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Investors close on Adven acquisition

Finland-headed "energy as a service" provider Adven Group has recently announced the closing of its acquisition by institutional investors advised by J.P. Morgan Asset Management. The investors in the infrastructure fund are mainly pension funds that also have 100 percent ownership in the Swedish district heat provider Värmevärden AB.

Finland-headed “energy as a service” provider Adven Group has recently announced the closing of its acquisition by institutional investors advised by J.P. Morgan Asset Management (photo courtesy Adven).

Founded in 2010, Värmevärden has operations located in twelve municipalities in Central Sweden. In four of these municipalities – Hofors, Leksand, Kristinehamn, and Rättvik – district heating is owned together with each respective municipality.

Värmevärden is owned by an infrastructure fund managed by J.P. Morgan Asset Management that has now acquired a 100 percent stake in Adven Group. The investors in the fund are mainly pension funds, which provides security in ownership as the focus is on the long-term.

Strengthen market position

According to Värmevärden, the deal significantly increases the infrastructure fund’s presence in the Nordic energy market. Over a long period of time, Adven has created a strong position, primarily in sustainable energy deliveries to industries in the Nordic and Baltic countries.

I firmly believe in the combined potential of Adven and Värmevärden, as two independently strong businesses, coming together to create a leading provider of industrial energy solutions and district heating, said Mikael Kramer, Chairman of Adven and Värmevärden.

With around 1.9 GW installed energy capacity on 300 locations across the Nordic- and Baltic States, Adven Group has grown into a leading provider of energy and water services across these countries following its founding in 2012.

For industries, Adven produces industrial steam, heat, and cooling as well as provides utility and processing solutions to improve energy, water, and material efficiency. For the real estate segment, Adven produces heating and cooling based on district heating or property-specific solutions applying for instance bioenergy- and geothermal energy.

Continued growth and geographic expansion

Together with Värmevärden’s experience and its strong focus on sustainable district heating in the Swedish market, both companies will be able to benefit greatly from each other in their continued growth.

Värmevärden and Adven will begin the collaboration to take full advantage of an expanded geographic market and a broader offer to customers and jointly continue to grow in all the services currently provided.

I am very happy that Adven has a leading infrastructure investor as our new owner and I look forward to delivering our ambitious agenda together. The open-end structure and long-term investment horizon match very well with our long-dated customer contracts and relationships. Our investors said that they are delighted to invest in Adven, a platform that significantly enhances scale and capability in the region alongside their ownership of Värmevärden. I want to thank AMP Capital and Infracapital Teams as well as all board members for the great cooperation and valuable support in recent years, said Jyrki Vainionpää, CEO of Adven Group.

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