Sam is a partner with Pioneer Point Partners LLP, a private equity firm focused on growth investments in the European lower mid market. Recent investments including Peak Gen Power Limited, which is acquiring and building a portfolio of peaking power plants across the UK based on long term contracts with National Grid, and Masotina spa, a leading paper and waste recycling company in Northern Italy. Current areas of interest include flexible power generation and waste water treatment in Europe.
Sam has been investing in the energy and environmental sectors for a decade. He was a founding board member of Zephyr which became the leading UK onshore and offshore wind farm owner and operator, holding approximately 21% of the UK’s operating wind farms at the time of its successful exit. The deal became an industry template and received Project Finance International’s “Power Deal of the Year”, Euromoney’s “European Renewable Deal of the Year” and Power Finance and Risk’s “Best Global Renewable Energy Deal” awards. Sam was also involved in buying a controlling stake in AccuRead, the leading UK multi-utility metering business, which was also successfully exited.
Sam joined Englefield Capital, a European mid-market private equity firm, as a non founding partner in 2003 along with four other colleagues from Morgan Stanley. At Englefield, Sam pioneered investments in the energy and environment sectors until he left to pursue what is now Pioneer Point Partners in 2008. He was previously with Morgan Stanley Private Equity in London, from 1999 to 2003, where he was Vice President and member of the Global Investment Committee. Prior to business school, Sam was an Associate with Freeman Spogli, a leading US mid-market private equity firm, and an investment banking Analyst with Salomon Brothers.
Sam received his MBA as a Baker Scholar from Harvard Business School, and graduated summa cum laude from the University of Southern California, where he received a BS in Business Administration. He was a recent Chairman of Young Presidents’ Organization’s (YPO) London Westminster Chapter.
2011 Challenge:
The biggest challenge is continuing to achieve 3x plus equity returns from growth combined with significant downside protection. Pioneer achieves this by being very proactive in our deal sourcing methodology, being pioneers and picking subsectors ahead of the crowds, completing detailed subsector analysis including changes in regulation and industry dynamics, conducting tens of interviews with industry executives and players. We are happy to get involved in situations which may not look like a ‘deal’ but we work hard on filling in the key missing pieces and hand-craft it to a fully baked proprietary deal. Over 90% of our historic deals have been off market and we plan to keep this ratio which is hard work but achievable.
The recycling company Pioneer acquired this year in Milan is a good example. It did not have a CEO, business plan or even consolidated financials when we met them almost 3 years ago. We helped them recruit a well respected professional CEO, worked with him for almost a year on developing a business plan and did our financial analysis bottom up starting with invoices. As a result, we managed to acquire control of a company with 2 unique sites in a major European city at a substantial discount to historic multiples in this sector.
Why Capital Creation: Network with LP’s and other GP’s and get some insights into market trends.
Wants to meet: LP’s who similar to us like growth, focus on downside protection and sector based approach to investing in the European lower mid market.