The EQT Active Core Infrastructure fund and Singapore‘s GIC have agreed to acquire a majority stake in Calisen Group, the U.K.‘s leading smart meter provider, from a consortium of sellers including BlackRock‘s Global Infrastructure Partners, Goldman Sachs Alternatives, and Mubadala Investment Company. Financial terms of the deal were not disclosed.
Manchester-based Calisen has established itself as a crucial player in the U.K.’s energy transition, managing approximately 16 million smart meters across the country. The company has expanded beyond its core smart metering business to provide electric vehicle charging, solar and battery installations and heat pump services.
Since its acquisition by the selling consortium in 2021, Calisen has significantly grown its presence in the smart metering sector while developing capabilities in additional energy infrastructure assets. “We recognized the need for significant investments to advance U.K.’s decarbonization agenda and the opportunities it creates for a business like Calisen to grow in metering and beyond,” said Sapna Sirohi, managing director in Infrastructure at Goldman Sachs Alternatives.
The new owners plan to support Calisen’s continued expansion in the U.K. and potentially abroad, with a particular focus on the rollout of energy transition-related assets. They also intend to explore opportunities in adjacent sectors, such as smart water metering.
“With its steady cash flows and long-term contracts, we are confident in Calisen’s growth potential as a core infrastructure investment,” said Ang Eng Seng, CIO of Infrastructure at GIC.
“Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential,” added Kunal Koya, partner at EQT Active Core Infrastructure. “Its critical role in the U.K.’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future.”
The EQT Active Core Infrastructure fund closed in September with total fee-generating commitments of €2.9 billion ($3.2 billion).
Advisors
The transaction, which will see Equitix retain its minority stake in the business, is subject to regulatory approvals. Goldman Sachs International and Macquarie Capital acted as financial advisors to the sellers, with Clifford Chance and Sullivan & Cromwell serving as legal counsel.