In a significant development within the German private equity landscape, Swiss investment firm Partners Group has restructured its stake in Techem, a leading provider of energy services for the real estate sector. The transaction, valued at approximately €6.7 billion, involves Partners Group selling a 51% majority stake in Techem to its own infrastructure arm. This deal is anticipated to be Germany’s largest private equity transaction of 2025.
Techem, headquartered in Eschborn, Germany, offers a range of services including resource management, residential health, and building efficiency solutions to property managers and owners of multi-tenant residential buildings. The company operates in 18 countries, serving over 13 million dwellings. Its core submetering service promotes fair cost allocation, thereby reducing energy consumption and emissions, aligning with global decarbonization efforts.
Since acquiring Techem in 2018, the consortium led by Partners Group, along with co-investors La Caisse and Ontario Teachers’ Pension Plan, has overseen substantial growth. Under their stewardship, Techem’s revenues have surpassed €1 billion, with EBITDA increasing by approximately 50%.
The legal intricacies of this transaction were managed by prominent international law firms. A&O Shearman provided counsel to Partners Group, with a team led by partners Dr. Sebastian Remberg and Max Landshut in Hamburg, and Stephen Lloyd in London. The team also included senior associates Laura Reuther and Dr. Marcus Mackensen, as well as associates Dr. Jonas Schuck and Antonia Pfaff. Their focus was on corporate, M&A, and infrastructure aspects of the deal.
Freshfields Bruckhaus Deringer advised the selling consortium, comprising Partners Group, CDPQ, and Ontario Teachers’ Pension Plan. The Freshfields team was led by Partner Natascha Doll and Principal Associate Friedrich von der Heydt-von Kalckreuth, both based in Hamburg. They were supported by partners Heiner Braun and Dirk-Jan Smit, among others, covering corporate, M&A, labor law, and tax considerations.
This transaction underscores the dynamic nature of the European private equity market and highlights the strategic importance of energy efficiency solutions in the real estate sector. The involvement of leading law firms such as A&O Shearman and Freshfields Bruckhaus Deringer reflects the complexity and significance of the deal within the industry.