CVC Capital Partners Fund V agrees the sale of its investment in ista
Essen, Germany, July 27, 2017. CVC Capital Partners ("CVC") today announced CVC Fund V has agreed the sale of its majority stake in ista, one of the world's leading energy efficiency service companies to Cheung Kong Property Holdings Limited ("CKP"). CKP at the same time has entered into a joint venture formation agreement with CK Infrastructure Holdings Limited ("CKI"), pursuant to which the Purchaser will become a joint venture of CKP and CKI.
ista is one of the world's leading companies in the provision of energy management services for greater energy efficiency in buildings. ista helps property managers, home owners and tenants all over the world to measure, analyze, bill and manage individual energy and water consumption.
ista employs a portfolio of modern hardware devices for energy data management including radio-based heat cost allocators, heat meters and water meters as well as the relevant communication systems. Moreover, ista contributes towards resident safety with radio-based smoke alarm devices and drinking water analyses.
ista employs more than 5,400 people and provides energy services for more than twelve million apartments and commercial properties in 24 countries around the world.
Marc Strobel, Partner of CVC, commented: "It has been a pleasure working with ista over the course of the last 14 years, following CVC Fund III’s original investment in 2003. We have enjoyed a close partnership with the company as it has grown from a German-centric analogue business into a digital European energy efficiency champion. As the energy efficiency market continues to expand across Germany and Europe, ista is now perfectly placed for future growth, with a strong management team and a stellar product offering. We wish Thomas and his team every success in the future.”
Thomas Zinnöcker, Chief Executive Officer of ista said: “We want to thank CVC for the many years of strong support they have provided. Early on they identified the potential in our business and together we have transformed the company into what it is today. We are very excited by the opportunity to continue our successful development with the backing of our new shareholders. We will continue to assist our customers manage their assets sustainably and we create value for all stakeholders through our efficient processes and high quality services.”
The transaction is subject to customary regulatory and anti-trust approvals and is expected to be closed in the fourth quarter of 2017.