TPG’s global impact investing platform and GIC are acquiring smart and sustainable building services provider Techem from Partners Group and co-investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan for €6.7bn.
TPG Rise Climate will own a majority stake in Techem alongside the Singaporean wealth fund, which will make “a significant minority investment”.
Founded in 1952, Techem has developed one of the industry’s largest digital energy services platforms. Operating in 18 countries and serving over 13m dwellings, Techem’s platform boasts over 62m digital measuring devices.
Partners Group and co-investors CDPQ and Ontario Teachers’ acquired Techem in 2018 from a Macquarie infrastructure fund for €4.6bn.
Ed Beckley, managing partner of TPG Rise Climate, said: “Techem’s technology, transparent consumption statistics and streamlined solutions for tenants, managers and asset owners alike are essential solutions for lowering costs and improving the environmental impact of real estate assets across Europe.
”There is a tremendous opportunity to reduce energy consumption in built environments by enhancing efficiency and better managing overall demand. We’re looking forward to supporting the Techem team in leading and accelerating real estate emissions reductions at scale.”
Ang Eng Seng, CIO of infrastructure at GIC, said: “Techem is a well-established energy service provider with a proven track record. Sub-metering is becoming increasingly prevalent in continental Europe as consumers and regulators focus on energy efficiency. We look forward to supporting the company’s continued growth, alongside TPG and management.”
Matthias Hartmann, CEO of Techem, said: “With TPG and GIC, we are gaining strong new partners with the digitisation and platform expertise needed to help us make significant progress in implementing our corporate strategy. Together, we want to further expand and advance our position as a leading platform for digitising and decarbonising the building sector across Europe and beyond.”
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