Vauban Infrastructure Partners acquires 38.7% in Financière Groupe Proxiserve, major player in energy services in France, from Asterion Industrial Partners
- With this transaction, Vauban increases its stake in Proxiserve to 99.7%
- This constitutes the first full exit from Asterion’s Fund I portfolio
- Since acquisition by Asterion and Vauban in 2019, Proxiserve grew its smart meters asset base and introduced new EV products
Vauban and Asterion acquired Proxiserve as co-controlling shareholders in 2019. Today, Vauban has strengthened its position in Financière Groupe Proxiserve (« Proxiserve » or the « Company ») by becoming its sole reference shareholder. This transaction constitutes the first full exit from Asterion’s Fund I portfolio, three and a half years later.
Proxiserve, a leading French company in the energy services sector, owns and operates notably more than 4.5 million water and heat meters, which on average reduce energy consumption by 15%. Proxiserve also contributes to the decarbonization of transportation by being the leader in installation of electric vehicles charging stations, with 125,000 stations installed since 2013.
From 2019 to 2022, with the support of the shareholders to the Management’s strategy, Proxiserve continued its strong and steady growth, while demonstrated a remarkable resilience during the pandemic crisis. Proxiserve is now very well positioned to seize the numerous growth opportunities arising from its underlying markets.
This bilateral transaction represents an opportunity for the fourth Vauban flagship fund, CIF IV, to invest in one of the key players in energy services in France, whose activities benefit from promising markets and the support of public authorities towards the energy transition.
Vauban has now exclusive control over the Company through its various investment funds under management and will enable the company to accelerate its development in promising and added-value activities such as the operation of heat meters and heat pumps.
The investment in Proxiserve along Vauban represented the first transaction by Asterion’s Infrastructure Fund I. After the conclusion of the initial value creation plan, it was now an ideal point in time to hand over its stake to its partner Vauban for the continuation of the company’s success. The sale of its stake also concludes the first exit by an Asterion fund.
Stéphane Caine, Chairman and CEO of Proxiserve, says: “We would like to thank Asterion and Vauban for supporting Proxiserve during what has been a turbulent time. Today, we are a company well positioned to seize the numerous growth opportunities offered by our underlying markets and we look forward to continuing our growth trajectory with Vauban, who has already proven to be of great value.”
Vincent Cassagne, Investment Director and Partner at Vauban Infrastructure Partners, added: “The increase of Vauban’s stake in Proxiserve is in line with our first investment in the company in 2019. We consider that Proxiserve is not only aligned with Vauban’s ESG policy, but that the Company also contributes to creating value over the long term. Proxiserve benefits from a balanced portfolio of businesses, cutting-edge technologies and a highly diversified client base with broad national coverage to provide sustainable services to all. We would like to thank Asterion for this fruitful cooperation between likeminded investors”
Nicole Hildebrand, Partner at Asterion Industrial Partners, concludes: “The growth of Proxiserve’s business over the last few years has been tremendous and Vauban and the Company’s management team have played an instrumental role in developing Proxiserve into one of France’s leading energy services companies. We are leaving the Company in the hands of a shareholder fully committed to the further growth of the business and its people.”
Proxiserve is a leading provider of energy services for collective housing in France. The group has developed its activities with operations and commercial expertise that rely on complementary business lines: submetering, maintenance, collective heating, electricity supply and installation charging stations for electric vehicles. With a turnover of €493 million in 2021, the Group employs nearly 3,900 people through a network of around one hundred branches throughout France. Proxiserve is a leading player in the energy transition, thanks to its activities that enable its customers to reduce their energy consumption.
ABOUT VAUBAN INFRASTRUCTURE PARTNERS
Vauban Infrastructure Partners is a leading Infrastructure Asset Manager focused on European core infrastructure investments. Headquartered in Paris, Vauban employs over 67 professionals, the majority of whom have been working together for over a decade. Vauban is the fully-fledged affiliate of Natixis Investment Managers dedicated to sustainable infrastructure equity investments. Vauban targets predominantly European brownfield mid-market assets, and pursues a long-term, yield-driven strategy that matches the underlying nature of the assets & the long-term commitment to all stakeholders’ interests through a strong focus on creating sustainable value. Vauban has raised c.€7.7 billion across 6 funds in core infrastructure from over c.100 investors from 17 different countries and has invested in over 70 assets in the mobility, energy transition, social infrastructure, and digital infrastructure sectors across 13 different geographies.
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.