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Techem valuation beats ista as deal multiples climb
Source: Global Water Intelligence (GWI)
Macquarie has agreed to offload its German energy and water sub-metering business Techem to a consortium of Partners Group, CDPQ and Ontario Teachers’ Pension Plan for €4.6 billion, or around 14.4 times adjusted EBITDA.
While EBITDA has doubled since Macquarie took Techem off the stock exchange in 2008, the company’s revenues have grown from €559.4 million to €782.7 million, thanks to a mix of organic growth and prudent portfolio management (the group incurred a loss on the sale of its US start-up division Techem Water Services Inc. to Metron-Farnier, Inc. for $1 in 2016, for example).
The enterprise value of €4.6 billion compares to around €1.8 billion back in 2008, and reflects in part the €1.6 billion of junk-rated term debt put in place last year at Euribor +3%.
The Techem deal follows last July’s sale of competitor ista Group to Cheung Kong for €4.5 billion (12.2 x adjusted EBITDA).
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