Brookfield acquires majority stake in Thermondo
BERLIN, 08. Januar 2021 - Thermondo, Germany's largest heating installer, announced today that Brookfield Infrastructure has agreed to acquire a majority stake in the company. The capital will be used to accelerate Thermondo's growth strategy and further expand its customer base for its CO2-neutral heating technologies.
Thermondo is a pioneer of digitalization in the heating market. The unique software developed within the company ensures efficient planning, processing and execution of heating changeovers, including financing and subsidy processes. The heating changes are carried out by permanently employed craftsmen. In recent years, Thermondo has been one of the fastest growing companies in Germany and now employs over 440 people nationwide.
"We founded Thermondo in 2013 because we recognized that the energy transition can only work with the heating transition. Today we have over 20,000 customers and together we have reduced over 13,000 tons of CO2. As our platform grows, the barriers to low CO2 heating for homeowners will be significantly reduced, " said Philipp Pausder, co-founder and CEO of Thermondo. "We are very pleased to have gained an experienced partner in Brookfield, one of the world's largest infrastructure investors. Together, we will accelerate our growth, bring environmentally friendly products such as heat pumps to market faster, and expand our popular rental offering."
Louis Socha, Senior Vice President, Investments at Brookfield, said, "We are very pleased to be working with Philipp and the rest of Thermondo's management team. The energy landscape is on the verge of fundamental change. With its digital processes and innovative products, Thermondo is well positioned to become a leader in this space in Europe, and we look forward to supporting its continued growth."
Philipp Pausder remains a shareholder and in his current role as managing director of Thermondo. "A few days ago, the most important decade in the fight against climate change began. With German households using more than two-thirds of their final energy consumption for space heating, we need to reduce more CO2 in the heating market to meet the 2030 CO2 reduction targets. As Germany's market leader, we are consistently committed to this heating transformation and are now igniting the next stage: more green jobs, greener products and thus, in total, more CO2 savings."
"We are very pleased to hand over our shares to Brookfield as a strong partner for the further expansion of the company," added Stephan Schulze, Investment Director at IBB Ventures - one of the initial investors in Thermondo. "We are pleased to have been able to accompany Thermondo's success story from 2013 until today and are highly satisfied with the economic result."
The transaction is subject to approval by the relevant authorities.
In terms of M&A, Thermondo's M&A advisor is IEG - Investment Banking Group, a leading global investment banking boutique with a focus on the internet and technology sector. Thermondo's legal advisor is Lupp + Partner, an internationally oriented boutique focusing on M&A, private equity, venture capital, real estate and technology transactions.
Berlin-based Thermondo was founded by Philipp Pausder, Florian Tetzlaff and Kristofer Fichtner and entered the market in 2013. The company is the market leader in Germany, with over 20,000 heating system replacements in detached and semi-detached houses and over 440 employees nationwide, over half of whom are permanent tradesmen. Thermondo's goal is to actively drive the energy transition with customer-oriented, innovative and environmentally friendly solutions. Investors include Brookfield, E.ON, HV Capital, Vorwerk, Rocket Internet and 10x. Thermondo is a pioneer in the field of customized energy solutions and has received numerous awards for this in recent years: Thermondo has been listed as one of the 100 most influential cleantech companies worldwide by Cleantech Group three times in a row. The Financial Times and Statista ranked the Berlin-based company second among the growth champions in Europe (2013-2016). Founder and CEO Philipp Pausder has been awarded "Entrepreneur Of The Year 2017" by E&Y.
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About IBB Ventures
IBB Ventures (www.ibbventures.de) has been providing venture capital to innovative Berlin-based companies since 1997 and has established itself as the market leader in early stage financing in Berlin. The funds are primarily used for the development and market launch of innovative products or services and for business concepts in the creative industries. Currently, two funds with a total volume of EUR 100 million are in the investment phase. Both VC funds are financed by funds from Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. IBB Ventures has already invested in more than 240 Berlin-based creative and technology companies; in consortia with partners, the startups received approximately EUR 1.62 billion, of which IBB Ventures has invested more than EUR 240 million as lead, co-lead or co-investor. IBB Ventures is the umbrella brand for the VC activities of IBB Beteiligungsgesellschaft.
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