Idex acquired by Cube Infrastructure
Context
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. Founded in the Paris region, Idex is an independent energy services operator that serves local authorities, industrial clients, and the tertiary sector. Under IK Investment Partners' ownership, Idex underwent a profound strategic transformation to concentrate on its most profitable business areas. The group divested several non-core activities, including industrial drilling and its UK operations, while bolstering its core business through targeted acquisitions, such as the purchase of ISS Énergie. In parallel, a significant operational improvement program was implemented, focusing on centralized procurement, optimized technical interventions, and enhanced productivity. With this acquisition, Cube Infrastructure aims to support Idex's next phase of development, leveraging the growth prospects of the French energy services market. The fund, which specializes in essential infrastructure, intends to back the group's investments in district heating networks, energy efficiency, and environmental infrastructure, while pursuing expansion into local authorities and large industrial client bases.
In the past, Idex was acquired by IK Partners in 2004 as part of its expansion strategy.
Idex, which reported an EBITDA margin of [members only] in 2011, is valued in this transaction at an EV/EBITDA multiple of [members only].
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
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Idex
Other operations with Cube Infrastructure
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2021 | CUBE INFRASTRUCTURE | RENEWABLE POWER INTERNATIONAL | SPAIN | Hydro |
Similar deals in Utilities (Regulated Infrastructure)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2020 | KKR | VIRIDOR | UNITED KINGDOM | Waste-to-Energy |
| 07/2019 | ANTIN INFRASTRUCTURE | VICINITY ENERGY | UNITED STATES | District Heating |
| 04/2019 | SECHE ENVIRONNEMENT | MECOMER | ITALY | Hazardous Waste |
| 01/2019 | BRIDGEPOINT | MIYA WATER | SPAIN | Water |
| 06/2018 | ICON INFRASTRUCTURE | ECOERIDANIA | ITALY | Hazardous Waste |
| 05/2018 | ANTIN INFRASTRUCTURE | IDEX | FRANCE | District Heating |
| 12/2016 | ICON INFRASTRUCTURE | BRISTOL WATER | UNITED KINGDOM | Water |
| 06/2014 | XENON PRIVATE EQUITY | ECOERIDANIA | ITALY | Hazardous Waste |
| 06/2013 | TRITON PARTNERS | BEFESA | LUXEMBOURG | Hazardous Waste |
| 11/2004 | IK PARTNERS | IDEX | FRANCE | District Heating |
REFERENCES
Valuation range: EV €300–700M
Revenue range: €450–900M
EV/Revenue range: below 1.5x
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: idex
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