KKR acquires Infracapital's Calvin

Details of the transaction remain undisclosed, though when Infracapital last invested in the business two years ago it had an equity valuation of £224m, according to unquote" data.

The transaction follows a 14-year holding period and generates returns for Infracapital Partners II.

Calvin has undertaken an organic growth strategy under the vendor's tenure, looking to capitalise on the growing demand for electricity and gas smart meters. It will continue to seek new contracts to fund the installation of such devices off the back of a UK government pledge to provide every UK home and business with smart meters by 2020.

The deal is expected to complete in January 2017.

Previous funding
Infracapital funded the creation of Calvin in 2002 and provided £79.6m of fresh capital in May 2014, representing a 35.5% stake in the business.

Company
Founded in 2002 and headquartered in Manchester, Calvin provides financing for the acquisition and installation of gas and electricity smart meters.

People
KKR – Jesus Olmos (member, infrastructure co-head).
Infracapital Partners – Martin Lennon (co-founder, head).
Calvin Capital – Jim Macdonald (CEO).

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