Esken

Canaccord Genuity Acts as Exclusive Financial Adviser and Sole Sponsor to Esken Limited on the Sale of Esken Renewables to Pioneer Point Partners

Canaccord Genuity is pleased to announce that it has advised Esken Limited (“Esken”) on the sale of Esken Renewables to Pioneer Point Partners for an Enterprise Value of £108m. Canaccord Genuity also acted as Sole Sponsor in relation to this Class 1 disposal. The transaction successfully completed on 1 December 2023.

Esken Renewables is one of the UK’s largest suppliers of waste wood fuel, with long-term contracts in place to supply c.1.7m tonnes of waste wood fuel to dedicated biomass power plants across the UK. It generated revenues of £94m in the financial year ended 28 February 2023 and employs 300+ staff.

Pioneer Point Partners is an independent investment manager focused on the European sustainable infrastructure, energy transition and environment sectors.

In November 2022, the Esken Board announced an updated strategic review of its operating businesses, Esken Renewables and London Southend Airport, and appointed Canaccord Genuity as Sole Financial Adviser. The result of the strategic review announced in March 2023 was that it was in the best interests of all stakeholders to secure the long-term potential of these businesses and deliver value for shareholders through a managed disposal process.  

The disposal of Esken Renewables will provide Esken with increased financial stability to support the sale of London Southend Airport.