EQT has bought a majority of a joint venture that will own most of Getec Energie, a German decentralized energy producer, as the private equity group continues its investments in infrastructure assets.
EQT will hold 60 percent of the joint venture, which will comprise of about four fifths of the operations of Madgeburg-based Getec. Getec founder Karl Gerhold will also remain invested, EQT said on Wednesday.
The joint venture supplies heat and steam to industrial and real estate clients had earnings before interest, taxes, depreciation and amortization (EBITDA) of 70-80 million euros ($75-86 million) last year.
As a whole, Getec, which employs 1,165 staff, reported sales of 783 million euros for 2015.
EQT said the asset was a good fit for its newly created infrastructure investment fund, pointing to Getec’s long-term supply contracts. It plans to help Getec expand its business by supplying capital and industrial expertise.
Getec is the second investment of EQT’s infrastructure fund after the acquisition of Delta Comfort, a Dutch telecom infrastructure and energy group, for 488 million euros earlier this week.