FRANKFURT Dec 7 EQT has bought a majority of a
joint venture that will own most of Getec Energie, a German
decentralized energy producer, as the private equity group
continues its investments in infrastructure assets.
EQT will hold 60 percent of the joint venture, which will
comprise of about four fifths of the operations of
Madgeburg-based Getec. Getec founder Karl Gerhold will also
remain invested, EQT said on Wednesday.
The joint venture supplies heat and steam to industrial and
real estate clients had earnings before interest, taxes,
depreciation and amortization (EBITDA) of 70-80 million euros
($75-86 million) last year.
As a whole, Getec, which employs 1,165 staff, reported sales
of 783 million euros for 2015.
EQT said the asset was a good fit for its newly created
infrastructure investment fund, pointing to Getec's long-term
supply contracts. It plans to help Getec expand its business by
supplying capital and industrial expertise.
Getec is the second investment of EQT's infrastructure fund
after the acquisition of Delta Comfort, a Dutch telecom
infrastructure and energy group, for 488 million euros earlier
($1 = 0.9318 euros)
(Reporting by Arno Schuetze; Editing by Christoph Steitz)