RCP Invest sells Axicom to Trilantic Europe in strategic energy transition deal

Munich-based private equity firm RCP Invest exited Axicom, a Swiss manufacturer of high-voltage grid components, selling the business to Trilantic Europe.

The acquisition marks the third investment from Trilantic’s Energy Transition (ETI) fund, which closed at €375m in February 2024.

Headquartered in Wohlen, Switzerland, Axicom produces grid components essential for transmitting renewable power at high voltage levels. The company, which employs around 190 people, aligns with ETI’s strategy of investing in energy transition-related businesses, including those in clean power, sustainable energy, transport, and infrastructure.

RCP originally acquired Axicom in January 2021, carving it out from TE Connectivity. Under its ownership, Axicom expanded its market presence in the Asia-Pacific, Europe, Middle East, and Africa regions, developed new high-voltage components, and implemented cost-saving initiatives. The company has grown its revenue by nearly 50% over the past four years.

Trilantic Europe chairman Vittorio Pignatti-Morano highlighted the deal’s strategic importance, citing rising electricity demand, increased renewable energy installations, and the need to modernize ageing power grids. “As a thematic investor, we identified transmission and distribution as a key segment within the energy transition, given the multi-billion-dollar capital expenditure programs announced by transmission system operators and utilities globally,” he stated.

Trilantic Europe, which has invested over €2.7bn in 29 companies since 2004, currently manages around €2.6bn in assets.

Source: Real Deals

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