1.7.2021

Keva – Acquisition of 50% Ownership in Stockholm Exergi by Investor Consortium

Related services

We advised Keva in a transaction in which a 50% ownership stake in the Swedish district heating and cooling company Stockholm Exergi Holding AB (publ) will be acquired by a group of long-term European institutional investors. The consortium comprises APG, Alecta, PGGM, Keva and AXA. The total consideration is approximately EUR 2.9 billion based on a 100% enterprise value of approximately EUR 7.1 billion. In 2020, Stockholm Exergi’s heating and cooling sales were 7.6 TWh and power sales 0.7 TWh.

The consortium’s investment in Stockholm Exergi represents a significant milestone in their commitment to significantly reduce CO2 emissions. Stockholm Exergi has a fantastic track record of growth, leadership in ESG and delivering and developing customer centric solutions like Carbon Capture and Storage, all of which are driving the long-term sustainable energy transition of Stockholm and the region. The consortium intends to grow the Company by investing significant capital, targeting to enhance the environmental sustainability and efficiency of its heating plants and district heating networks.

Our team

Latest references

Jolt Capital and Tesi – Investment in VEV

We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.

HANZA – Divestment of its Nivala and Sievi operations

We advised HANZA on the divestment of its Nivala and Sievi operations. The transaction was part of HANZA’s larger strategic reorganisation, where the company optimised its Finnish manufacturing cluster. Founded in 2008, HANZA is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Nasdaq Stockholm main list. HANZA has approximately 5,000 employees and annual sales of SEK 10 billion.

Kiwa – Acquisition of Sertio

We advised Kiwa in its acquisition of Sertio Oy, a Finnish notified body designated by the authority in accordance with the EU Regulation on in vitro diagnostic medical devices (IVDR). Sertio provides conformity assessment services in accordance with IVDR. Kiwa is one of the world’s leading testing, inspection, and certification companies, operating in over 35 countries.

Metsäkonepalvelu – Acquisition of Junnonen Forest and the business operations of Lamerit

We advised Metsäkonepalvelu Oy in its acquisition of the entire share capital of Junnonen Forest Oy, a Finnish timber harvesting services company, and the timber harvesting services business of Lamerit Oy. The acquisition supports Metsäkonepalvelu’s growth strategy and strengthens the company’s position, particularly in southeastern Finland. Metsäkonepalvelu is a portfolio company of A. Ahlström Oy, a Finnish family-owned industrial owner. The company provides mechanical timber harvesting services to forest companies, large private forest owners, and the public sector in Finland and Sweden. Metsäkonepalvelu Group employs nearly two hundred forestry professionals.

Search from the site.