ICG and InfraVia have entered into exclusive negotiations for the acquisition by ICG of a majority stake in OCEA Smart Building (OSB). With more than 3 million meters installed, OSB is a leading player in the French market for smart water and heat metering infrastructures. Since its recent acquisition of Bornes Solutions, the company is now also involved in the rental of charging stations for electric vehicles in private and corporate car parks.
“This transaction would mark a decisive step in our Infrastructure strategy, which is focused on best-in-class mid-market opportunities across Europe, allowing us to consider launching a fundraising campaign later in the year,” said Benoît Durteste, CEO and CIO at ICG.
OSB operates 27 sites across France and covers the entire value chain of water and heat sub-meters. Through long-term contracts of 10 years or more, OSB provides a comprehensive range of sub-metering services to public and private collective housings, including installation and rental, reading and data collection, and maintenance and replacement.
The company also offers innovative auxiliary solutions, such as data management services, environmental performance consulting and smart house solutions, enabling a greater control of water and heat consumption for its customers.
The planned transaction is subject to review by relevant employee representative bodies.
The acquisition of OSB would be the second investment made by ICG's European Infrastructure team, which was established in 2018 and is headed by Guillaume d'Engremont. It would follow the recent investment in Océinde Communications, the leading fiber-to-the-home operator in the French department of Réunion Island. The team is also in advanced discussions regarding several other investment opportunities across Western Europe.
“Since our acquisition of OSB in December 2016, the company has continuously strengthened its positioning in its historical market, while optimizing its organization in order to expand into new markets such as heat meters and charging stations for electric vehicles,” said Vincent Levita, founder and CEO of InfraVia.
