The Horizon Growth Fund I fund, managed by Horizon Equity Partners, acquired 100% of the Portuguese Energie Est, specialized in sustainable heating solutions. The deal was not officially disclosed, but, according to the Economic Journal, the price is around 20 to 25 million. The same publication states that the company’s executive management will be made up of staff who were already part of the team.
This is the fourth investment by Horizon Growth Fund I, led by Sérgio Monteiro and Nuno Alves. The fund, with 82 million in subscribed capital, had previously purchased Dilectus – Residências Assistidas, Luís Brito Têxteis (LBT) and Quantal.
Horizon was advised by KPMG on financial and tax matters and by VdA on legal matters.
Founded in 1981 and 100% owned by national capital, Energie Est holds the patent and produces thermodynamic solar systems. The company is present in more than 30 countries and organizes its activity into four lines: aerothermal heat pumps (Aquapura brand), thermodynamic solar systems (Eco and Solar Block brands), geothermal heat pumps and thermal accumulators.
In 2024, Energie Est recorded sales of 14.2 million euros and an adjusted EBITDA of 3.6 million, employing 59 employees in the 6,000 m² facility in Laundos, Póvoa de Varzim.
Sources close to the process revealed to the Economic Journal that “the fund’s investment will support Energie’s continued growth and expansion in the Iberian Peninsula and other key European markets, reinforcing its focus on research, development and product innovation to meet the growing demand for clean energy technologies”.