On 2 November 2020, French infrastructure fund Ardian announced their agreement with the Finnish government-owned energy company Vapo Oy to acquire Vapo’s district heating and industrial energy solutions business Nevel Oy.
Nevel owns and operates over 130 heating and power plants and over 40 district heating networks in Finland, Sweden and Estonia. Nevel’s net sales in 2019 was 101 million euros.
Ardian sees good opportunities to develop and expand Nevel’s business in Finland, Sweden and Estonia, aiming at becoming the go-to platform for industrial and commercial companies willing to outsource their energy capex and services.
EY's dedicated Nordic Power & Utilities Strategy & Transactions team provided buy-side transaction advisory services to Ardian, including financial due diligence, tax due diligence, tax structuring, carve-out assessment, digital assessment and social & governance assessment. This highlights EY's capabilities to provide high-quality transaction advice with deep sector-specific expertise in large cross-border transactions, as well as the ability to bring together cross-country teams and to link together insights not only in financial and tax areas, but also in operational, IT, digital and sustainability areas.
Ardian press release
Nevel press release
Vapo press release