Greenfield acquires Dutch operations of Energis

Netherlands-based private equity firm Greenfield Capital has acquired the Dutch subsidiary of failed UK telecoms provider Energis.

Greenfield Capital Partners, the independent Dutch private equity firm, has completed the acquisition of Energis NV, the Dutch telecoms services provider.

The financial details of the transaction have not been disclosed. The investment was made from the firm’s NEThave Fund, which focuses on Dutch internet, telecoms and communications investments.

Greenfield approached sale arranger Dresdner Kleinwort Wasserstein prior to Energis going into administration last month. To complete the transaction, the firm negotiated directly with administrator Ernst & Young.

Greenfield spokesman Mark Wilson said the firm was ‘very happy’ with the price paid for Energis NV, which is to be renamed Enertel on completion. “Even though the telecoms sector is currently out of favour, we see considerable potential for the business. A restructuring programme is already underway and the main objective is to improve Enertel’s competitive edge.

The new company, based in Rotterdam, will focus on Dutch business customers, extend its advanced data and hosting services by using its extensive national network and data-hosting centre. Stef van Doesburg, partner at Greenfield, said the funding supplied by Greenfield would ensure that the company has a restructured balance sheet, although job losses are likely.

Since being founded in 1995 Greenfield has funded over 50 companies in The Netherlands, Europe and the US and currently represents a managed capital of E150m.

Last month, Chelys, a company controlled by Energis' banks, acquired the UK arm of Energis and agreed to invest £150m of cash in the business. The business is being controlled by Archie Norman, who will select the company's new management team. Chelys will be 85 per cent owned by banks with bondholders making up the balance.