PARIS & LONDON & NEW YORK, August 5 — Regulatory News:Antin Infrastructure Partners (Paris:ANTIN), through its Flagship Fund III and Fund III-B, has entered into exclusive negotiations with the Infrastructure Investments Fund (IIF) for the sale of Idex.
Founded in 1963 and headquartered near Paris, Idex is a leading European independent energy infrastructure platform, delivering the full suite of decarbonisation solutions to public entities, industrial, residential and tertiary customers. The company operates 60 district heating and cooling networks, 32 energy production plants, 13 energy-from-waste plants and services 18,000 buildings for their energy needs.
Idex has significantly transformed under Antin’s ownership to become one of the major players in the energy transition space in France and in Europe. The company grew its core business, expanded its product offering, penetrated new client verticals and entered new geographies, including Belgium, Lithuania and Italy. It also significantly strengthened its management and commercial capabilities to address more and bigger projects and increased the number of employees to more than 6,400 from approximately 3,800. Since 2018, revenues more than doubled to reach €1.9 billion in 2025 and EBITDA nearly tripled to €210 million in 2025. On the sustainability front, the share of energy sourced from renewables and recovered waste in its district heating and cooling business increased to 65% from 40% between 2018 and 2025.
Stéphane Ifker, Managing Partner and co-Chief Investment Officer, and Mehdi Azizi, Senior Partner at Antin, said: “We are proud of the deep transformation and impressive growth journey that Idex has accomplished under Antin’s stewardship, allowing us to generate solid returns for our fund investors. We would like to thank Benjamin Fremaux and his team, and we are confident the company will continue its growth with its new partner.”
Benjamin Fremaux, CEO of Idex, stated: “I want to thank our teams for driving the incredible transformation of Idex over the last few years, and our clients for building such strong, lasting partnerships with us. Today, we are changing scale. This new backing gives us the financial and strategic firepower to drastically speed up the decarbonisation projects of the industries and communities we serve.”
Ben Francis, Investment Principal to IIF, said: “We are delighted to invest in Idex, a leading energy infrastructure platform powering France’s transition to local, low-carbon, reliable energy. In partnering with Benjamin Fremaux and the management team, we look forward to supporting the collective growth of Idex’s customers, employees and communities.”
The transaction remains subject to customary regulatory approvals and the company’s Works Councils’ information process and is expected to close by Q1 2027.
Morgan Stanley & Co. International plc and Rothschild & Co served as financial adviser to Antin and Weil, Gotshal & Manges served as legal counsel. UBS served as financial adviser to IIF and Latham & Watkins served as legal counsel.