A consortium led by Partners Group acquires Techem

The transaction values Techem at an enterprise value of around EUR6.7 billion. Following the acquisition, Partners Group's Infrastructure business will have a controlling stake in Techem on behalf of its clients. 

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 440,000 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. Around 62 million of Techem's devices are currently installed internationally. 

In 2018, Techem was acquired by a consortium led by Partners Group's Private Equity business, alongside co-investors La Caisse and Ontario Teachers' Pension Plan. The group oversaw a period of strong growth at the Company, with revenues reaching over EUR1bn and EBITDA growing c. 50%. As part of this transaction, that consortium will exit their stakes in the Company. 

The new ownership consortium will implement a value creation plan focused on strengthening Techem's position as a leading digital-first provider of submetering solutions for the real estate sector across Europe. This will be done by further digitalizing operations, adding complementary offerings such as smart meters, and enabling other digital services focused on improving building efficiency. As Techem's business has grown, it has increasingly benefiting from infrastructure themes and trends, including a growing focus on energy efficiency globally, driven by new regulatory requirements, corporate decarbonization goals, and higher energy costs. The transaction is expected to close in H2 2025, subject to customary conditions and regulatory approvals.

Partners Group is one of the largest firms in the global private markets industry, with around 1,800 professionals and over USD150bn in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. Partners Group’s Infrastructure business has USD27bn in assets under management globally.

The international A&O Shearman team is jointly led by partners Dr. Sebastian Remberg (Private Equity) and Max Landshut (Corporate/M&A/Infrastructure, both Hamburg) and comprises also partner Stephen Lloyd (Private Equity, London), senior associates Laura Reuther (Frankfurt) and Dr. Marcus Mackensen, as well as associates Dr. Jonas Schuck (all Private Equity) and Antonia Pfaff (Corporate/M&A/Infrastructure, all Hamburg).

Furthermore, the team consists of partner Dr. Börries Ahrens and senior associate Kathrin Haag (both Antitrust, both Hamburg), partner Florian Lechner and associate Damian Snop (both tax, both Frankfurt), senior associate Merle Herrmann (employment, Hamburg), partner Catharina Glugla and associate Pascal Yves Schröder (both data protection, both Düsseldorf), as well as of partner Pol Theisen and associate Jacques Hoffmann (both Luxembourg law advise, both Luxembourg).

Already last year, an A&O Shearman team advised Partners Group on the sale of VSB Group, a leading renewable energy platform in Europe, to French energy company TotalEnergies, as well as on their investment in green flexibility.