PE consortium invests growth capital into Mylight150
Summary
Eiffel Investment, Andera Partners and Azora Capital have co-led a 100m growth capital investment round in Mylight150.Founded in February 2014 and headquartered in Lyon, Mylight150 designs and distributes cleantech products and services, including solar panels and virtual electricity storage.Spain-based Azora Capital, through its Azora European Climate Solutions Fund, also joined the round; and Elevation Capital Partners, an existing investor in Mylight150 since a 2m seed round in 2016, also participated in the transaction via its FPCI Elevation Growth fund.Demeter Partners Paris Fond Vert fund, a shareholder in the portfolio company since an additional 6.5m funding round in 2020, will exit the capital structure in this round.The investment is the ninth from Eiffel Investments Eiffel Essentiel fund, and the sixth investment from Andera Partners Andera Smart Infra I fund.Mylight150 has quintupled its turnover and workforce during the last three years. Currently employing 260 people, it believes it is on track to generate c.100m of sales in 2023.The company plans to recruit 100 new individuals by the end of 2024, and to multiply its sales by five before 2030.The latest growth capital investment will be used to expand Mylight150s geographic footprint, as it targets international expansion in Spain by offering additional services, such as MySmartBattery, its virtual battery solution, which it said has gained significant traction with consumers in France.The business will also look to expand its expertise to new market segments, as it works on solutions to optimise the consumption of heat pumps, given that households will see their electricity consumption increase significantly. The company is also expanding its ecosystem to include EV chargers.Lastly, Mylight150 said it aims to accelerate its growth by becoming the preferred solar partner for consumers through deploying its marketing efforts via a multichannel approach.Longreach Capital (corporate finance), Stephenson Harwood (legal) and Aklea (legal) advised Mylight150 and its founders on the transaction, while Eiffel, Azora and Andera were advised by Gide Loyrette Nouel (legal), Latham & Watkins (legal), Eight Advisory (financial due diligence and tax), Axa Climate (ESG due diligence) and Emerton Strategy (commercial due diligence). Acuitem was the independent valuer.