Mirova and Asterion acquire Proxiserve

Paris, March 26th, 2019 – Core Infrastructure Fund II managed by Mirova (an affiliate of Natixis Investment Managers) and Asterion Industrial Infra Fund I have acquired Proxiserve, a leading French group in sub-metering and energy services.

 

Core Infrastructure Fund II (CIF II), and Asterion Industrial Infra Fund I have jointly acquired a co-controlling stake in Proxiserve, alongside with management. Proxiserve is a French utility group active in energy services (submetering, maintenance, heating and electricity). Proxiserve Group benefits from a sound market position supported by its strong footprint largely spread across France. Proxiserve is the leader in France in the heat and water smart metering markets, as well as the EV charging segment which both benefit from favourable market trends and supportive regulation.

 

The investment in Proxiserve combines strong downside protection from its core submetering business with very attractive growth prospects resulting from the opportunity to develop further synergies for a smart energy home offering and multi-services for heating, plumbing and metering. Furthermore, Proxiserve is ideally placed to take advantage of the evolving trends around energy efficiency and increasing applications within the “smart home”.

 

Proxiserve’s strengths additionally come from its best-in-class management team with unique track record, having consistently been at the forefront of business development and commited to ongoing development of the group.

 

This is the eight investment of Core Infrastructure Fund II, a €1.27bn long-term infrastructure investor dedicated to European infrastructure projects and corporates, managed by Mirova’s General Infrastructure Team, and the first investment for Asterion Industrial Infra Fund I, a European infrastructure fund launched in November 2018, focused on the European mid-market and an industrial approach to active asset management. Mirova and Asterion share a strong common alignment around responsible investment and ESG.

 

The acquisition has been financed through an acquisition debt arranged by BOI, CACIB, CIC, and Natixis.

 

Mirova and Asterion were advised by XK Corporate Finance, KPMG Corporate Finance & TS, DLA Piper and Emerton. Natixis Partners, Sycomore,Scotto Partners and Eight Advisory acted as Sellers’ advisors.

 

ABOUT ASTERION INDUSTRIAL PARTNERS

 

Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.

 

 

IMPORTANT INFORMATION

 

The information contained herein is for informational purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities of Asterion Industrial Infra Fund I, FCR, and is being provided in accordance with rule 135e under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy interests in Asterion Industrial Infra Fund I, FCR (the “Interests”) or any other security in any jurisdiction and shall, in any circumstance, not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Interests have not been and will not be registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state and local securities laws. Accordingly, the Interests are being offered and sold (i) in the United States only to qualified investors in accordance with Rule 506 of Regulation D under the U.S. Securities Act and (ii) outside the United States in accordance with Regulation S under the U.S. Securities Act.  Although Asterion Industrial Infra Fund I, FCR has no intention to conduct any public offering of the Interests in the United States or to register the Interests under the U.S. Securities Act, any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Asterion Industrial Infra Fund I, FCR and that will contain detailed information about Asterion Industrial Infra Fund I, FCR, Asterion Industrial Partners, SGEIC, S.A. and management thereof, as well as financial statements.