HgCapital acquires Qundis Group for €160m

Cecilia Bergamaschi
03 May 2012

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HgCapital has acquired a majority stake in Qundis Group, a German provider of submetering devices and systems for consumption-dependent billing of heat and water, alongside other institutional clients of HgCapital.

HgCapital acquired the company from Capcellence and the Qundis management team – the latter will reinvest a substantial portion of their stake as part of the transaction.

HgCapital Trust will contribute a total of approximately £11.8m.

Debt
A €75m debt package was arranged by a consortium of banks including Bayerische Landesbank, Commerzbank AG, NIBC Bank, Merchant Banking, SEB and The Governor and Company of the Bank of Ireland.

Company
Qundis was created in 2008 through the merger of QVEDIS, previously part of Siemens, and KUNDO SystemTechnik. Based in Mühlhausen, the company has around 220 employees and currently provides submetering systems to approximately five million flats and offices across Europe.

Alongside its position in Germany, Qundis also operates in Italy, Slovenia, the Czech Republic, France, Turkey and Russia. HgCapital plans to support the company's management team in expanding across these geographies.

People
Richard Binning is managing director of Qundis and Justin von Simson is head of HgCapital's industrials team.

Advisers
Equity – Macquarie Capital Germany (M&A); Clifford Chance, Barbara Mayer-Trautmann, Christian Hentrich, Alexandra Meyen (Legal); BCG (Commercial due diligence); Deloitte (Financial due diligence).
Debt - Ashurst, Anne Grewlich, Cora Grannemann, Denis Sattler, James Seddon, Dominique Blaurock (Legal); Klaus Herkenroth, Susanne Sokol (Tax); Sören Kampmann (M&A).