A consortium of investors led by Partners Group has agreed to buy Techem from Macquarie Infrastructure and Real Assets (MIRA) in a deal that values the Germany-based metering firm at €4.6bn.
Image: Headquarters of Techem in Eschborn, Germany. Photo: courtesy of Johann H. Addicks at de.wikipedia.
Joining Partners Group in the acquisition are Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan.
MIRA, through its Macquarie European Infrastructure Fund 2, had taken full ownership of Techem after beginning to make investments in the German company from 2006.
MIRA Europe senior managing director Mark Braithwaite said: “Over the past 11 years, Techem has become a true technology leader by combining energy efficiency and digitalisation to provide new, integrated solutions to its customers.
“We are proud to have overseen this strong period of growth at Techem and to have contributed to the company’s digital transformation.”
Techem maintains 150 branches across more than 20 countries, from where it provides heat and water sub-metering services to real estate operators and private home owners.
Partners Group private equity Europe partner Jürgen Diegruber said: “Techem is a market leader in a growing industry with strong tailwinds.
“With increasing global awareness of energy usage, Techem’s products and services are a key element of the fight against energy waste, enabling heating and energy supplies to be managed in a more precise and sustainable manner.”
The German firm’s main Energy Services business offers services and devices for the metering and billing of energy and water, in addition to sales, hiring and maintenance of devices.
On the other hand, its Energy Contracting business provides heat, cooling, flow energy and light. Additionally, it also offers planning, installation, financing and operation of energy systems and energy monitoring and controlling services.
Following the acquisition, the trio of Partners Group, CDPQ and Ontario Teachers will work with the existing management team of Techem to help its further development in existing markets apart from expanding its geographic footprint.
The acquisition, which is subject to customary regulatory and anti-trust approvals, is anticipated to be completed in the third quarter of this year.