CropEnergies acquires UK bioethanol producer Ensus

The company operates one of the largest production plants for bioethanol in Europe, in the northeast of England with an annual capacity of 400,000 cubic metres of bioethanol and 350,000 tonnes of dried protein animal feed (DDGS). In addition, carbon dioxide is delivered to an adjacent liquefaction plant which processes it for utilisation in the food and drinks industry. The bioethanol plant was commissioned at the beginning of 2010 and employs approximately one hundred employees. CropEnergies will significantly improve the competitiveness of the company by investing more than 50 million GBP.
The acquisition of Ensus was completed on 19 July 2013 by a contribution in kind in return for the issuance of 2.25 million new CropEnergies shares. The issuing price per share is EUR 5.98 (ex dividend), corresponding to a total value of EUR 13.5 million or respectively a premium of 5 percent on the weighted average share price of the last 3 months. Ensus is being sold by funds affiliated to The Carlyle Group, one of the largest global alternative asset managers worldwide with assets under management of more than US$ 176 billion. Through the capital increase within the scope of the authorised capital, Carlyle will become a shareholder in CropEnergies, holding 2.6 percent of the stock. The companies do not disclose further details of the transaction.
With the purchase of Ensus, CropEnergies strengthens its position as one of the leading bioethanol producers in Europe and increases its annual production capacity of bioethanol by 50 percent to more than 1.2 million cubic metres. The production capacities in the UK add to the network of the company, which already operates production plants for bioethanol in Germany, Belgium and France. Via Ensus, CropEnergies gains access to the British bioethanol market, the third largest market for bioethanol in the EU after Germany and France. Together with the processing plant for neutral alcohol with an investment volume of EUR 27 million, that is being built in Zeitz, Germany, until 2015, CropEnergies hereby continues the expansion of its business pursued within the last years.