Emeram acquires Tenié und Gores

Andreas Göppel, former CEO of Kalorimeta, will join TUG as its new CEO.

Emeram is to wholly acquire the company as part of a succession solution, according to a statement, and the company's new management will subsequently also invest in the business.

Emeram intends to support the company's digitalisation processes and to broaden its service portfolio, the GP said in a statement.

Asked about how the deal came about, Markus Gyssler, senior partner at Emeram, told Unquote: "We expect closing by the end of the year. The first contact between Emeram and TUG took place in summer. It was important for the sellers that we were able to close the transaction swiftly. Emeram started to analyse this market early this year and the contact to TUG was established through this analysis."

Emeram intends to make add-on acquisitions in the submetering market following the investment, Gyssler said. "TUG and Emeram will actively drive forward the consolidation in the market. Follow-up acquisitions in Germany are part of our growth strategy for TUG. We are offering a new home to other small and medium-sized submetering service providers with a regional focus and the goal to provide high-quality customer service and innovation towards AMR (automatic meter reading)."

Emeram is deploying equity via Emeram Fond I, which held a final close in January 2015 on €400m. The fund raised an additional €50m in a GP-led secondary process in 2019, as reported by Unquote. The fund invests in businesses with turnovers of €20-150m and with enterprise values of €30-250m.

Emeram senior partner Christian Näther told Unquote in July 2020 that Emeram could launch the fundraising process for its second fund in Q4 2020 or H1 2021, following the firm's AGM.

Company
Founded in 1983 by Friedhelm Tenié and Hans Jürgen Gores, TUG provides submetering devices and services for water and heat in residential buildings. Its client base includes property managers and private landlords. The company is headquartered in Wesel, with an additional office in Schwarzenberg, and employs 100 staff.

People
Emeram Capital Partners – Markus Gyssler (senior partner).
Tenié und Gores – Hans Jürgen Gores (founder).

Advisers
Equity – Noerr (legal, tax); Alvarez & Marsal (financial due diligence); LEK Consulting (commercial due diligence).
Vendor – TM Meyer Venn & Partner (legal).

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• Buyouts
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