Infracapital and AMP Capital purchase Estonia’s Adven

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Infracapital and AMP Capital purchase Estonia’s Adven

EQT Infrastructure has reached a definitive agreement to sell Adven Group to a consortium comprising of AMP Capital Investors and Infracapital Partners II.

Adven was acquired by EQT Infrastructure in January 2012. The company is a provider of sustainable and business critical energy infrastructure and services in Finland, Sweden and Estonia. In 2014, Adven generated an EBITDA of €30 million (US$32.5 million) and currently employs 215 people.

Since 2012, EQT Infrastructure has supported the company in significant growth, both organically through continued investments in environmentally friendly energy infrastructure and through selected add-ons, with a total capital expenditure of over €120 million (US$130.2 million). Adven has expanded into Sweden and widened its offering to complementary services, thus creating additional growth avenues. These efforts have resulted, among other things, in close to 50% growth in the number of employees and over 35% decrease in Adven’s own CO2emission.

EQT Infrastructure has been advised by Danske Bank and Hannes Snellman. The transaction is expected to close in January 2016.

Päivi Arminen, Director at Investment Advisor EQT Partners Oy, comments:

“It has been an exciting journey. Since 2012, Adven has undergone an extraordinary transformation illustrating the efficiency of EQT’s governance model and industrial approach. With the strong demand for sustainable outsourced energy infrastructure, driven by environmental and cost efficiency targets of Adven’s customers, we believe that Adven will continue to prosper. EQT Infrastructure is convinced that AMP Capital and Infracapital will carry Adven into the next phase of growth.”

Matti Viljo, CEO of Adven, adds:

“During EQT Infrastructure’s ownership, Adven has changed its strategic direction and now has a significant potential for the future. In addition to having established several new areas for further growth, the organization has been greatly strengthened, resulting in stronger customer focus, more commercial mindset and performance oriented culture. We are excited to keep developing the Company together with AMP Capital and Infracapital and tocontinue executing on our strategy. Our vision is to become the most desired energy partner by offering our customers the possibility to focus on their core business and feel safe with letting Adven provide them with energy as a service.”

Boe Pahari, AMP Capital Global Head of Infrastructure Equity, said:

“I am thrilled to partner with Infracapital to secure Adven for our investors. The asset is a great fit for AMP Capital´s global infrastructure platform due to its attractive risk-return profile and growth prospects. Energy is also a key target area for AMP Capital due to its significant growth opportunities.”

Ed Clarke, co-founder of Infracapital, said:

“Adven is a great addition to Infracapital Partners II, providing good cash flows while also offering a range of growth opportunities which we intend to explore, leveraging our own expertise in these technologies and geographies. We look forward to working with AMP and with the management team to build upon the existing, substantial base of energy infrastructure.”

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