Essers Family Office and ExtraPower join forces to pursue
ExtraPower, a specialist in custom photovoltaic engineering and construction, has partnered with Essers Family Office (EFO) to kick-start its growth in the rest of Europe. EFO is the Genk-based investment branch of the Essers family and inextricably linked to logistics service provider H.Essers, which can contribute a great deal of expertise to this collaboration. Founded in 2014 by Jannes Soutaer and Tineke Serru, ExtraPower is active in Belgium, Romania and Spain. However, CEO Jannes Soutaer sees tremendous potential for growth in other European markets as well. This partnership was made possible by Marktlink Fusies & Overnames.
EPC company ExtraPower from Beernem specialises in engineering, constructing, renovating and relocating custom photovoltaic systems, and installing high-voltage cabinets and charging infrastructures. ExtraPower currently has 37 employees and generated a turnover of 36 million euros in 2022. Founders Jannes Soutaer and Tineke Serru plan to significantly increase these figures in the next few years.
ExtraPower is active in the B2B segment, catering to both end clients and third-party clients (investors) such as 7C Solarparken. In Belgium, established names such as Samsonite (Oudenaarde), Jules Destrooper (Lo-Reninge) and Weba (Ghent) commissioned ExtraPower to install high-performing solar parks on their roofs. ExtraPower, whose portfolio also includes Umicore, TVH and Van Marcke, has considerable experience creating solar parks the size of several football pitches.
The company also has impressive figures with respect to energy conservation and CO2 reduction. Every year, ExtraPower achieves a CO2 reduction of 78,878 tonnes and in 2016 the company produced 180.8 MW of solar energy.
Both partners see European expansion as a buy & build strategy that will lead to new acquisitions. ExtraPower CEO Jannes Soutaer considers the partnership with EFO to be a logical match for several reasons. ‘Not in the least due to the instant personal connection with Gert Bervoets, CEO of H.Essers. Both Gert and H.Essers have a proven track record and understand the importance of further professionalising the organisation. When it came to helping ExtraPower actively expand and evolve into a pan-European player, they were immediately committed. We could also count on the expertise of the entire H.Essers organisation and family, which made us feel like the partnership was genuine and would safeguard both the family DNA and the entrepreneurial spirit of the company. Another definite advantage is EFO’s strong affinity with the renewable energy sector.’
The long-term growth potential of ExtraPower was the deciding factor for EFO. ‘This partnership excited us due to our strong belief in the future of renewable energy and our industrial background in solar energy,’ explains H.Essers CEO Gert Bervoets. ‘Essers Family Office was impressed with ExtraPower’s ability to clearly identify customers and potential growth markets. As a new partner, we will draw on our existing European network. The down-to-earth management style and clear communication also appealed to us. ExtraPower has extensive knowledge of the market, the technology and the long-term trends. In short, we’re convinced that the ExtraPower team will help us build long-term partnerships in the energy transition market.’
Buy & build
In their search for an external partner, ExtraPower enlisted the expertise of Marktlink, which specialises in business issues like these. For Filip Mariën, managing partner of Marktlink, the new partnership confirms a rising trend. ‘It reflects the transformation of Belgian family-owned businesses into European champions. ExtraPower is the Belgian market leader in the B2B energy transition sector and has experienced tremendous growth in recent years. There is a great deal of interest in renewable energy companies on the European market. ExtraPower is an excellent example of a scalable platform on the verge of entering a new growth phase. With the help of a buy & build strategy and the support of a tight-knit partner like EFO, it will undoubtedly achieve its ambition of becoming a key pan-European player.’