Specialist asset manager Gresham House has wrapped up the acquisition of the asset management unit of Hazel Capital, a British asset manager focused on new energy infrastructure.
Gresham will pay £600,000m in cash for the purchase of Hazel’s asset management operations. In addition, it will pay £750,000 in cash and £1.25m in new shares for acquiring stakes in three energy storage projects of Hazel. The deal was first announced in May 2017.
At the same time, Gresham has launched a new division known as Gresham House New Energy. The new unit will manage over £100m in assets and will have a pipeline of development assets. It will be headed by Hazel managing partners Ben Guest, Bozkurt Aydinoglu and Gareth Owen.
Gresham CEO Anthony Dalwood said: “Gresham House New Energy had been identified as a strategic focus for the Company and we launch with AUM of over £100 million into an area with a significant growth opportunity through renewables and associated new energy infrastructure.
“Gresham House New Energy will leverage the specialist technical and investment expertise of the Hazel Capital team to drive organic growth, including new product launches, whilst further diversifying the Gresham House product portfolio.”