Ventizz Capital Fund II LP, Wilmington/Delaware, USA, and its subsidiary Ventizz II Jersey Holding LP, Jersey, Channel Islands, (together “Ventizz”) have informed the Management Board of ersol Solar Energy AG (“Ersol”) that they have signed agreements with Robert Bosch GmbH (“Bosch”) regarding the sale of its holdings in ersol amounting to 50.45% of the share capital. The purchase price for the shares immediately sold, to be paid in cash, is € 546.4 million. This translates to a per-share price of € 101.0, which is 63.3% above the closing price of € 61.85 per share on Friday, 30 May 2008 and 68.3% above the weighted average price of ersol shares in XETRA® and trading floor system over the three months prior to the announcement of the transaction. The transaction is subject to the approval of the customary antitrust authorities.
“The Ventizz II funds have 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,” explains Dr. Helmut Vorndran, Chairman of the Supervisory Board of ersol AG and Management Board spokesman of Ventizz Capital Partners Advisory AG, which has acted as a consultant to the fund for this transaction.
As a result of the sale of the holdings by Ventizz to Bosch, the latter will be submitting a public offer for the remaining ersol shares.
The Management Board of ersol AG welcomes the proposed transaction and considers Bosch to be an excellent partner for the continued successful development of the Thuringian photovoltaic company. ersol will profit from Bosch’s international position and expertise, which will enable it to open up new potential for itself. Bosch’s decision to realise its entry into the photovoltaics market with the acquisition of ersol can be seen as a special recognition of the achievements of the company and its employees.
“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.
In the perception of the Ventizz II funds, Bosch is a partner with an excellent strategic fit for handing over the company to a new majority shareholder. The new owner aims to continue the successful and rapid expansion, which has been supported by the funds throughout the recent years, as well as to further focus on the prospering future evolution of its new investment.
About Ventizz Capital Partners:
St. Gallen- and Duesseldorf-based Ventizz Capital Partners was established in 2000 and is advising funds which are investing in buy-outs and growth equity for small and medium sized high-tech companies primarily in German-speaking Europe. The three Partners of Ventizz, Dr. Helmut Vorndran, Reinhard Löchner, and Willi Mannheims, are currently exclusively advising four funds with a total capital under management of more than € 650 million. To date, funds advised by Ventizz Capital Partners have invested in 31 companies with a special focus in renewable energy/solar energy, high value add engineering, medical technology, and ICT. In addition to a variety of trade sales, Ventizz funds have achieved so far three successful IPOs (ersol, SAF, PV Crystalox). For further information see: www.ventizz.com
About ersol AG:
ersol Solar Energy AG produces and markets high-quality silicon-based photovoltaic products. The group comprises the segments Silicon, Wafers, Solar Cells and Modules. With sales of € 160 million in financial year 2007, the Thuringia-based company is one of the leading players in the solar industry. Listed since 30 September 2005 on the Prime Standard of the Frankfurt Stock Exchange, the young ersol share had already been added to the TecDAX on 19 December 2005. Currently the ersol Group has more than 900 employees.
