The Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan are part of a consortium of investors acquiring global energy service provider Techem GmbH.
Joined by private equity firm Partners Group and Techem’s management team, the consortium is buying the Germany-based company from Macquarie European Infrastructure Fund 2, which acquired it in 2008. The transaction, which is expected to close in the third quarter of 2018, values Techem at 4.6 billion euros, according to a press release.
“Energy efficiency, which is at the centre of Techem’s offering, is key to building a sustainable future,” said Stéphane Etroy, executive vice-president and head of private equity at the Caisse, in the release. “Given CDPQ’s desire to support the transition to a low-carbon economy, investing in Techem is a very attractive opportunity for us. Techem’s business model positions it to benefit from growing urbanization and demand for housing energy efficiency over the long term. We are confident that together with Techem’s solid management team, Partners Group and Ontario Teachers’, the company will continue on its path of success.”
Techem’s energy business provides services and devices for the metering and billing of energy and water, plus device sales, rental and maintenance. In addition, it delivers heat, cooling, flow energy and light, as well as the planning, set-up, financing and operation of energy systems and energy monitoring and controlling services.
Following the acquisition’s close, the consortium will work with Techem’s management team to support the company’s development in existing markets and expand its presence geographically.
“Techem is a well-positioned business that looks set for continued domestic and international growth,” said Jo Taylor, senior managing director, international at Ontario Teachers’. “It serves the growing, global need for energy conservation and empowers users in multi-occupancy properties to have greater control over their own energy consumption by providing accurate billing.
“Ontario Teachers’ has a strong track record in the energy and infrastructure sectors, as well as significant experience in the sub-metering space and we are delighted to partner with Techem’s innovative management team and with Partners Group and CDPQ.”