Infracapital agrees the sale of leading Dutch sustainable heating provider Eteck
Infracapital, the Infrastructure equity investment arm of M&G Plc, has agreed the sale of its c.74% stake in Eteck Energie Bedrijven B.V (“Eteck”) to Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients. Eteck is the market leader in the provision of decentralised energy solutions, deploying heating and cooling systems to residences and commercial buildings in the Netherlands. It is the fastest growing heat company with the largest and most diversified Seasonal Thermal Energy Storage (“STES”) portfolio in the Netherlands, playing a key role in the energy transition.
Infracapital acquired a majority stake the business in 2017, and has since invested in the company to strongly position it at the forefront of the Dutch energy transition with significant opportunity for further growth. Notable achievements throughout Infracapital’s ownership have been:
- Growing the business to have over 100k1 home equivalent connections across more than 350 projects and c.900 B2B connections
- Positively contributing to the Netherlands’ ambitious decarbonisation plans
- Investing in the organisation’s operations to enable the business to manage effectively its existing portfolio and position it for the next stage of its growth
Infracapital invested in Eteck through Infracapital Partners II (“ICP II”). ICP II’s strategy is to invest sustainably in essential brownfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe.
Herman Deetman, Managing Director at Infracapital, said: “Throughout our ownership period, Eteck has grown significantly and is now a market leader in sustainable heating. We thank the entire Eteck team and our co-shareholders for the great cooperation. We leave Eteck very well positioned as a key player in the Dutch market and look forward to seeing its continued success.”
Michiel van den Berg, CEO of Eteck, said: "This is great news for Eteck and therefore for the heat transition in the Netherlands. We would like to thank Infracapital for its support over the last seven years and we look forward to working with Partners Group to ensure our impact on the heat transition becomes even greater.”
1 Includes orderbook and pipeline
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About Infracapital
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, whether nascent or large, 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 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 900 institutional clients in 38 offices worldwide. Total assets under management are £343.5 billion (as at 31 December 2023) and Infracapital makes up part of the £73bn private markets’ business.
About Eteck
Eteck aims for maximum impact on the sustainability of the Dutch heating and cooling demand. The comfort of the end user comes first. Local heat from Eteck is also reliable and affordable. With more than 350 projects in residential and commercial real estate and 100,000 (home equivalent) connections under contract, Eteck is the largest supplier of sustainable local heat and cold in the Netherlands. Eteck is active in both new construction and existing buildings. Eteck develops, realizes and operates local heat systems, making optimal use of local possibilities and putting the customer's wishes first. In addition, Eteck has a track record in taking over systems in this complex market.
Eteck is successful in all growing markets, as evidenced by previously contracted projects: Bunkertoren in Eindhoven, Laakhavens in The Hague, Floating Office in Rotterdam, De Puls in Amsterdam and Bajeskwartier in Amsterdam.
For more information, visit www.eteck.nl.