Glacier Energy, a specialist provider of products, services and engineered solutions for renewable and conventional energy markets is pleased to announce that it has been acquired by Averroes Capital.
As part of the acquisition, Averroes Capital has provided Glacier Energy with growth capital to invest in strategic growth initiatives and facilitated the exit of Glacier Energy’s existing institutional investors in Maven Capital and Simmons Parallel Energy Fund, who have supported the business since its inception in 2011.
Glacier Energy has been leveraging its engineering and technical capabilities to support low carbon technologies including hydrogen, carbon capture and energy storage with their core capabilities focused on heat transfer and pressure vessels, machining, welding and NDT and Inspection. As it embarks on further growth, Glacier Energy is focused on taking advantage of positive market drivers in the energy landscape, in particular the energy transition, energy security initiatives and decommissioning. These trends are driving investments into both low carbon technologies and existing energy sources.
Scott Martin, Group CEO of Glacier Energy, said: “I am delighted that we secured this investment from Averroes Capital and look forward to working with them to capitalise on the significant momentum we have in the business. Glacier Energy is very well placed to play a large role in the energy transition and having access to further investment for the next phase of our journey will accelerate this. I would also like to take the opportunity to thank the investors who have now exited the business as part of this transaction and am extremely grateful for the support they provided to me and the team.”
Jack Scott, Investment Director at Averroes Capital, said: “We are excited by the opportunity to partner with Scott Martin and his team to support the business on its next stage of growth. Glacier Energy is seen as a trusted partner to its clients and is well positioned to capitalise on the strong demand for integrated technical expertise in its niches, particularly within renewable and other low carbon energy sectors.”
Simon Rowan, Partner at Averroes Capital, said: “Glacier Energy presents an exciting opportunity for our investors to support a well-established and growing platform with a leading reputation in its markets. The entire Averroes team has been impressed by the experience and ambition of Scott and the broader Glacier Energy team and we look forward to supporting them. We are focused on unlocking attractive investment opportunities through our model of alignment and partnership, backing exceptional management teams, and assisting them on their growth strategy.”
Simon Rowan and Jack Scott will join the Glacier Energy Board from Averroes Capital, with further appointments to strengthen the Board being planned.
