• Babcock Wanson Group (Babcock Wanson) is a prominent European player in the energy transition, specializing in equipment and services for industrial boiler rooms for over a century. With operations in 11 European countries, six manufacturing facilities and more than 1,150 employees, Babcock Wanson focuses on optimizing steam production through the manufacturing of boilers and adjacent environmental technologies like heat recovery systems, as well as air and water treatment systems, complementing its offering with after-sale services
  • Leveraging its engineering expertise, Babcock Wanson aims to reduce costs and increase the efficiency of industrial boiler houses, thereby significantly minimizing the carbon footprints of its customers
  • In a global market driven by environmental sustainability trends, Babcock Wanson is a pivotal enabler to industry decarbonization by transforming heat production using electrification and low-emission technologies
  • Kartesia is a privately owned European asset manager specialized in private equity and corporate lending with €6.8bn AUM. Kartesia first invested as a lender and minority shareholder in Babcock Wanson Group in 2016, and renewed its support in July 2021 by acquiring the majority of the shareholding of the company
  • Ambienta is a European environmental sustainability investor across private equity, public market and private credit. Operating out of Milan, London, Paris and Munich, Ambienta manages over € 3bn in assets with a focus on investing in private and public companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control


  • DC Advisory was exclusively mandated by Kartesia to run Babcock Wanson's refinancing and a narrow M&A process based on unsolicited marks of interest
  • DC Advisory managed the refinancing and sale processes, including due diligence, strategic review, financial analysis, legal and operational aspects and process management between all stakeholders
  • DC Advisory's expertise in the sector and ability to smoothly deliver both debt and M&A advisory services played a crucial role in the success of the transaction


  • In April 2024, Babcock Wanson closed its refinancing (i.e. full bullet debt, partial repayment of cash advance granted by shareholders for build-ups, refilling of M&A firepower, specific clause of CoC to enable Ambienta’s entry, inclusion of ESG ratchets in pricing with art. nine lenders)
  • In June 2024, Ambienta entered into a definitive agreement with Kartesia to acquire a majority stake in Babcock Wanson while Kartesia remains a large minority shareholder alongside management
  • The management team aims to consolidate its position as the European leader in heating industrial equipment and services by expanding geographically and strengthening its electric product range to better meet customer expectations
  • The transaction, which is subject to customary regulatory approvals, is expected to close in Q3 2024