Porta Finance advises Adven on acquisition of district heating companies in Latvia

25 July, 2018

Adven is expanding to Latvia by acquiring district heating companies in Cēsis and Valmiera.

Adven has agreed to acquire two district heating companies from Enerģijas Risinājumi. Cēsu Siltumtīkli is a district heating operator and heat producer in the city of Cēsis producing and delivering heat to over half of the inhabitants in the city. Valmieras Enerģija is a heat producer located in the city of Valmiera and produces c. 85% of the total heat consumed in Valmiera.

As part of the transaction, Adven will acquire 100% of Cēsu Siltumtīkli, and 52% of Valmieras Enerģija, whilst 48% of the company remains in the ownership of the municipality of Valmiera.

Adven is the leading provider of sustainable and business critical energy infrastructure and services in Finland, Sweden and Estonia. Adven owns and operates a diversified, high-quality asset base at the sites of its industrial, municipal, and real estate customers. Following these acquisitions the company sees an exciting opportunity in utilizing its experience and expertise in the energy sector also in the Latvian market.

According to Matti Viljo, CEO of the Adven Group, Adven is well-established in Finland, Sweden and Estonia, which provides a firm foundation for growth opportunities in Latvia. „Our goal is continued growth, which is why we are continuously looking for suitable growth avenues in the Nordic and the Baltic countries,” said Viljo.

Adven is owned by AMP Capital and Infracapital.

Porta Finance acted as an exclusive financial adviser to Adven. Porta Finance advised Adven on the initial approach to the seller, assisted with due diligence coordination and target valuation. “This transaction is another example of our international relationships in the region and energy sector expertise”, said Mikus Janvars, Partner at Porta Finance.

Further information:

Juhani Sillanpää
SVP Business Development, Adven
Tel: +44 (0) 7789 033236

Urmo Heinam
CEO of Estonia and Latvia, Adven
Tel: +372 667 8651

Dmitrijs Timofejevs
Director, Porta Finance
Tel: +371 6733 6730