Equitix acquires a second UK smart metering business
Equitix Investment Management has acquired a UK smart-metering business from OMERS subsidiary Borealis Smart Holdings, Ontario Teachers’ Pension Plan Board and SSE.
In a joint statement, the founding shareholders said they have sold Maple TopCo (MapleCo) to Equitix for an undisclosed amount.
MapleCo was established in 2017 and as of March 2020, it had an asset base of over 1.6m installed meters. It is the second portfolio of smart meters that Equitix has purchased, after its acquisition of a portfolio of industrial gas & electricity meters from Smart Metering Systems last March.
“We are proud of MapleCo’s achievements since its establishment in 2017. Working with reputable industry partners such as OVO Energy, the business has experienced significant growth and is now one of the UK’s leading meter asset providers,” the founding partners said.
“Today, MapleCo is a critical part of the UK’s energy infrastructure, supporting the green energy transition and helping advance the UK government’s policy goals.”
Achal Bhuwania, deputy CIO for Equitix, said: “We are delighted to be acquiring MapleCo and keen to deliver its next phase of growth.
“This acquisition furthers our participation in the UK smart metering programme which aligns with our business objectives of investing in the country’s sustainable energy transition initiatives.”