Impax Asset Management’s fourth private markets infrastructure fund has acquired a majority stake in Bullfinch Asset, a clean energy financial technology provider.
The Impax New Energy Investors IV (NEF IV) fund has invested an unspeciifed sum for the undisclosed majority interest in the Frankfurt-based Bullfinch.
As part of NEF IV’s majority investment, Hugo Merida-Barba has been appointed as the new sole CEO of Bullfinch. Merida-Barba was a founding partner of Bullfinch and has served as co-CEO for the last four years.
Bullfinch has also appointed Christoph Wetzel as the new chair of its supervisory board. Wetzel previously served as a supervisory board member at Bullfinch.
Founded in 2019, Bullfinch provides financing solutions for assets such as solar, battery storage, eMobility or heat pumps.
NEF IV, a pan-European energy transition fund with some US exposure, initially acquired a minority stake in Bullfinch in 2022. This led to the establishment of their joint venture, Greenfinch, which has since invested in decentralised energy assets within the European residential sector.
Daniel von Preyss, head of private equity/infrastructure at Impax Asset Management, said: “Our majority investment in Bullfinch marks a significant milestone in our relationship as the fund increasingly focuses on adjacent energy transition technologies in Germany and beyond.
“Hugo and Christoph have played a key role in driving Bullfinch’s strategic initiatives to date, and both have deep experience in scaling innovative businesses. Having successfully worked with the Bullfinch team for last three years, we are looking forward to continuing our collaboration and working with Christoph and Hugo to support the next phase of the company’s growth.”
Merida-Barba said: “Thanks to the fund’s support, Greenfinch and Bullfinch are in a strong financial position and are well poised to accelerate growth and expand operations to meet the increasing demand for clean, decentralised energy solutions across Germany and beyond, including an expansion into the rapidly growing commercial and industrial segment.”
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