The private equity firm EQT and Singapore's sovereign wealth fund, GIC, have agreed to acquire a majority stake in the UK smart meter technology provider Calisen. The deal values the Manchester-based company at approximately 4 billion pounds and highlights the growing interest of investors in companies benefiting from the energy transition.
The shares will be acquired by BlackRock's Global Infrastructure Partners, Goldman Sachs' Alternative Asset Management, and Abu Dhabi's sovereign wealth fund, Mubadala, as announced by EQT and GIC.
Calisen, founded more than two decades ago, is one of the largest operators and owners of smart meters in the UK. The company not only manages and installs smart meters but also offers services in the field of electric vehicle charging infrastructure, solar technology, battery storage, and heat pumps. Overall, Calisen manages 12 million smart meters – almost half of all devices in the UK.
The takeover is part of a series of acquisitions in the energy services sector.
Calisen recorded a pre-tax loss of 51.6 million pounds in 2023, compared to a profit of 138.2 million pounds the previous year. Despite a 25 percent increase in revenue to 358.2 million pounds, the company struggled with higher costs. Already in 2020, after a short period as a publicly traded company in the FTSE 250, Calisen was privatized by a consortium led by BlackRock for 1.43 billion pounds.
The energy transition requires significant investments and patient capital," said Kunal Koya, partner at EQT. Long-term owners are crucial for successfully developing such companies and expanding their asset portfolios. Calisen CEO Sean Latus added that EQT's and GIC's experience in the energy sector will help to further grow the business and replicate successes in adjacent areas.
