ESG Core Investments

Co-Bookrunner

Kempen & Co acted as Co-Bookrunner in the €250m Euronext Amsterdam IPO of ESG Core Investments

ESG Core Investments, a special purpose acquisition company (“SPAC”), raised €250 million through an IPO on Euronext Amsterdam to invest in a European pure-play ESG company
The transaction marks the first IPO of a sustainability-focused blank-check company in Europe
A total of 25 million units have been sold in the offering for €10.00 per unit, raising proceeds of €250 million
Each unit consists of one share, 0.125 of a warrant received by investors at the IPO and 0.125 of a warrant which holders will get once the SPAC completes an acquisition. The warrants are trading separately
The transaction was significantly oversubscribed - attracting substantial interest from long-only accounts, momentum players and local HNWIs - which allowed ESG Core Investments to raise the maximum of its targeted deal size range (€200-250 million)
The sponsor of the SPAC is Infestos Sustainability B.V., a subsidiary of Infestos Nederland B.V. (Infestos), which is a family-owned investment firm with a strong track-record in sustainable industries
Key criteria for completing a business combination, which is envisaged within the next 24 months, are a clear ESG focus in the core of its business, preferably headquartered in (North-Western) Europe and enjoying a strong competitive position within its industry, ideally based on a unique technology (e.g. unparalleled technological features in products and/or services offerings)

ESG Core Investments is a SPAC aiming to unlock a unique investment opportunity in Europe within industries that benefit from strong ESG profiles
The sponsor of ESG Core Investments is Infestos Sustainability BV, a subsidiary of Infestos
Infestos, established in 1999, is a family-owned investment firm with a proven track-record of successful ESG investments, building on its reputation in markets including the energy transition (e.g. through Alfen) and clean water (e.g. through NX Filtration)

The SPAC ESG Core Investments is one of the few SPACs listed in Europe and the first of 2021. Kempen’s role underwrites its unique capability to generate demand for SPACs resulting in a highly successful transaction for its clients
Kempen & Co has advised on 49 transactions in 2020 and 2021 across 10 different countries representing a total deal value of c. €25bn in a challenging and unprecedented pandemic environment
Kempen & Co has successfully closed a wide variety of transactions, including public offers, sell-side mandates, fully virtual IPOs, bridge financings, hard underwritten rights issues and numerous follow-on ECM transactions