Singapore sovereign wealth fund GIC has joined a consortium led by Swiss private markets investment firm Partners Group to acquire Germany’s Techem for an enterprise value of €6.7 billion ($7.8 billion).
Techem, founded in 1952 and based in Eschborn, Germany, provides submetering and energy efficiency services to property managers and multi-tenant residential building owners.
The company operates in 18 countries, servicing over 13 million dwellings with more than 62 million installed devices, per the announcement.
Partners Group and minority investors, including GIC, TPG Rise Climate, and Mubadala, plan to strengthen Techem’s position as a digital-first submetering solutions provider for Europe’s real estate sector through a value creation strategy focused on digitalisation and expanded offerings.
The group said it plans to digitise Techem’s operations further while capitalising on regulatory trends, rising energy costs, and corporate decarbonization targets driving demand for efficiency services in real estate.
The deal comes as the previous ownership group, also led by Partners Group through its private equity arm along with La Caisse and Ontario Teachers’ Pension Plan, exits following a period in which Techem’s revenues surpassed €1 billion and EBITDA grew by approximately 50%.
The latest acquisition will see Partners Group’s infrastructure business taking a controlling stake in Techem on behalf of its clients, according to the announcement.
“Techem is at the forefront of energy services and is uniquely positioned to drive energy efficiency within the real estate sector,” said Boon Chin Hau, chief investment officer for Infrastructure at GIC.
The transaction is expected to close in the second half of this year, subject to customary conditions and regulatory approvals.
Founded in 1996, Partners Group has 1,800 staff members globally, with more than 500 staff members in Asia across Manila, Mumbai, Seoul, Shanghai, Singapore, and Tokyo.
Its infrastructure platform currently manages $27 billion globally.
“We see great potential for Techem moving forward and are pleased to be able to continue to actively drive this success story with our new investors GIC, TPG Rise Climate, and Mubadala,” said David Daum, partner, head of Infrastructure Europe, Partners Group.
