HgCapital is to acquire Qundis Group, a Germany-based provider of submetering devices and systems for the consumption-dependent billing of heat and water.
According to a statement, HgCapital will acquire the company from financial investor Capcellence and the Qundis management team, pending approval by antitrust authorities. The Qundis management team will reinvest a substantial portion of its stake as part of the transaction.
Qundis was created in 2008 by the merger of QVEDIS (previously part of Siemens) and KUNDO SystemTechnik. Headquartered in Mühlhausen, the company has approximately 220 employees and currently provides submetering systems to a highly fragmented customer base of approximately five million flats and offices across Europe.
The acquisition of Qundis represents a continuation of HgCapital’s sector-driven investment strategy. As part of this strategy, the company seeks to partner with market-leading industry champions. Qundis has grown strongly in recent years, despite the challenging economic backdrop, as the demand for energy-saving solutions remained strong.
Alongside its market-leading position in Germany, Qundis has extensive distribution in Italy with further coverage in Slovenia, the Czech Republic, France, Turkey and Russia, and HgCapital plans to support Qundis’s management team in expanding across these territories.