(LSE: PEYS/PEY)
Partners Group Private Equity
Limited
Sale of
Techem
PGPE Ltd is pleased to inform you that Partners
Group, its Investment Manager, is selling Techem, an
international provider of digitally enabled solutions for the
building ecosystem.
· The
transaction values the Company's stake in Techem, its
6th largest portfolio company, at approximately 4%
NAV, which is in line with the latest published carrying value
· Techem
has more than 428,000 customers and services 13 million
dwellings
· Partners
Group's transformational value creation plan included digitizing
processes, implementing a customer journey-led operating model, and
growing internationally
Partners Group, the Investment Manager of PGPE Ltd,
has agreed to sell its majority stake in Techem (or "the company"),
an international provider of digitally enabled solutions for the
building ecosystem, to TPG and GIC, on behalf of its clients. The
transaction values Techem at an enterprise value of around EUR
6.7 billion. As part of the transaction, existing co-investors CDPQ
and Ontario Teachers' Pension Plan will also exit their stakes in
the company. The transaction is expected to close in H1 2025,
subject to customary conditions and regulatory approvals.
Since acquiring Techem in 2018, Partners Group and
co-investors CDPQ and Ontario Teachers' have overseen a period of
strong growth at the company, with revenues reaching over EUR 1
billion and EBITDA growing c. 50%. This growth is the result of
Partners Group's transformational value creation plan with Techem,
which has built the company into a leading provider of a wide range
of digital solutions designed to support energy efficiency in the
building ecosystem. Specific actions included implementing digital
transformation initiatives to improve the operating model and the
customer experience, as well as the service and sales organization;
expanding the company's international footprint; and adding new
services beyond its submetering core.
Founded in 1952 and headquartered in Eschborn,
Germany, Techem provides energy services, including resource
management, residential health, and building efficiency, as well as
energy contracting services to property managers and owners of
multi-tenant residential buildings. The company has over 428,000
customers in 18 countries and services more than 13 million
dwellings. Techem's core submetering service yields strong
environmental and economic benefits through fair cost allocation,
driving down energy consumption and emissions at the most
competitive cost. Techem's state-of-the-art devices and services
are critical to advancing the long-term decarbonization of the real
estate sector, which still drives approximately 40% of global CO2
emissions. Over 62 million of Techem's devices are currently
installed internationally. The company is benefitting from a
growing focus on energy efficiency globally, driven by new
regulatory requirements, corporate decarbonization goals, and
higher energy costs.
Further information is available in the
press release issued by Partners Group.
Ends.
About Partners Group
Private Equity Limited
PGPE Ltd (formerly Princess Private Equity Holding
Limited) is an investment holding company founded in 1999 and
domiciled in Guernsey. It invests in private equity direct
investments. PGPE Ltd is managed in its investment activities by
Partners Group, a global private markets investment management firm
with USD 149 billion in investment programs under management in
private markets, of which USD 76 billion is in private equity. PGPE
Ltd aims to provide shareholders with long-term capital growth and
an attractive dividend yield. PGPE Ltd is traded on the Main Market
of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS
for the Sterling Quote).
Contacts
Partners Group Private Equity Limited:
pgpe-ltd@partnersgroup.com
www.partnersgroupprivateequitylimited.com
|
Investor relations contact:
Andreea Mateescu
Phone: +41 41 784 66 73
E-mail: andreea.mateescu@partnersgroup.com
|
Media relations contact:
Jenny Blinch
Phone: +41 41 784 65 26
E-mail:
jenny.blinch@partnersgroup.com
|
Registered Number:
35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that
references in this announcement to Partners
Group Private Equity Limited have been
abbreviated to "PGPE Ltd" or "Company". References to Partners
Group AG have been abbreviated to "Partners Group" or "Investment
Manager".
2. This
document does not constitute an offer to sell or a solicitation of
an offer to buy or subscribe for any securities and neither is it
intended to be an investment advertisement or sales instrument
of Partners Group Private Equity
Limited. The distribution of this document
may be restricted by law in certain jurisdictions. Persons into
whose possession this document comes must inform themselves about
and observe any such restrictions on the distribution of this
document. In particular, this document and the information
contained therein is not for distribution or publication, neither
directly nor indirectly, in or into the United States of America,
Canada, Australia or Japan.
3.
This document may have been prepared using
financial information contained in the books and records of the
product described herein as of the reporting date. This information
is believed to be accurate but has not been audited by any third
party. This document may describe past performance, which may not
be indicative of future results. No liability is accepted for any
actions taken on the basis of the information provided in this
document. Neither the contents of PGPE Ltd' website nor the
contents of any website accessible from hyperlinks on PGPE Ltd'
website (or any other website) is incorporated into, or forms part
of, this announcement.