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05/2018

ANTIN INFRASTRUCTURE takes majority stake in IDEX

FRANCE Utilities (Regulated Infrastructure) / District Heating EV 1b - 4b EUR

Context

Antin Infrastructure Partners has entered into an agreement to acquire Idex, a French operator specializing in urban energy infrastructure and associated services. This transaction marks a significant milestone in the consolidation of France's energy infrastructure sector, driven by public policies focused on energy transition and the development of district heating networks as a viable alternative to traditional heating solutions. Although these infrastructure networks currently only cover a limited portion of national needs, they have substantial growth potential, supported by decarbonization objectives. As an existing player in essential infrastructure across Europe, Antin Infrastructure Partners aims to support Idex in its next phase of expansion, accelerating the development of district heating and cooling networks, strengthening the group's European presence, and pursuing the modernization of existing assets. The goal is also to drive growth in waste energy recovery activities and optimize operational efficiency across facilities. Under the guidance of its new shareholder, Idex is expected to pursue a growth strategy combining organic development, concession extensions, and targeted acquisitions, with a particular focus on France and key European markets such as Germany and Belgium. This transaction is part of a long-term dynamic driven by the energy transition and the growing demand for decentralized and low-carbon infrastructure. It also marks a new stage in Idex's structuring, solidifying its position as a central player in urban energy services in France.

It is worth noting that the fund Cube Infrastructure took control of Idex through an LBO in 2011.

IDEX, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Idex is a leading integrated energy infrastructure and environmental services operator, positioned as a major player in the French district heating market. The group's activities focus on the design, operation, and optimization of heating and cooling networks, energy recovery from waste, and a comprehensive portfolio of energy services contracts. With a presence across the entire country, the company manages critical infrastructure (including prominent networks in business districts) and is at the forefront of the energy transition, developing local and renewable energy solutions. Idex's economic model is built on the recurring nature of its infrastructure activities, driven by favorable sector dynamics and government incentives for territorial greening. On an international scale, the group is implementing a geographic expansion strategy aimed at establishing a premier European network, with targeted ambitions in key markets such as Germany, Belgium, and the United Kingdom. Its integrated organization enables Idex to support local authorities and industries in reducing their carbon footprint and modernizing their thermal installations over the long term.

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Historical Financials (EUR)

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Other operations with IDEX

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
09/2011CUBE INFRASTRUCTUREIDEXFRANCEUtilities (Regulated Infrastructure)

Cube Infrastructure, a leading infrastructure fund, has acquired Idex from IK Investment Partners, marking the end of a nearly seven-year partnership during which the French energy services specialist refocused its business and strengthened its position in district heating infrastructure and environmental services

REFERENCES

Valuation range: EV 1b - 4b EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of IDEX by ANTIN INFRASTRUCTURE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: idex

Acquirer: antin infrastructure