Halder | Ownership Succession and Growth for MidCaps

Halder | Ownership Succession and Growth for MidCaps

Techem AG & Co. KG

Energy services for residential buildings
€268 million (1999)
1996, MBO

With a market share exceeding 30%, Techem was the leading provider of energy metering services for residential buildings, supplying 20 million meters to 3.5 million German households. Regulations were a key element of the business model: Laws require heating cost measurement in apartment buildings to gather data on which cost allocation is based. Many landlords fulfilled these obligation by contracting meters and metering services from Techem on a ten-year basis.

Management saw opportunities to grow from a new generation of metering technology and expansion into Eastern Europe. To finance growth, a stock market flotation was planned at a later stage. At the time of Halder’s investment, the founding family was looking for realisation of the firm’s value and an MBO was used to achieve this while simplifying shareholder structure at the same time.

Halder participated in the syndicate undertaking the MBO in 1996 and acquired 5% of Techem’s capital. As the firm developed according to plan, shares were placed on the Frankfurt stock exchange in early 2000 when the company went public and Halder realised its exit.

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Halder Investment Advisors included