Crédit Agricole Assurances has sold its stake in French smart metering business Ocea Smart Building (OSB) to fellow shareholder ICG for an undisclosed amount.

Global alternative asset manager ICG said its debut Infrastructure fund ICG Infra I will now hold 100% of OSB alongside the management team.

ICG Infra, which held around 51% stake in OSB, acquired its initial stake in 2019 from InfraVia.

OSB provides a range of sub-metering services to public and private collective housings, including installation and rental, reading and data collection, and maintenance and replacement. The company also offers data management services, environmental performance consulting, IoT and smart house solutions.

Guillaume d’Engremont, the head of infrastructure at ICG, said: “Since we first invested in OSB with CAA in 2019, our joint support has allowed the company to continuously strengthen its position as a leading energy efficiency player by growing its installed base of sub-meters whilst also expanding into additional business lines synergetic with its core business.

“By further investing in OSB, we are demonstrating our confidence in the company and the management team as we support the energy transition for the French residential sector, where the need for energy savings is more present than ever.”

Emmanuel Croc, OSB’s CEO said: “We are seeing an acceleration in demand for submeters following increasing energy prices and the subsequent need for energy savings, combined with a strong regulatory framework.

“We thank Crédit Agricole Assurances for their support over the past few years and are excited for our next phase of growth with the support of ICG Infra, a shareholder that has demonstrated its commitment to the energy transition.”

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