Case Studies

KALO’s Acquisition of QUNDIS


  • On April 25, 2017, KALORIMETA AG & CO. KG (KALO)
    announced its acquisition of QUNDIS for a total
    consideration of €400 million


  • KALO and its sister company KeepFocus Europa GmbH
    & Co. KG (KeepFocus) offer networked infrastructure and
    services for consumption-based measurement, data
    analysis, and billing of heating and operating costs, as well
    as clima-intelligent applications for the residential and
    commercial real estate sector
  • KALO and KeepFocus use more than 10 million owned
    measuring devices and smoke alarms to increase billing
    transparency, energy efficiency and building safety, and to
    deliver to its customers fast, legally accurate settlements
    for 1.6 million apartments. The company’s solutions are
    delivered reliably everyday by 1,500 employees (including
    sales representatives)
  • KALO was founded in 1953 and is headquartered in
    Hamburg, Germany


  •  Headquartered in Erfurt, Germany, QUNDIS is a leading
    supplier of sub-metering and communication devices used
    to measure, collect and transmit accurate consumption
    data for heat and water usage at the household unit level,
    serving the SME independent sub-metering supplier and
    building technology markets across Europe
  • Between 2014 and 2016, QUNDIS increased its sales from
    EUR 60 million to EUR 90 million
  • KALO and KeepFocus have acquired QUNDIS from
    HgCapital, which will retain a minority position in the
    combined group


  • Greentech served as exclusive financial
    advisor to KALO and was closely involved
    in all aspects of the transaction, including
    structuring, valuation, due diligence and
  • Greentech supported KALO’s approach by
    focusing on long-term strategic value and
    synergy potential, understanding process
    competition, and designing a transaction
    structure that was attractive to HgCapital
  • Greentech was able to negotiate a
    preferred status for our client and
    announce an agreement before the
    formal bid deadline


  • With the acquisition of QUNDIS, KALO
    pushes ahead with its digital transformation
    strategy to position itself to better serve
    a changing market with state-of-the-art
    wireless device infrastructure, data
    security, data integrity and flexibility
  • This was a landmark transaction in the
    sub-metering market as QUNDIS’s strong
    growth profile, technology leadership,
    and positive market outlook attracted
    interest from financial and strategic bidders
    resulting in a competitive process

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