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Viterra Energy Services Sells for $1B

SAN DIEGO, CA-British investment firm CVC Capital Partners is acquiring the company, which provides one-stop integrated services for the metering and billing of water and energy. A wholly owned subsidiary of German real estate firm Viterra AG Group, Viterra Energy Services has its US headquarters based in San Diego.

By Erin Cassin | Updated on April 16, 2003

SAN DIEGO, CA-In a move to exit the services business and focus on its core business of residential real estate, the German real estate company Viterra AG Group is selling its wholly owned subsidiary Viterra Energy Services to British investment firm CVC Capital Partners for $1 billion.

The sale, which is retroactive from January 1, 2003 and includes liabilities of approximately $92 million, is subject to approval by the Supervisory Boards and the Federal Cartel Office. According to a Viterra Energy Services spokesperson, the transaction is expected to close within one to two months.

Viterra Energy Services, which has its US headquarters based in San Diego, provides one-stop integrated services for the metering and billing of water and energy. The company, which employs approximately 3,700 people, is represented in 28 countries. It increased its sales by 10.6% in 2002 to nearly $500 million and posted an operating profit of $113 million.

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