PizzaExpress mogul buys up power

Hugh Osmond, the entrepreneur who made his first fortune floating Pizza Express, today used his latest investment vehicle to spend $855 million (£525 million) on a temporary power provider which he said could become just as successful.

"The opportunity is huge, this might be another Pizza Express," Osmond said today of the deal to buy APR Energy. The tycoon's Horizon Acquisitions, a cash shell that was floated last February, paid $359million in cash and $495 million in shares.

Temporary power generator group APR focuses on emerging markets. "So many factors are leaving countries desperate for electricity," said Osmond. "Unless somebody invents cheap cold nuclear fusion in the next few years, there's no way of satisfying it.

"APR has shown it can supply the market and get the kit to operate efficiently, the only thing it was missing was capital to buy more kit. With our investment it will continue to grow extremely rapidly."

Osmond said Aggreko, the FTSE 100 temporary power giant, had inspired his acquisition. Horizon will spend its remaining $275 million cash on accelerating APR's growth. Shares were suspended today and will be renamed APR Energy on re-admission to the London Stock Exchange.