December 10th 2020 / Munich

Investment company EMERAM acquires submetering service provider Tenié and Gores

  • Position of Tenié and Gores (TuG) as a strongly customer-oriented innovation leader to be further strengthened
  • Opening up new regions planned
  • Former CEO of KALORIMETA GmbH Andreas Göppel new CEO of TuG

Munich, December 10, 2020 – EMERAM Capital Partners, one of the leading investment companies for medium-sized companies in the German-speaking region, has acquired Tenié und Gores GmbH (TuG), one of the leading independent submetering service providers for the metering and billing of water and heat for the housing industry. Funds advised by EMERAM take over the company completely within the framework of a succession plan. Subsequently, the new management will participate, too. The current managing partners will accompany the smooth transition.

EMERAM intends to develop TuG on the basis of the strong customer orientation and first-class service quality already in place. The digitalisation of systems and processes as well as new services will accelerate the transformation of the industry and further improve service quality. In addition, EMERAM intends to use its existing know-how and its own capital strength to implement an active consolidation strategy and to open up further regions for TuG with new partners.

TuG is already one of the leading independent measurement service providers. With its decentralised structure and local service offerings, the company is considered a quality leader in the market segment of property managers and private landlords. The steadily growing company covers all metering services - from the installation of metering devices to intelligent consumption data analysis and heating and operating cost billing. The two locations in Wesel (North Rhine-Westphalia) and Schwarzenberg (Saxony) remain unchanged.

Markus Gyssler, Senior Partner of EMERAM Capital Partners, explains: "With TuG we are acquiring an excellently managed company. We are entering a dynamic market whose fragmented structure, in combination with the upcoming technology shift towards wireless measuring devices, offers considerable growth potential. Based on TuG's strong customer orientation and its recognised high quality of service, we will continue to expand the company's innovation leadership in the technology and services sector and open up new regions through additional acquisitions. We are delighted that in Andreas Göppel we have been able to win an experienced manager and proven industry expert to implement this strategy together with us".

Hans Jürgen Gores, one of the two founders and previous managing partners of Tenié und Gores GmbH, says: "EMERAM convinced us with its sound growth concept, its commitment in the discussions and its entrepreneurial approach. The negotiations always took place on an equal footing with the decision-makers at EMERAM and could therefore be concluded quickly. We are convinced that EMERAM is the ideal partner for our company and our customers".

Andreas Göppel, future CEO of Tenié und Gores GmbH, says: "All signs point to further growth and consistent customer orientation. TuG is already very well positioned as an independent and service-oriented company. On the basis of this strength, we intend to expand into further regions and offer other medium-sized suppliers with a regional focus a new home. Our customers are our top priority. The implementation of our growth strategy will benefit significantly from EMERAM's experience as a business development partner and digitisation expert as well as our shared enthusiasm for small and medium-sized businesses".

EMERAM was advised by Noerr (Legal & Tax), Alvarez & Marsal (Financial), L.E.K. Consulting (Commercial) and GCA Altium (Debt Advisory) . TuG's consultant was HTM Meyer Venn & Partner (Legal). The transaction is expected to be completed by the end of the year.


TuG is one of the leading independent submetering service providers for the metering and billing of water and heat for the housing industry. The company was founded in 1983 by Friedhelm Teníe and Hans Jürgen Gores. From its two locations in Wesel (North Rhine-Westphalia) and Schwarzenberg (Saxony), around 100 employees provide services primarily to property management companies and private landlords nationwide, with a focus on the regions around the cities of Düsseldorf, Duisburg, Dessau-Roßlau, Dresden and Chemnitz. TuG currently serves more than 10,000 customers with over 90,000 user units with more than 500,000 devices.


EMERAM is one of the leading investment companies for medium-sized companies in the German-speaking area and focuses on transactions in the mid-market segment. Funds advised by EMERAM currently provide 400 million Euro capital for the development of companies. The portfolio includes companies from the services, technology and software sectors as well as from the consumer sector.

For its companies, EMERAM stands as a long-term oriented business development partner that sustainably promotes the growth (organic as well as inorganic) of the investments. Together, the team has successfully completed more than 60 transactions and supported the development of portfolio companies by serving on over 50 advisory and supervisory boards. EMERAM was founded in 2012 as an independent partnership in Munich.

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