Global private equity investor The Riverside Company has acquired EnAppSys, the data analytics provider for European markets, as an add-on to its Montel AS platform.
Montel is a Norwegian data provider for energy and electricity market information, headquartered in Oslo, which provides data for grid operators, energy producers, financial institutions, trading firms and industrial end-users.
The platform will now benefit from EnAppSys’ considerable knowledge of intraday traded markets which currently serves the European energy market’s B2B clients including infrastructure businesses, generators and the public sector.
“We are excited to be partnering with Montel and Riverside for the next phase of our growth,” said EnAppSys directors Paul Verrill and Phil Hewitt.
“The European energy market has evolved over recent years through the roll-out of intermittent renewable generation, deregulation, increasing data transparency and interconnection between markets. EnAppSys has always had the privilege of working with customers who are at the cutting edge of new flexibility markets, renewable technologies and trading approaches. Joining forces with Montel will enable us to deepen those relationships in our core markets and bring our experience in intermittent renewable dominated markets, data services and insights across the 30+ markets in Europe.”
Riverside acquired a majority stake in Montel in September 2022 and plans to grow the organisation by driving geographic expansion and through selective add-on acquisitions, such as EnAppSys.
Riverside Europe’s managing partner Karsten Langer said: “We are delighted to have secured our first add-on for Montel, bringing together two highly complementary businesses.”
“EnAppSys is extremely strong in GB and Ireland, where Montel has limited operations, and also provides a strong base in Benelux. Similarly, Montel is strong in the Nordics and DACH region, and has a fast-growing presence in France, Iberia and CEE, which will allow the combined group to serve Pan-European markets with a more complete product offering.”