Jet Investment has entered into an agreement to divest the energy and engineering group, TEDOM. Under the deal, Yanmar Group will acquire 100% of the shares in TEDOM.
The share purchase agreement (SPA) was signed on 4 September 2024, with the transaction pending approval from the relevant regulatory authorities. The transaction is expected to be completed in the coming months. Both parties have agreed not to disclose the transaction’s value or other details. Upon closing, Yanmar Group will acquire 100% of the shares in TEDOM. TEDOM will then become part of the Yanmar Group, which has more than 20,000 employees and annual sales of approximately CZK 170 billion.
TEDOM Group is a leading global manufacturer of cogeneration units and a provider of comprehensive solutions and maintenance for distributed energy systems. The company also offers a range of energy services including power generation, power balancing, electricity and gas sales, and ESG consulting. With around 1,000 employees and operations in the Czech Republic, Germany, Poland, Slovakia, the United States, the United Kingdom, and Kazakhstan, TEDOM Group is expected to generate approximately CZK 8 billion in revenue in 2024.
“Since the acquisition in 2019, we have succeeded in converting TEDOM Group into a true global organization. TEDOM today is not just a supplier of cogeneration units and services but also a supplier of comprehensive energy solutions.” says Mr. Oldřich Šoba, investment director of Jet Investment. Mr. Marek Malík, partner at Jet Investment, adds “TEDOM Group will surely rank among the most important and successful projects in Jet Investment’s almost 30-years of history. We successfully grew TEDOM with our active investor management despite the difficult business environment with COVID-19, supply chain problems, Ukrainian conflicts, followed by high inflation.”
Mr. Peter Aarsen, CEO Yanmar Energy Systems International commented “We are thrilled about this transaction and grateful for JET Investment’s support. This strategic move brings together TEDOM’s expertise in cogeneration and energy services with Yanmar’s global reach and innovative technologies. The strengths of both companies complement each other, creating a strong foundation for future growth. We remain committed to upholding the high standards and values that TEDOM and Yanmar are renowned for.”
The sale of TEDOM Group will be the first divestment of the Jet 2 private equity fund, through which Jet Investment owns the group. After the sale of TEDOM, Jet Investment’s portfolio will include 2JCP (CZ) and Rockfin (PL), which also specialise in energy, and the printing group EDS (DE). Jet Investment currently has an additional CZK 3,8 billion in the Jet 3 Fund, ready for acquisitions of industrial companies.