Partners Group leads consortium to buy Techem in €4.6bn deal

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Partners Group has led a consortium to buy an energy services provider for €4.6bn from a Macquarie Infrastructure and Real Assets (MIRA) fund.

Partners Group has joined forces with Canadian institutions Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTTP) to buy Techem from Macquarie European Infrastructure Fund 2.

The consortium also includes Techem’s management team.

Partners Group said it is investing on behalf of its private equity and infrastructure clients.

The transaction, which is expected to close in the third quarter of 2018, values Techem at an enterprise value of €4.6bn.

Founded in 1952 and headquartered in Eschborn, Germany, Techem caters to a global client base of real estate operators and private homeowners from its 150 branches in more than 20 countries.

Its principal energy services business provides services and devices for the metering and billing of energy and water, plus device sales, hire and maintenance.

Macquarie European Infrastructure Fund 2 bought Techem in 2008.

Jürgen Diegruber, a partner at Partners Group’s Private Equity Europe division, said: “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.”

Stéphane Etroy, the executive vice-president and head of private equity a CDPQ, said: “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.”

Jo Taylor, Senior Managing Director International, Ontario Teachers’, said: “”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.”