December 22, 2020
Acquisition financing, M&A, Debt advisory
GCA Altium advises EMERAM Capital Partners on financing the acquisition of Tenié and Gores
GCA Altium has advised EMERAM Capital Partners on its investment in Tenié and Gores (TuG), a leading independent metering, submetering and billing service provider for water and heat in the housing industry. Funds advised by EMERAM are taking over the company within the framework of a succession plan – the firm will transition to new management, with the current management team ensuring a smooth transition.
TuG, based in Wesel and Schwarzenberg, Germany, provides its customers with a full range of metering services – from the installation of metering devices and intelligent consumption data analysis to heating and operating cost billing. With its decentralised structure and local service offerings the company is considered a quality leader in the market segment of property managers and private landlords.
GCA Altium structured a tailored financing package which provides TuG with a balance of attractive financing cost in combination with high flexibility for its planned buy-and-build approach.
Markus Gyssler, Senior Partner of EMERAM Capital Partners, explained: “With TuG we are acquiring an excellently managed company. We are entering a dynamic market whose fragmented structure, in combination with the upcoming technology shift towards wireless measuring devices, offers considerable growth potential. Based on TuG’s strong customer orientation and its recognised high quality of service, we will continue to expand the company’s innovation leadership in the technology and services sector and open up new regions through additional acquisitions.”
Thorsten Weber, Managing Director at GCA Altium, commented: “The financing structure offers flexibility to accompany the technology shift in the market and supports the growth story of TuG. With its entrepreneurial approach and strong expertise as a buy-and-build investor in combination with a renowned buy-in management, EMERAM is in our view the ideal partner for TuG.”
The transaction closed on 18 December. The parties agreed that no further details of the transaction would be disclosed.