Empower Group has completed the sale of its Energy Intelligence division to funds advised by Northern European private equity firm KLAR Partners Ltd
Empower Group has completed the sale of its subsidiary Empower IM Oy, which combines the Group’s software and BPO activities for smart grids, energy market services, smart energy metering and utilities (“Energy Intelligence Division” or “EID”), to funds advised by Northern European private equity firm KLAR Partners Ltd (“KLAR”). The completion of the transaction took place on 30 June 2020.
The Energy Intelligence business carried out by Empower IM Oy provides mission-critical software and BPO services for smart grids, energy market functions, smart energy metering and utilities. The company combines a fast-growing Customer Information System SaaS solution and other business applications, which are vital components of the smart meter-to-cash (M2C) value chain for energy companies and utilities, with BPO services for smart grids and energy market functions to secure energy supply at all times. Both divisions have achieved strong market position in Finland, with an established customer base and strong international growth prospects. Total sales amounted to EUR30m in 2019. The company currently has around 250 employees.
“We are excited to having completed this transaction. The Energy Intelligence business has a strong position in the market and with its new committed owner, Empower IM Oy is able to expand its business internationally. We believe that KLAR is well-suited to support the company’s growth and has a solid understanding of the energy and utility industries and their respective potential. Going forward, the Empower Group will focus on providing the best customer experiences within the power, telecom and industrial business segments by concentrating on realizing the smart society essentials and digitalizing our core business,” said Mikko Vaahersalo, CEO of Empower Group.
Fredrik Brynildsen, Partner at KLAR, said: “The acquisition of EID is a perfect fit for KLAR’s investment strategy as the business delivers mission-critical services to a resilient and increasing end market in the Nordics. We have been very impressed by the EID team and its ability to achieve a strong position in its domestic market in recent years, and we are excited to partner with management and the employees to continue to build upon this platform.”
Håkan Tylen, incoming CEO of EID, said: “We are very enthusiastic to partner with KLAR and look forward to the exciting journey that lies ahead. With their funding and commitment to EID, we are now better placed than ever to create a strong and independent leading market player and take full advantage of an exceptional growth opportunity.”
About KLAR Partners
KLAR Partners is an independent, mid-market private equity firm focused on control investments in companies that deliver mission-critical products and services with transformational potential. The firm invests in, and transforms businesses, in the range of EUR 50-500m in sales, primarily across the Nordics, DACH and Benelux regions. With investment professionals located in London, Stockholm, Frankfurt and Brussels, KLAR has a strong track record in the execution of complex transactions such as corporate divestments. The firm’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in the business services and industrials space. The acquisition marks KLAR Partners first transaction.
Mikko Vaahersalo, CEO of Empower Group, tel. +358 44 425 3143
Håkan Tylen, CEO of Energy Intelligence, tel. +358 40 641 7444