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Robert Bosch GmbH has acquired an initial 50.45 percent share holding in ersol Solar Energy AG, in a deal costing €546.4 million in cash. The sale was organized by Ventizz Capital, a major investor in ersol since 2004. Bosch is said to be submitting a public offer for the remaining ersol shares. The acquisition of ersol by Bosch is to enable the company to continue its activities in the renewable energy sector.
“The Ventizz II fund has supported ersol during the set-up and rapid expansion stages. After becoming a major and profitable solar producer over the past four years with a current production capacity of 180 MWp, the sale to a long-term oriented industrial partner is the best option for ersol and the fund investors,” remarked Dr. Helmut Vorndran, Chairman of the Supervisory Board of ersol AG and Management Board spokesman of Ventizz Capital Advisory AG.
“I have no doubt that ersol will continue its successful path with the new majority shareholder. My fellow board members and I are looking forward to working together with Bosch,” said Dr Claus Beneking, CEO of ersol Solar Energy AG.
Beneking said that he would be retiring from the Management Board of ersol AG in the next few months, remaining as a consultant to ersol.
“For personal reasons I myself will witness the new phase for only a short while as CEO. This is the right time to hand over the management of the company to the next generation. I am proud to have accompanied and helped to shape its development from a small solar cell manufacturer to an integrated photovoltaic group,” noted Beneking.
Bosch intends to offer a purchase price of €101.00 in cash per ersol share to each ersol shareholder.