Proving the Business Case for the Internet of Things

CVC sells smart meter business to Hong Kong joint venture

Steve Rogerson
August 2, 2017
 
Germany’s CVC Capital Partners is selling its majority stake in smart meter company Ista to Hong Kong company Cheung Kong Property (CKP) for €4.5bn.
 
CKP at the same time has entered into a joint venture agreement with CK Infrastructure (CKI) to run Ista once the takeover is finalised.
 
"It has been a pleasure working with Ista over the course of the last 14 years, following CVC’s original investment in 2003,” said Marc Strobel, partner of CVC. “We have enjoyed a close partnership with the company as it has grown from a German-centric analogue business into a digital European energy efficiency champion. As the energy efficiency market continues to expand across Germany and Europe, Ista is now perfectly placed for future growth, with a strong management team and a stellar product offering.”
 
Ista provides energy management services to improve energy efficiency in buildings. It helps property managers, home owners and tenants all over the world to measure, analyse, bill and manage individual energy and water consumption.
 
The German firm has a portfolio of modern hardware devices for energy data management including radio-based heat cost allocators, heat meters and water meters as well as the relevant communications systems. Moreover, it contributes towards resident safety with radio-based smoke alarm devices and drinking water analyses.
 
Ista employs more than 5400 people and provides energy services for more than twelve million apartments and commercial properties in 24 countries around the world.
 
“We want to thank CVC for the many years of strong support they have provided,” said Thomas Zinnöcker, chief executive officer of Ista. “Early on they identified the potential in our business and together we have transformed the company into what it is today. We are very excited by the opportunity to continue our successful development with the backing of our new shareholders. We will continue to assist our customers manage their assets sustainably and we create value for all stakeholders through our efficient processes and high quality services.”
 
The transaction is subject to customary regulatory and anti-trust approvals and is expected to be closed in the fourth quarter of 2017.