Infracapital, the infrastructure equity investment arm of M&G Investments, has agreed to sell 100% of the equity of Calvin Capital, a provider of gas and electricity meters to energy suppliers in the UK, to KKR, a leading global investment firm.

Financial terms were not disclosed and the transaction is expected to complete at the end of January 2017.

Calvin has grown significantly since Infracapital’s original investment in 2007 and has to date financed the procurement and installation of over six million meters, including c. two million smart meters, which allow consumers to better manage their energy use and energy companies to better manage their customer relationships.

With the support of KKR as its new shareholder, Calvin will continue to play a key role in the UK Government’s plans to install a smart meter in every home and business in Great Britain by 2020. The company has already secured contracts for over eight million smart meters in total.

Martin Lennon of Infracapital said:

“Since Infracapital created the Calvin Capital business it has experienced incredible growth to become a leading meter asset provider with significant smart meter contracts secured. This transaction is testament to entrepreneurial spirit and hard work of both the Infracapital and Calvin teams. We are confident that Calvin will continue to flourish under its new ownership and we wish the business and all its employees every success in the future.”

Jesus Olmos, Member & Global Co-Head of Infrastructure of KKR, said:

“We are delighted to be partnering with an exceptional business such as Calvin, which benefits from strong market positioning thanks to its exceptional management team, effective asset management and tried, tested & scalable IT systems. Calvin is perfectly positioned to support the UK Government’s plan to further roll out smart meters thanks to its strong track record of delivery and strong relationships with the UK’s leading energy suppliers.”