Infracapital Agrees Sale of Calvin Capital to KKR
December 06 2016 - 11:47AM
Business Wire
Infracapital, the infrastructure equity investment arm of
M&G Investments, announces that it has agreed to sell 100% of
the equity of Calvin Capital (“Calvin”), a leading provider of gas
and electricity meters to energy suppliers in the UK, to KKR, a
leading global investment firm.
Financial terms were not disclosed and the transaction is
expected to complete at the end of January 2017.
Calvin has grown significantly since Infracapital’s original
investment in 2007 and has to date financed the procurement and
installation of over six million meters, including c. two million
smart meters, which allow consumers to better manage their energy
use and energy companies to better manage their customer
relationships.
With the support of KKR as its new shareholder, Calvin will
continue to play a key role in the UK Government’s plans to install
a smart meter in every home and business in Great Britain by 2020.
The company has already secured contracts for over eight million
smart meters in total.
Martin Lennon of Infracapital said:
“Since Infracapital created the Calvin Capital business it has
experienced incredible growth to become a leading meter asset
provider with significant smart meter contracts secured. This
transaction is testament to entrepreneurial spirit and hard work of
both the Infracapital and Calvin teams. We are confident that
Calvin will continue to flourish under its new ownership and we
wish the business and all its employees every success in the
future.”
Jesus Olmos, Member & Global Co-Head of Infrastructure of
KKR, said
“We are delighted to be partnering with an exceptional business
such as Calvin, which benefits from strong market positioning
thanks to its exceptional management team, effective asset
management and tried, tested & scalable IT systems. Calvin is
perfectly positioned to support the UK Government’s plan to further
roll out smart meters thanks to its strong track record of delivery
and strong relationships with the UK’s leading energy
suppliers.”
Jim Macdonald, CEO of Calvin Capital, said:
“This is another substantial milestone for Calvin, reflecting
our success in building a leading UK provider of smart meters with
significant further growth potential. Smart meters play a crucial
role in energy efficiency and improving affordability for customers
and the support of a leading global investor such as KKR will allow
us to further strengthen our platform and enhance our offering. We
are very grateful for the support provided by Infracapital, our
customers and lenders over the last 10 years and are excited to be
working with KKR through the next phase of our growth.”
- Ends -
About Infracapital
Infracapital is a leading European infrastructure investor, and
is part of M&G Investments, the European investment management
arm of Prudential plc. Infracapital has raised and managed over
£2.4 billion across four European infrastructure funds to date, and
has a team of over 30 professionals with investment, management and
operational expertise. Infracapital’s approach to investment offers
long-term value through the acquisition and active management of a
diversified portfolio of core European infrastructure assets in
both the operating and greenfield space. Target sectors include
utilities, essential transportation, renewables and communications
infrastructure.
www.infracapital.co.uk
About KKR
KKR is a leading global investment firm that manages investments
across multiple asset classes including private equity, energy,
infrastructure, real estate, credit and hedge funds. KKR aims to
generate attractive investment returns by following a patient and
disciplined investment approach, employing world‐class people, and
driving growth and value creation at the asset level. KKR invests
its own capital alongside its partners' capital and brings
opportunities to others through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR & Co.
L.P. (NYSE:KKR), please visit KKR's website
at www.kkr.com and on Twitter @KKR_Co.
About Calvin Capital
As one of the largest independent Meter Asset Providers (“MAP”)
in Great Britain, Calvin finances the provision and installation of
electricity and gas metering meters on behalf of energy suppliers
as well as managing the meter portfolio. Since its inception in
2002, the company has financed the procurement and installation of
six million domestic meters, investing nearly £600 million. As a
market leading MAP Calvin is ideally positioned to support energy
suppliers in meeting their smart meter roll-out obligations and has
already secured contracts for over eight million smart meters.
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version on businesswire.com: http://www.businesswire.com/news/home/20161206006093/en/
InfracapitalTom Murray/ Latika ShahTulchan Communications+44 207
353 4200orKKRVictor MalletFinsbury+44 207 251 3801
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