Today, the European Commission completed the final legal steps to establish the Scaleup Europe Fund, which will start boosting Europe’s scaleup companies to grow faster and compete globally with a target of pound 5 billion.
European Commission President Ursula von der Leyen said: ‘When Europe invests in its innovators, Europe invests in its future. This is the goal of our Scaleup Europe Fund. From today, it will ensure our scaleups can find what they need right here in Europe to grow into world-leading companies. To turn European innovation into our competitive edge.’
With the adoption of the Fund’s legal documentation, the Scaleup Europe Fund is established as part of the European Innovation Council Fund. Private equity firm EQT has taken up its role as investment manager and is now empowered to take investment decisions independently and on market terms. EQT was selected through an open and competitive process.
The Fund is now able to operate at full capacity, investing directly in Europe’s leading scaleup companies.
A press release is available online.
(For more information: Louise Bogey – Tel.: +32 229-69776; Isabel Arriaga e Cunha – Tel: +32 229-52117)
Commission approves new geographical indications from Spain and Poland
The European Commission has approved the registration of three new Protected designation of origin.
From Spain, the Commission registered two geographical indications. ‘Pernil Cerretà’ is a meat product from Catalonia, consisting of a hind-leg ham from a ‘white’ (non-Iberian) breed of pig. It is trimmed into a rounded shape and then cured for at least seven months in case of a boneless ham, or nine months in case of a bone-in ham. The hams are never smoked and are characterised by the use of pepper and a high-temperature dry-curing and maturing process. The recipe is passed down from generation to generation, and its origin can be traced back to antiquity. During the 20th century, the traditional know-how, developed by small local producers, was transferred to the local meat processing industry, where technological and scientific progress was also incorporated into production but without abandoning the basic traditions.
‘Aceite de las Sierras Espadán y Calderona’, is an extra virgin and virgin olive oil produced in the mountainous area in the northern part of the Valencian region, between the provinces of Valencia and Castellón. It is obtained from olives of local varieties, in particular the Serrana de Espadán variety. The olive oil is sweet, smooth, fruity and a combination of bitterness and pungency of medium intensity with colour shading between green and yellow. The product’s specific qualities are linked to the mountainous terrain, the sea breeze and night-time dew. Thanks to the local know-how and traditional olive-growing practices developed over generations, producers use very few plant protection treatments as the Serrana variety is highly resistant to the usual pests that attack olive trees.
The Commission has also registered a new geographical indication from Poland: ‘Jablka krajenskie’, an apple variety grown in the Krajna region. They are characterised by higher sugar content and a greater degree of firmness compared to the same varieties grown in other areas of Poland. The specific climate conditions in southern Krajna, such as the higher number of sunny days and moderate precipitation, contribute to the intense colour of the fruit and the concentration of flavour components. The fruit growing traditions of the region are a result of the experience of local growers, built up and passed on for generations.
These new designations join the more than 3,900 protected names already listed in the eAmbrosia database. More information is available on the Quality Policy pages.
(For more information: Louise Bogey – Tel.: +32 229-69776; Bridget Moylan – Tel.: +32 229-82844)
Commission opens in-depth State aid investigation into arbitration award ordering Spain to pay compensation to JGC Holdings Corporation
The European Commission has opened an in-depth investigation to assess whether an arbitration award ordering Spain to pay compensation to JGC Holdings Corporation (‘JGC’) for changes to a renewable electricity support measure is in line with EU State aid rules.
In 2007, Spain established a scheme to support the production of electricity from renewable sources. This scheme was not notified to the Commission for approval under EU State aid rules.
In 2013, Spain changed the initial scheme terms and applied these also to installations that had started to receive support under the 2007 scheme. The new support scheme was notified to the Commission, which approved it in 2017. In that decision, the Commission also stated that any compensation to be awarded by arbitration tribunals to investors on the basis that Spain modified the scheme would constitute State aid subject to a notification obligation under EU State aid rules.
The Commission will now carry out an in-depth investigation to determine whether its initial concerns are confirmed. The opening of an in-depth investigation gives Spain and interested third parties the opportunity to submit comments. It does not prejudice the outcome of the investigation in any way.
A press release is available online.
(For more information: Siobhan McGarry- Tel.: +32 2 296 47 98; Luuk de Klein – Tel.: +32 2 299 47 74)
Commission clears acquisition of Flender by Triton
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of Flender Group GmbH (‘Flender’) of Germany by Triton Fund 6 GP SARL (‘Triton’) of Luxembourg, controlled by The Carlyle Group, Inc of the US.
The transaction relates primarily to mechanical drive products, generators, systems and services for industrial applications, power generation and the wind power industry.
The Commission concluded that the notified transaction would not raise competition concerns, given that the companies are not active in the same or vertically related markets. The notified transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.12536.
(For more information: Siobhan McGarry- Tel.: +32 2 296 47 98; Paula Clara Ritter-Moschtz – Tel.: +32 2 296 40 83)
Commission clears acquisition of Terras by H.I.G. EU MM LBO II
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of Terras Gruppe GmbH (‘Terras’) of Germany by H.I.G. Europe Middle Market LBO Fund II, SCSp (‘H.I.G. EU MM LBO II’) of Luxembourg.
The transaction relates primarily to the civil engineering sector and related services.
The Commission concluded that the notified transaction would not raise competition concerns, given that the companies are not active in the same or vertically related markets. The notified transaction was examined under the simplified merger review procedure.