Star Energy is to list on AIM after raising £79.1m from institutional investors. European Acquisition Capital (EAC) will remain the largest shareholder in the group with a 20% stake.
EAC backed the business in October 1999 in a €61.5m management buy-in transaction. EAC invested €20.5 m in the group. In May 2000 it reinforced its commitment to the company by backing the group’s £22m acquisition Roc Oil company’s East Midland assets.
Star Energy is a UK-based energy company and has spent the last three years converting depleted oil and gas fields into giant underground storage caves for natural gas. The company hopes to capitalise on the UK’s growing need for gas imports and is coming to market at a time when investor appetite for exposure to the oil and gas markets is strong.