HgCapital has sponsored the management buyout of German heat and water submetering services group Qundis from private equity firm Capcellence.
Qundis has been in operation since 2008, the product of a merger between Siemens subsidiary Qvedis and Kundo SystemTechnik.
The business has a headcount of around 220 and serves five million flats and offices in Germany, Italy, Slovenia, the Czech Republic, France, Turkey and Russia. HgCapital will focus on helping Qundis expand in these territories outside of its base in Mühlhausen, Germany.
Submetering allows tenants in shared properties to pay for individual utility usage and the industry has benefitted from growing demand for energy savings.
The deal continues HgCapital's strategy of backing services companies and follows last month's acquisition of Solor Care by Voyage Care, owned by HgCapital and SL Capital Partners.
HgCapital was advised on the Qundis deal by Macquarie Capital Germany, Clifford Chance, the Boston Consulting Group and Deloitte.