Advent International welcomes ADIA as a partner to accelerate INNIO’s growth and strengthen its energy transition leadership
• Wholly owned subsidiary of Abu Dhabi Investment Authority has entered an agreement to become a significant shareholder in Austrian energy solution provider INNIO
• Advent International continues as majority shareholder of INNIO
• Advent and ADIA to partner in supporting INNIO’s growth potential in green technologies
• INNIO continues to execute on its strategy of leading the transition to net zero
Frankfurt/Jenbach/Abu Dhabi, March 31, 2023 – Advent International (“Advent”) has reached an agreement with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), for ADIA to invest in and become a significant shareholder in Austrian energy solution provider INNIO. The consummation of the transaction is inter alia subject to customary regulatory approvals.
Advent, one of the largest and most experienced global private equity investors with a well-established track record in the industrials sector, will continue to be the majority owner of the company. Following this transaction, Advent and ADIA, will partner to accelerate the company’s growth and support the company in further leading and empowering the transition to green energy.
Under Advent’s stewardship, INNIO has transformed from a leading provider of reciprocating engines for the conversion of gaseous input fuels to a green technology pioneer, delivering innovative energy solutions and services for the power generation, heating, cooling, and compression segments. The decentralized and flexible solutions range from various renewable energy sources, such as biogas and landfill gases, to 100 percent green hydrogen, building resilience for businesses and industries while reducing carbon intensity. INNIO’s iconic Jenbacher and Waukesha brands and the myPlant digital platform harness the power of engineering, technology, and green energy to accelerate a cleaner tomorrow.
We are looking forward to partnering with ADIA and to see them become a significant shareholder in INNIO. We will continue supporting INNIO in empowering the transition to clean energy while enabling the path to net zero. Under the ownership of Advent, INNIO has implemented a strong value creation plan that has already resulted in an improved performance of the business. With our partner ADIA, we will be able to provide INNIO with further resources to capitalize on the strong foundation that has been laid over the past few years to further drive the ongoing energy transition.
Ranjan Sen, Managing Partner at Advent International in Germany
Energy transition is an important investment theme for us and we have built our exposure to it over a number of years. INNIO is at the forefront of reducing carbon intensity and increasing the use of renewable energy sources across a number of industries. Alongside our valued partners at Advent, we look forward to supporting the company as it continues to innovate and embark on its next phase of growth.
Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA
With ADIA, we are looking forward to welcoming an additional strong partner, whose focus on long-term value creation and broad experience in the renewable energy sector supports our ambition to enable the transition to green energy. In addition, ADIA’s global and local expertise will allow us to further strengthen our business in the MENA region.
Dr. Olaf Berlien, President and CEO of INNIO
Since the acquisition by Advent, the INNIO business has been fully carved out of its former owner GE, revamped its go-to-market strategy, improved production efficiency and expanded its product offering. INNIO has also increased its presence in Asia and North America, including through the completion of a modern, high-end production facility for Waukesha engines in Ontario. Supported by Advent, the company has built a solid base from which to grow internationally. In the future, INNIO aims to continue its expansion into new markets, leverage M&A opportunities and foster product development to remain the preferred provider of flexible power solutions for clients seeking a reputable, reliable, cleaner and affordable solution to accompany them throughout their own energy transition journey.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had €91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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ABOUT ABU DHABI INVESTMENT AUTHORITY
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
For more information: https://www.adia.ae
INNIO is a leading energy solution and service provider that empowers industries and communities to make sustainable energy work today. With our product brands Jenbacher and Waukesha and our digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources. We are individual in scope, but global in scale. With our flexible, scalable, and resilient energy solutions and services, we are enabling our customers to manage the energy transition along the energy value chain wherever they are in their transition journey.
INNIO is headquartered in Jenbach (Austria), with other primary operations in Waukesha (Wisconsin, U.S.) and Welland (Ontario, Canada). A team of more than 4,000 experts provides life-cycle support to the more than 55,000 delivered engines globally through a service network in more than 100 countries.
INNIO’s improved ESG Risk Rating again secures the number one position across more than 500 companies globally in the machinery industry assessed by Sustainalytics.
Media Contacts for Advent International
Olaf Zapke, FGS Global, Tel +49 170 764 1971, firstname.lastname@example.org
Markus Stoker, FGS Global, Tel +49 162 245 3946, email@example.com
Media Contacts for INNIO
Kerstin Lienbacher, INNIO Group, Tel +43 664 80833 2077, firstname.lastname@example.org
Roland Leithäuser, Kekst CNC, Tel +49 162 2074 592, email@example.com