ICG, a global alternative asset manager with $74.5 billion in assets under management, has acquired an additional stake in Ocea Smart Building (OSB), a key player in the French market for smart water and heat-metering infrastructures.
Crédit Agricole Assurances sold the stake to ICG’s €1.5 billion ($1.6 billion) debut Infrastructure fund, ICG Infra I, for an undisclosed amount.
OSB, which is committed to the energy transition and energy savings, owns and operates more than 4 million heat and water submeters across France to help reduce energy consumption. Through long-term contracts, the company provides a comprehensive range of submetering services to public and private collective housings,
ICG Infra acquired an initial stake in OSB in 2019 and now will hold 100 percent of the company alongside the management team.