A&O Shearman advises Partners Group on the acquisition of 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.

A&O Shearman’s private equity partner, Dr. Sebastian Remberg, said: “We are delighted to have advised Partners Group on this landmark deal. This transaction underscores the growing importance of digital and sustainable solutions in the real estate sector, and we are proud to support our clients as they drive innovation and efficiency across the industry.”

Infrastructure and energy partner Max Landshut, added: “The scale and complexity of this deal reflect the strength of our cross-border team and our commitment to delivering seamless, commercial advice on transformative transactions. We look forward to seeing Techem continue its impressive growth journey under its new ownership.”

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 atTechem, with revenues reaching over EUR1bn and EBITDA growing c. 50%. As part of this transaction, that consortium will exit their stakes in Techem.

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.

The cross-border A&O Shearman team is jointly led by partners Dr. Sebastian Remberg (Private Equity) and Max Landshut (Corporate/M&A/Infrastructure, both Hamburg) and  includes 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). 

Just a few months ago, A&O Shearman 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.