Commodities intelligence and analytics provider Kpler, which is backed by private investment firms Insight Partners and Five Arrows – the private equity arm of Rothschild & Co – has initiated a process to sell a significant minority stake in the business, according to a report by Reuters.
The report cites unnamed people familiar with the matter as revealing that the deal could value the company at close to $5bn.
Investment bank Evercore is advising on the sale, with marketing materials expected to be circulated shortly, the according to the sources, although the exact size of the stake on offer has not been finalised.
The transaction is expected to attract a broad mix of investors, including private equity firms, sovereign wealth funds and family offices, reflecting continued appetite for data-driven infrastructure and alternative information platforms within private markets.
Among those understood to be evaluating the opportunity in early-stage discussions are Warburg Pincus, Blackstone and Hg, alongside sovereign investors including GIC, Temasek and Mubadala. General Atlantic is also among the firms said to be reviewing the business, according to the sources. All parties declined to comment or did not respond to requests for comment.
Insight Partners and Five Arrows invested more than $200m in Kpler in 2022, while the remainder of the company is held by co-founders François Cazor and Jean Maynier, who are expected to retain control following the transaction, previously reported details indicate.
The Brussels-based company has grown rapidly in recent years by providing intelligence on commodities, energy flows and shipping markets—areas where transparency is often limited. Its platform combines satellite imagery, vessel tracking and customs datasets, alongside algorithmic modelling, to deliver insights used by traders, energy companies and government agencies.
Investors view Kpler as relatively well positioned in the face of artificial intelligence disruption, given the proprietary nature of its datasets and the complexity of its data integration model, according to people close to the process.
The company’s growth has also been supported by heightened macro volatility and geopolitical uncertainty, which have increased demand for real-time energy and commodities intelligence.
Kpler is currently generating around $300m in annual recurring revenue, the sources said. Valuation expectations vary, with some market participants comparing it to recent data and analytics transactions such as Nordic Capital’s acquisition of TradingHub, suggesting potential valuation multiples in excess of 10 times revenue.
