Averna Capital invests in Natural Capital Partners and merges it with ClimateCare, to form a world leading Voluntary Carbon Market organisation.
The combination brings together an unrivalled corporate client base with industry-leading project development capabilities and growth capital, to scale the ambition to reduce emissions and transform the global economy.
London, 5th May 2021 – Averna Capital, the mid-market European private equity firm, today announces that it has completed the merger between ClimateCare and Natural Capital Partners to form a world leading solutions provider for companies and organisations looking to meet ambitious climate goals. The combined group has been responsible for the reduction of more than 100 million tonnes of CO2e.
The merger was funded by Averna’s investors, which include leading organisations such as Souter Investments and Hamilton Lane Impact Fund.
The group will use its access to capital, global reach, longstanding industry and project development expertise and unrivalled experience working with the world’s largest brands and global companies, to partner with clients and governments to deliver on their ambitious climate and Net Zero goals. Together the group will serve more than 500 clients across six continents and have access to upwards of 600 projects reducing and removing carbon emissions across 56 countries.
The combination of skills and expertise that the merger delivers are key elements in a strategy to further grow and develop the group to meet the increasing global demand for carbon market solutions and deliver greater scale and impact.
Edward Hanrahan, Chairman at ClimateCare said: “We have long respected the team at Natural Capital Partners for the fantastic levels of service and insight they provide to their substantial client base, as well as the value and quality of their carbon neutral certification. We look forward to combining our products and services to offer a comprehensive range of solutions that will meet the climate goals of businesses across the world. This is just the first step in our collaborative effort to work towards a truly Net Zero future, and we are excited by the opportunities to build further on this foundation.”
Stephen Killeen, Chairman and CEO at Natural Capital Partners said: “We are delighted to announce this merger with ClimateCare. With the increasing client demand for projects of the highest quality and the development of new projects, ClimateCare’s multi award-winning Project Development and Carbon Asset Development teams will further bolster the solutions we offer to guarantee tangible climate impact, sustainable development and the transformation of our global economy.”
Vaughan Lindsay, CEO at ClimateCare said: “We are hugely excited by this opportunity, bringing together the complementary strengths of our like-minded organisations, and sharing the knowledge and experience of this industry’s most respected professionals. Together we will be able to accelerate the global impact our clients can make through a comprehensive network of carbon removal and reduction projects and provide them with the reach and scale they need to deliver their climate ambitions.”
As business action on climate increases, and the Voluntary Carbon Market grows to meet the substantial demand for private sector finance, this merger creates a world-leading organisation with a unique combination of knowledge, scale, skills and resources to meet that demand.
Richard Tudor, Founder Partner at Averna Capital concludes: “When deciding where to invest in this market, it became immediately clear that over the last twenty years, Natural Capital Partners and ClimateCare have always been the benchmark organisations for quality and innovation. Bringing the two expert teams together – and at such a pivotal point in the rapid scaling and evolution of this market – is a critical first step in meeting the unprecedented demand in the Voluntary Carbon Markets globally. The combined client expertise, industry knowledge and project development strategy are key differentiators which makes the group stand above all others and ensures we are able to deliver a real and tangible set of solutions to the climate crisis. It is just the first step in our growth plan, and we look forward to further investing in this market.”
The terms of the transaction are not disclosed.
Averna was advised on the investment by KPMG (financial and tax), Roland Berger (commercial), Ropes & Gray (legal) Many Waters Capital (debt advisory), Dickson Minto (debt legal) and Mourant. Debt was provided on the transaction by Bridgepoint Credit who were advised by Clifford Chance.
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Natural Capital Partners
With more than 300 clients in 34 countries, including Microsoft, MetLife, Logitech, PwC and Sky, Natural Capital Partners is harnessing the power of business to create a more sustainable world. Through a global network of projects, the company delivers the highest quality solutions which make real change possible: reducing carbon emissions, generating renewable energy, building resilience in supply chains, conserving and restoring forests and biodiversity, and improving health and livelihoods.
ClimateCare helps organisations take responsibility for their climate impact by financing, developing and managing carbon reduction projects across the world. Based in Oxford and Nairobi, ClimateCare helped create the voluntary carbon market and pioneered carbon finance for community development projects. Some of the largest carbon offsetting programmes in the world are delivered by ClimateCare. Leading organisations and governments trust ClimateCare to solve complex climate and sustainability issues. With ClimateCare by their side, they can be confident on their journey to Net Zero.
Averna Capital is an independent mid-market private equity firm founded by Richard Tudor and Stephen Green in 2019 that pursues unique opportunities which leverage its team and network’s wealth of experience. The Averna team’s long track record of generating strong returns for investors and successful deal execution makes it a preferred partner for investors, business owners and management teams