabling us to help them meet their climate responsibilities and turn those into positive outcomes,” explains Edward Hanrahan, Founder and Non-Executive Chairman at ClimateCare.
Averna’s investment marks the starting point of the next phase of ClimateCare’s development providing a new capital base for investment in both organic and acquisitive growth of the business.
Vaughan Lindsay, Chief Executive of ClimateCare comments on the investment: “This new partnership represents a crucial milestone for ClimateCare in accelerating our growth and our Impacts. This investment evidences the significant achievements of our business and our talented team. We are very excited to welcome Averna, given the depth of experience the firm has and its knowledge base, which we will be able to use for the benefit of the business, our customers and the environment.”
ClimateCare has an international customer base of clients and works with over 300 high quality projects in 56 countries covering 34 technologies.
Averna Investment Company is the new majority shareholder in the business. The Founder Investors will remain significant shareholders and partners in the business alongside Averna.
The terms of the transaction are not disclosed.
Averna was advised on the investment by KPMG (financial and market due diligence; tax), Ropes & Gray (legal) Many Waters Capital (debt advisory), Dickson Minto (debt legal) and Mourant. ClimateCare was advised by Michel Dyens & Co. as exclusive M&A advisor as well as Linklaters (legal), and Smith & Williamson (tax). Debt was provided on the transaction by Bridgepoint Credit who were advised by Clifford Chance.
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For more information, see the website www.avernacapital.com or contact
Averna Capital is an independent mid-market private equity firm founded by Richard Tudor and Stephen Green in 2019 that pursues unique opportunities in the UK and Europe leveraging its team and its network’s wealth of experience. The Averna team’s long track record of successful deal execution makes it a preferred partner for investors, business owners and management teams. Averna approaches each investment with strong quantifiable and shared goals developed with the management team and members of the Averna Network to deliver the best outcome for all stakeholders.