Private equity firm CVC Capital Partners has sold its majority stake in ista, an energy efficiency services business, to Cheung Kong Property Holdings.
CVC originally invested in the business in 2003 through its CVC Fund III.
The company ista provides energy management services to enable greater energy efficiency in buildings. The business uses hardware devices such as radio-based heat cost allocators, heat meters and water meters to help customers measure, analyze, bill and manage individual energy and water consumption.
It employs more than 5,400 people and provides energy services for more than twelve million apartments and commercial properties in 24 countries around the world.
Marc Strobel, Partner at CVC, said: "It has been a pleasure working with ista over the course of the last 14 years, following CVC Fund III's original investment in 2003. We have enjoyed a close partnership with the company as it has grown from a German-centric analogue business into a digital European energy efficiency champion. As the energy efficiency market continues to expand across Germany and Europe, ista is now perfectly placed for future growth, with a strong management team and a stellar product offering.”
Thomas Zinnöcker, Chief Executive Officer of ista, added: "We want to thank CVC for the many years of strong support they have provided. Early on they identified the potential in our business and together we have transformed the company into what it is today. We are very excited by the opportunity to continue our successful development with the backing of our new shareholders. We will continue to assist our customers manage their assets sustainably and we create value for all stakeholders through our efficient processes and high quality services."