IDEX acquired by J.P. Morgan Asset Management
Context
Antin Infrastructure Partners has entered into exclusive negotiations with JPMorgan Asset Management for the sale of Idex, following a sale process launched almost one year earlier and advised by Morgan Stanley. The transaction marks Antin’s exit from an asset it has owned since 2018, following a period of transformation and development during which Idex expanded its activities and geographic footprint through organic growth and acquisitions. The process attracted interest from several infrastructure investors, with JPMorgan Asset Management, CPP Investments and Copenhagen Infrastructure Partners reaching the final stage. For JPMorgan Asset Management, the investment adds to its portfolio a French infrastructure platform specialising in energy infrastructure, with a particularly strong position in urban and industrial district heating networks. The investment thesis is supported by structural investment needs across energy infrastructure, the development of new district heating networks and the decarbonisation of energy systems. As a long-term financial investor, JPMorgan Asset Management intends to support Idex’s continued development rather than integrate it into an existing industrial business. Following the transaction, Idex is expected to continue operating under its existing management. The Group should remain focused on developing new district heating networks, investing in its existing infrastructure and expanding its activities in energy services and energy-from-waste. Completion of the transaction remains subject to regulatory approvals, including France’s foreign investment control procedure.
In the past, the company had already been the subject of several LBOs, notably led by Cube Infrastructure in 2011 and Antin Infrastructure in 2018. These multiple LBO cycles illustrate the strong appeal for this type of asset.
IDEX, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of .
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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REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 150M - 250M EUR
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Target: idex
Acquirer: j.p. morgan asset management