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Antin Infrastructure Partners to acquire Idex from Cube Infrastructure Managers

Antin Infrastructure Partners (Antin), an independent private equity firm focused on infrastructure investments, is to acquire Idex, an independent energy infrastructure and energy services company in France, from Cube Infrastructure Managers (Cube).

Founded in 1963 and headquartered near Paris, Idex is an integrated operator of energy infrastructure assets, operating 41 district heating and cooling networks (including the Paris La Défense network), 13 energy-from-waste facilities and a large portfolio of energy services contracts for a wide variety of counterparties. With a nationwide footprint, the Company employs almost 4,000 people and posted revenues of approximately EUR 860 million in 2017.
 
Following the completion of the acquisition, which remains subject to the Company’s works councils’ information processes and regulatory approvals, Antin will work with Idex’s management team, led by CEO Thierry Franck de Préaumont, to support the numerous growth opportunities in its three key markets. These include the continuation of the Company’s highly successful growth strategy within the French district heating and cooling market, the waste valorisation sector as well as the acceleration of organic and inorganic growth within the broader energy services space. Idex’s growth prospects are underpinned by solid long-term market fundamentals, namely energy transition and decarbonisation. 
 
Renaud de Matharel, Chief Executive Officer and Managing Partner at Cube Infrastructure Managers, says: “We are delighted to have entered into exclusivity with Antin, who share the same vision for Idex and recognise the full growth potential of the Company. We believe that Idex will continue to flourish in the coming years thanks to the support of Antin and the leadership of its CEO and management team.”
 
Thierry Franck de Préaumont, Chief Executive Officer at Idex, says: “Idex has enjoyed tremendous growth under Cube’s ownership in all three markets in which the Company operates – district heating and cooling, energy from waste and energy services. We believe we have found with Antin the right partner for the next stage of growth.”
 
Alain Rauscher, Managing Partner and Chief Executive Officer at Antin, adds: “We are impressed by the track record of Idex, a critical player in the energy transition in France. This new investment will allow us to build on our expertise in energy infrastructure. We are delighted to support the management team in the next phase of the Company’s development and to further grow the platform, both in France and abroad.” 
 
Antin was advised by Rothschild (financial adviser) and Freshfields Bruckhaus Deringer (legal adviser). Cube was advised by RBC Capital Markets (financial adviser) and Clifford Chance (legal adviser).

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