Summary: Infracapital,the infrastructure equity investment arm of M&G Plc, and AMP Capital announce that they have agreed the sale of their combined ownership interest in Adven, a leading provider of clean energy solutions across the Nordics and Baltics, to institutional investors advised by J.P. Morgan Asset Management.
Infracapital and AMP Capital have owned Adven since January 2016, during which time they have worked with the business to achieve a number of significant milestones, including:
Martin Lennon, Head of Infracapital, said:
“We are proud of the significant growth of Adven under our ownership. In line with our ambition to invest in essential infrastructure to support both long-term economic growth and deliver positive societal impact we have leveraged our experience and expertise to transform the business into the leading provider of clean energy solutions to industrial clients in the Nordics. Alongside AMP Capital and Adven’s management team, we have worked together to establish a strong platform for Adven’s continued success, and we wish the new owners, the management team and employees every success in the future. We are confident that Adven will continue to play a critical role in reducing CO2 emissions across the Nordics and the Baltics.”
David Rees, Global Co-Head of Asset Management at AMP Capital, said:
“Alongside Infracapital we have successfully driven Adven’s growth through active asset management, with bolt-on acquisitions including the acquisition of E.ON’s district heating business in Sweden, and organic growth into new markets, while refocussing its strategy on clean energy solutions to bring positive outcomes for business, people and the planet. In recent months, Adven has demonstrated its robustness, proving highly resilient to Covid-19. Our exit concludes a successful investment for our clients, and we wish the new owners continued success in driving the business forward.”
Matthew LeBlanc, Chief Investment Officer, Infrastructure Investments Group, J.P. Morgan Asset Management, said:
“The institutional investors advised by J.P.Morgan Asset Management are delighted to invest in Adven, a platform that significantly enhances scale and capability in the region alongside our ownership of Värmevärden. Adven has a fantastic track record of growth, leadership in ESG and delivering customer centric solutions, all of which are driving the long term sustainable energy transition. We are excited about supporting Adven, its customers, employees and broader communities in delivering on these collective goals and exciting growth ambitions.”
Jyrki Vainionpää, CEO of Adven Group, said:
“Adven’s vision is to become the best in the world in providing sustainable energy as a service with superior customer experience for industries and real estate. Adven is constantly seeking new growth avenues, collaborating with the major industrial and real estate customers, and attracting the best talent. Our mission is to find, build and run energy solutions of tomorrow that benefit business, people and the planet. We are very happy to have a leading infrastructure investor as our new owner. We would like to thank our current owners Infracapital and AMP Capital for their strong support on our joint journey so far and look forward in pushing our ambitious future agenda forward with our new owner.”
*Source AFRY, Carbon footprint per megawatt hour for Finland only
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 50 companies around Europe and has raised and managed over £6.5 billion of client capital across six funds. Infracapital is part of M&G Plc, a leading European savings and investments business. M&G manages the long-term savings of more than 5 million people and is a major investor in the UK and in the global economy. Total assets under management are £339bn (as at 30 June 2020).
About AMP Capital
AMP Capital is a global investment manager with £105 billion in assets under management as of 30 June 2020 and more than 250 investment professionals. AMP Capital has a heritage and strength in real estate and infrastructure, and experience in fixed income, equities and multi-asset solutions. AMP Capital is owned by AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $144 billion in assets under management and nearly 700 professionals (as of March 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 17 offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: www.jpmorganassetmanagement.com
Adven is a leading provider of clean energy solutions providing outsourced infrastructure with a comprehensive, competitive and sustainable offering. Adven’s business is comprised of two segments, Industrial Energy Solutions, and Real Estate Heating & Cooling, which deliver clean energy solutions to its customers across five Nordic and Baltic countries. The company, which develops its energy infrastructure through a finance, build, own and operate model, currently delivers energy to well over 300 sites corresponding to an installed capacity of approximately 2 GW.
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