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Infracapital and AMP Capital agree the sale of Adven to institutional investors advised by J.P. Morgan Asset Management

By AMP Capital media team

Infracapital, the infrastructure equity investment arm of M&G Plc, and AMP Capital announce that they have agreed the sale of their combined ownership interest in Adven, a leading provider of clean energy solutions across the Nordics and Baltics, to institutional investors advised by J.P. Morgan Asset Management.

Infracapital and AMP Capital have owned Adven since January 2016, during which time they have worked with the business to achieve a number of significant milestones, including:

  • Realising significant growth and delivering on the ambition to expand the business’ presence in the Swedish market, becoming the leading provider of outsourced clean energy in the region;
  • Successfully entering the Latvian and Norwegian energy infrastructure markets;
  • Making significant progress in delivering sustainable energy solutions to its customers, achieving improved GRESB scores and reducing carbon footprint per sold megawatt hour by 20% since 2016; and
  • Strengthening of the management team and Board, including the recruitment of a new CEO, CFO, an independent Chairman and high quality non-executive directors.

Martin Lennon, Head of Infracapital, said:

“We are proud of the significant growth of Adven under our ownership. In line with our ambition to invest in essential infrastructure to support both long-term economic growth and deliver positive societal impact we have leveraged our experience and expertise to transform the business into the leading provider of clean energy solutions to industrial clients in the Nordics. Alongside AMP Capital and Adven’s management team, we have worked together to establish a strong platform for Adven’s continued success, and we wish the new owners, the management team and employees every success in the future. We are confident that Adven will continue to play a critical role in reducing CO2 emissions across the Nordics and the Baltics.”

David Rees, Global Co-Head of Asset Management at AMP Capital, said:

“Alongside Infracapital we have successfully driven Adven’s growth through active asset management, with bolt-on acquisitions including the acquisition of E.ON’s district heating business in Sweden, and organic growth into new markets, while refocussing its strategy on clean energy solutions to bring positive outcomes for business, people and the planet. In recent months, Adven has demonstrated its robustness, proving highly resilient to Covid-19. Our exit concludes a successful investment for our clients, and we wish the new owners continued success in driving the business forward.”

Matthew LeBlanc, Chief Investment Officer, Infrastructure Investments Group, J.P. Morgan Asset Management, said:

“The institutional investors advised by J.P. Morgan Asset Management are delighted to invest in Adven, a platform that significantly enhances scale and capability in the region alongside our ownership of Värmevärden. Adven has a fantastic track record of growth, leadership in ESG and delivering customer centric solutions, all of which are driving the long term sustainable energy transition. We are excited about supporting Adven, its customers, employees and broader communities in delivering on these collective goals and exciting growth ambitions.”

Jyrki Vainionpää, CEO of Adven Group, said:

“Adven’s vision is to become the best in the world in providing sustainable energy as a service with superior customer experience for industries and real estate. Adven is constantly seeking new growth avenues, collaborating with the major industrial and real estate customers, and attracting the best talent. Our mission is to find, build and run energy solutions of tomorrow that benefit business, people and the planet. We are very happy to have a leading infrastructure investor as our new owner. We would like to thank our current owners Infracapital and AMP Capital for their strong support on our joint journey so far and look forward in pushing our ambitious future agenda forward with our new owner.”

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Important Notice

While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.

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