Exits – BC Partners takes Techem to market

BC Partners funds have retained a holding of more than 30 percent in Techem following the firm’s IPO on the Frankfurt stock exchange. Techem, which with an issue price of 19 per share raised approximately 164 million ($158 million), had an initial market capitalisation of 700 million. The company will use the 58 million net proceeds from the flotation to finance domestic and international expansion and to diversify into related business areas.

BC Partners acquired its majority holding in Techem in 1996 from the children of its original founder. The vendors retained a significant minority stake alongside senior management. With a 25 percent market share, the company is the German leader in the measurement and allocation of energy and heat costs in multi-tenanted buildings; its 1998/9 turnover was around 300 million.