Ashurst advises Patrimonium on acquisition financing for AURELIUS’ acquisition of Landis+Gyr’s EMEA business

Ashurst has advised the Patrimonium Middle Market Debt Fund and its investment manager, Patrimonium Asset Management AG (“Patrimonium”), on the provision of acquisition financing for the acquisition of the EMEA business of Landis+Gyr Group AG by funds advised by AURELIUS.

The financing was provided by the Patrimonium Middle Market Debt Fund. The transaction relates to the carve-out of Landis+Gyr’s EMEA business and values the business at an enterprise value of USD 215 million.

Patrimonium is an independent Swiss asset management company focused on private markets. The company is active in real estate, private credit, private equity and infrastructure and is supervised by the Swiss Financial Market Supervisory Authority FINMA. Patrimonium manages assets of approximately CHF 5 billion and employs around 70 people.

Landis+Gyr EMEA comprises the business for electricity, gas, heat and water metering solutions in Europe, the Middle East and Africa. Its portfolio also includes integrated software and service solutions for utilities and other customers. The business has a broad regional presence, several production sites and a long-standing market position in smart metering and energy management solutions.

The transaction underlines the continued importance of private credit in complex carve-out and mid-market transactions. In particular, carve-outs from listed groups require financing partners that can provide not only transaction certainty, but also an understanding of operational transition structures, separation processes and the establishment of a standalone business.

The Ashurst team was led by partners Dr Tobias Krug and Sabrina Bremer. The team also included counsel Christopher Clerihew and transaction counsel Ouafaa Elouariachi and Ariana Fazlic.