ICG, the global alternative asset manager, today announced that its €1.5bn debut Infrastructure fund, ICG Infra I (“ICG Infra”), has acquired a further stake in Ocea Smart Building (“OSB”), leading player in the French market for smart water and heat metering infrastructures, from Crédit Agricole Assurances (“CAA”).
OSB is committed to the energy transition and energy savings and owns and operates more than four million heat and water sub-meters across France to help reduce energy consumption. Through long-term contracts (10 years or more), the company 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. OSB also offers innovative auxiliary solutions (i.e. data management services, environmental performance consulting, IoT and smart house solutions).
ICG Infra acquired its initial stake in OSB in 2019 and will now hold 100% of the company alongside the management team.
Guillaume d’Engremont, Head of Infrastructure at ICG, commented:
Since we first invested in OSB with CAA in 2019, our joint support has allowed the company to continuously strengthen its position as a leading energy efficiency player by growing its installed base of sub-meters whilst also expanding into additional business lines synergetic with its core business. By further investing in OSB, we are demonstrating our confidence in the company and the management team as we support the energy transition for the French residential sector, where the need for energy savings is more present than ever.
Emmanuel Croc, Chief Executive Officer of OSB, commented:
We are seeing an acceleration in demand for submeters following increasing energy prices and the subsequent need for energy savings, combined with a strong regulatory framework. We thank Crédit Agricole Assurances for their support over the past few years and are excited for our next phase of growth with the support of ICG Infra, a shareholder that has demonstrated its commitment to the energy transition. As we enter our next chapter, we look forward to further growth with highly synergetic adjacent businesses around energy efficiency and smart devices.
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ICG provides flexible capital solutions to help businesses grow and expand. We are a global alternative asset manager with over 30 years of experience, managing $74.5 billion in assets and investing across the capital structure. We operate in four asset classes: Structured and Private Equity, Private Debt, Real Estate Assets and Credit. We develop long-term relationships with our business partners to create value for shareholders, customers, and employees, and we use our position of influence to serve the environment and society. We are committed to achieving net zero targets across our relevant businesses and investments by 2040.
ICG Infra is ICG’s fund specializing in providing growth capital to European infrastructure assets.