OMERS wholly owned subsidiary, Borealis Smart Holdings BV, Ontario Teachers' Pension Plan Board ("Ontario Teachers’"), and SSE plc ("SSE"), the founding shareholders behind Maple TopCo Limited (“MapleCo”), the smart-metering business that has funded the installation of more than 1.6 million smart meters across the UK, today announced the signing of an agreement for the sale of a 100% equity interest in the company to funds managed by Equitix Investment Management Limited (“Equitix”).
Created in 2017, MapleCo now ranks as one of the UK’s largest Meter Asset Provider (“MAP”) by contracted meters. MapleCo funds the procurement and installation of electricity and gas meters, in return for fixed payments under long-term agreements with energy suppliers. MapleCo’s smart meters are essential for the provision of accurate data to both consumers and suppliers, enabling improved customer service, power grid management and innovation in the energy market.
In a joint statement, MapleCo’s founding partners said:
“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. 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.
“We are pleased that MapleCo will be acquired by Equitix, and are confident that the company will continue to deliver on its strong contracted pipeline and long-term growth ambitions across the metering and wider energy services markets,” the partners added.
Achal Bhuwania, Deputy Chief Investment Officer 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.”
Closing of the transaction is expected in Q4 2020.
The founding consortium was advised by DC Advisory and Allen & Overy LLP, Equitix was advised by Investec Bank Plc, PricewaterhouseCoopers LLP and Ashurst LLP.