It’s a software and energy-focused morning. We’ll start today with an exit, as Tikehau Capital – alongside Peugeot Invest, Bpfrance and NextWorld – announced the sale of its minority stake in Total Eren to TotalEnergies.
Then we’ll take a look at an add-on by Main Capital’s portfolio company Paragin, as it acquires training administration software provider Coachview.
To finish, we’ll take look at another exit, this time by Summa Equity, as the firm parts with energy efficiency software platform Kiona via a sale to CAREL.
Let’s kick off with an exit that involves a lot of firms. Tikehau Capital, Bpifrance, Peugeot Invest and NextWorld announced the sale of their minority stake in renewable energy company Total Eren, to TotalEnergies.
The investment multiple from the initial investment in 2015 was 2x.
Total Eren develops, finances, builds and operates renewable energy assets in countries where they represent a “competitive response to growing energy needs”, according to a statement.
Bpifrance, Tikehau, Peugeot Invest and NextWorld first invested in Paris-based Total Eren in 2015. The firms invested further in 2017 and 2019. TotalEnergies joined as an investor in 2017.
Since the investment in 2015, Total Eren’s installed capacity has increased by 10 times, from approximately 350 MW to 3.5 GW. The company’s sales increased from around €52 million to around €540 million.
Total Eren holds a solar, wind, hydroelectric and storage projects pipeline of over 10 GW, of which close to 1.2 GW are in construction or at late-stage development, according to a release.
There has been some interesting activity in the energy sector. In late June, Carlyle, CIC and CVC agreed on the sale of Neptune Energy to Eni and Vår Energi. Earlier this month, LDC made a significant investment in Boston Energy, a technical services provider to the wind energy industry.
Moving on from energy to software. Paragin Group, a portfolio company of Main Capital Partners, has acquired Coachview, a training administration software provider.
Headquartered in Uden in the Netherlands, Coachview develops SaaS course administration products for schools and training and examination institutions at all educational levels in the Netherlands and Belgium.
Main Capital invested in Paragin in 2021. Coachview is Paragin’s second add-on acquisition, following its investment in SOWISO in 2022.
“This highly strategic partnership fits perfectly within our strategy of creating a leading European EdTech provider with innovative solutions that cater to evolving needs throughout the learning journey,” said Sjoerd Aarts, partner at Main and chairman of Paragin’s supervisory board.
Next up, we have an exit that nicely combines the last two sectors we’ve covered. Summa Equity announced the sale of Kiona, an energy efficiency software platform, to global energy efficiency components provider CAREL.
Headquartered in Trondheim in Norway, Kiona is a SaaS company that aims to reduce unnecessary energy usage and CO2-equivalent (CO2e) emissions generated by and for buildings. The company has developed technology that allows users to monitor, control and optimise their energy consumption, according to a press statement.
In 2022, Kiona achieved double-digit growth through sales of its full suite products: Energy Management Software, Supervisory Control, and Data Acquisition and the self-learning AI engine Edge, the release added.
“Over 58,000 buildings across Europe use Kiona technology and in 2022, 24,000 tons of CO2e was averted as a direct consequence,” said Gisle Glück Evensen, director in Kiona and partner, Summa Equity. “Operating at this scale means that Kiona is generating considerable impact and climate action for customers.”