March 26 2019: Emerton acted as strategic advisor for Mirova and Asterion in the acquisition of Proxiserve

Paris, March 26th, 2019 – Core Infrastructure Fund II managed by Mirova (an affiliate of Natixis Investment Managers) and Asterion Industrial Infra Fund I have acquired Proxiserve, a leading French group in sub-metering and energy services.

 Core Infrastructure Fund II (CIF II), and Asterion Industrial Infra Fund I have jointly acquired a  co-controlling stake in Proxiserve, alongside with management. Proxiserve is a French utility group active in energy services (submetering, maintenance, heating and electricity).. Proxiserve Group benefits from a sound market position supported by its strong footprint largely spread across France. Proxiserve is the leader in France in the heat and water smart metering markets, as well as the EV charging segment which both benefit from favourable market trends and supportive regulation.

The investment in Proxiserve combines strong downside protection from its core submetering business with very attractive growth prospects resulting from the opportunity to develop further synergies for a smart energy home offering and multi-services for heating, plumbing and metering. Furthermore, Proxiserve is ideally placed to take advantage of the evolving trends around energy efficiency and increasing applications within the “smart home”.

Proxiserve’s strengths additionally come from its best-in-class management team with unique track record, having consistently been at the forefront of business development and committed to ongoing development of the group.

This is the eight investment of Core Infrastructure Fund II, a €1.27bn long-term infrastructure investor dedicated to European infrastructure projects and corporates, managed by Mirova’s General Infrastructure Team  , and the first investment for Asterion Industrial Infra Fund I, a European infrastructure fund launched in November 2018, focused on the European mid-market and an industrial approach to active asset management. Mirova and Asterion share a strong common alignment around responsible investment and ESG.

Mirova and Asterion were advised by Emerton, XK Corporate Finance, KPMG Corporate Finance & TS, DLA Piper.