Goldman Sachs Alternatives to Sell its Stake in Calisen, the Leading Smart Metering Company in the UK
The Infrastructure business at Goldman Sachs Alternatives (“Goldman Sachs”), is pleased to announce that, together with its co-investors, funds managed by Global Infrastructure Partners (GIP) a part of BlackRock (“BlackRock”) and Mubadala Investment Company (together “the Sellers”), it has signed an agreement to sell its equity stake in Calisen to EQT Active Core Infrastructure fund (“EQT”) and GIC, a leading global investor.
Under the Sellers’ ownership, Calisen became the UK’s leading provider of smart meters and small scale energy transition infrastructure, playing a pivotal role in helping to de-carbonize the economy.
Since the Sellers acquired the business in 2021, Calisen has continued to scale its smart metering business while broadening its capabilities in other energy infrastructure assets including solar and battery infrastructure, electric vehicle charging infrastructure, electrification of heating.
Headquartered in Manchester, the Calisen Group is a leading independent owner and manager of essential energy infrastructure assets, as well as a provider of smart meters, electric vehicle charging, solar and battery, and heat pump installation, meter reading, maintenance and ancillary services, whose purpose is to accelerate the development of a cleaner, more efficient and sustainable energy sector. The growing adoption of smart meters and other small scale energy transition assets is underpinned by long-term secular growth trends and a supportive regulatory framework towards net zero. With an installed base of approximately 16 million meters, Calisen is well-positioned to capitalize on the continued energy transition in the UK.
Under the Sellers ownership, Calisen continued to scale its core metering business while unlocking growth in new segments to become a broader energy transition business. In addition, the company has strengthened its commitment to environmental and social change, committing to achieve net zero carbon emissions in operations1 by 2030 as well as signing up to become a Real Living Wage Employer in 2024.
Sapna Sirohi, Managing Director in Infrastructure at Goldman Sachs Alternatives, said “We are delighted to have been able to support significant growth in the business since our acquisition in partnership with Sean and his team. We recognized the need for significant investments to advance UK’s decarbonisation agenda and the opportunities it creates for a business like Calisen to grow in metering and beyond. We are proud of the management team’s success in executing on that vision and we wish them success on the next phase of their journey.”
Sean Latus, CEO of Calisen, said “I would like to thank Goldman Sachs, BlackRock and Mubadala for their support over the last three years, which has helped us strengthen our market lead in smart metering, whilst replicating and building upon that success in adjacent areas. We believe the Company is well positioned for the next phase of growth and we look forward to deploy our existing skills and infrastructure to help our customers on their journey to net zero.”
The transaction is subject to the satisfaction of certain conditions including regulatory approvals.
Goldman Sachs International and Macquarie Capital served as financial advisors and Clifford Chance and Sullivan & Cromwell served as legal counsel to the Sellers.
About Infrastructure at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $3 trillion in assets under supervision globally as of September 30, 2024.
Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $16 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including digital infrastructure, energy transition, transportation & logistics and circular economy.
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