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05/2018MajorityLBO

Antin Infrastructure takes majority stake in Idex

FRANCE Utilities (Regulated Infrastructure) / District Heating EV €1–10bn

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.

Idex, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
[members only]
€50–100M
[members only]
2017
[members only]
€50–100M
[members only]

Other operations with Idex

Other operations with Idex
DateAcquirerTargetCountrySector
08/2026J.P. MORGAN ASSET MANAGEMENTIDEXFRANCEDistrict Heating
09/2011CUBE INFRASTRUCTUREIDEXFRANCEDistrict Heating
11/2004IK PARTNERSIDEXFRANCEDistrict Heating

Other operations with Antin Infrastructure

Other operations with Antin Infrastructure
DateAcquirerTargetCountrySector
02/2026ANTIN INFRASTRUCTUREBELAMBRA CLUBSFRANCEHotels & Accommodation
01/2026ANTIN INFRASTRUCTUREEMSERENETHERLANDSCRO / Clinical Trials
10/2025ANTIN INFRASTRUCTURESWIFTAIR GROUPSPAINAir Freight
08/2023ANTIN INFRASTRUCTURECONSILIUM SAFETY GROUPSWEDENSafety & Security
06/2023ANTIN INFRASTRUCTUREOPDENERGYSPAINSolar / PV
12/2020ANTIN INFRASTRUCTUREHIPPOCRATES (LAF - LA FARMACIA)ITALYPharmacy
09/2020ANTIN INFRASTRUCTUREMIYA WATERSPAINWater
08/2020ANTIN INFRASTRUCTUREBABILOU FAMILYFRANCEEducation Providers
07/2019ANTIN INFRASTRUCTUREVICINITY ENERGYUNITED STATESDistrict Heating
07/2015ANTIN INFRASTRUCTUREAMEDESGERMANYLabs (Biology)

Similar deals in Utilities (Regulated Infrastructure)

Similar deals in Utilities (Regulated Infrastructure)
DateAcquirerTargetCountrySector
03/2020KKRVIRIDORUNITED KINGDOMWaste-to-Energy
07/2019ANTIN INFRASTRUCTUREVICINITY ENERGYUNITED STATESDistrict Heating
04/2019SECHE ENVIRONNEMENTMECOMERITALYHazardous Waste
01/2019BRIDGEPOINTMIYA WATERSPAINWater
06/2018ICON INFRASTRUCTUREECOERIDANIAITALYHazardous Waste
12/2016ICON INFRASTRUCTUREBRISTOL WATERUNITED KINGDOMWater
06/2014XENON PRIVATE EQUITYECOERIDANIAITALYHazardous Waste
06/2013TRITON PARTNERSBEFESALUXEMBOURGHazardous Waste
09/2011CUBE INFRASTRUCTUREIDEXFRANCEDistrict Heating
11/2004IK PARTNERSIDEXFRANCEDistrict Heating

REFERENCES

Valuation range: EV €1–10bn

EBITDA range: €50–100M

EV/EBITDA range: 10x - 18x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: idex

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Idex, a French company specialised in District Heating, by Antin Infrastructure in 2018, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Cube Infrastructure in September 2011, before ownership was subsequently transferred to J.P. Morgan Asset Management in August 2026 (see dedicated deal pages for details).

How was the acquisition of Idex by Antin Infrastructure valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Idex’s EBITDA at the time of the deal?

At the time of the transaction, Idex’s EBITDA was estimated within the €50–100M bracket (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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