REG - Partners Grp Pvt Eqt Partners Grp E-PEYS - Sale of Techem

Partners Private EquityAnnouncement

01/10/2024 07:15

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RNS Number : 4143G  Partners Group Private Equity Ltd  01 October 2024

(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 6(th)
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
(https://www.partnersgroup.com/en/news-and-views/press-releases/investment-news/detail?news_id=bb83f6b8-0b32-44ae-9264-d50d06800b56)
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:                  Media relations contact:

 Andreea Mateescu                             Jenny Blinch

 Phone: +41 41 784 66 73                      Phone: +41 41 784 65 26

 E-mail: andreea.mateescu@partnersgroup.com   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.

 

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