14 April 2016

Blue Water Energy makes investment in energy business

Carey Olsen has advised long-standing client, Blue Water Energy (BWE), on its acquisition of a controlling stake in Px Group, a company that specialises in the energy, engineering and process industries.

Px Group has been growing steadily for a number of years and the deal provides it with access to capital for continued investment. The company provides operations and maintenance, engineering and energy, trading and management services to owners of large-scale energy process and infrastructure assets in the European market.

BWE is a private equity firm investing exclusively in the energy sector with a targeted focus on the middle market energy space. Blue Water Energy Fund 1, LP currently has capital commitments of US$861 million. BWE's strategy is to partner with management teams and to work alongside them to develop their businesses.

Carey Olsen partner Andrew Boyce and senior associate Ruth Abernethy advised on all Guernsey aspects of the transaction.

Advocate Boyce said: "We have built a strong relationship with Blue Water Energy having worked alongside the firm on a number of fund launches, joint ventures and acquisitions."

BWE partner Graeme Sword said: "We expect a significant transition in the ownership of midstream and power generation assets across Europe over the coming years.

"Px's track record in the independent energy sector along with its customer-focus, flexible commercial strategy and fully integrated service offering put it in an excellent position as the market increases."