Madison Bidco Ltd (consortium led by Lightrock, Carbon Direct Capital, GenZero and Kibo) to Acquire Velocys

Madison Bidco Ltd., a newly formed acquisition vehicle indirectly owned by a consortium including Lightrock, Carbon Direct Capital, GenZero and Kibo Investments, has reached agreement to acquire U.K.-based sustainable aviation fuel developer Velocys in a recommended cash offer. The transaction includes a payment of 0.25 pence per Velocys share and up to $40 million of growth capital from Bidco to support Velocys’ medium-term plans; a £3.5 million secured bridging loan has also been provided by the Carbon Direct Fund to fund operations until closing.