Milbank LLP has advised AI Alpine (Luxembourg) S.à r.l., a company controlled by funds managed by Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, in its acquisition of Heaten, a pioneering provider of high-temperature heat pump technology based in Norway. Heaten was acquired from Azolla Ventures, Nysnø Climate Investments, Shell Ventures, Valinor, and other investors.
Heaten’s HeatBooster technology enables energy-efficient recovery from low-value waste heat streams, converting it into high-temperature water or steam for industrial applications. Under AI Alpine’s ownership, Heaten is positioned to accelerate the commercialization and deployment of its HeatBooster technology.
The Milbank team was led by partner Sebastian Heim (Corporate/M&A, Munich). The team also included partner Rolf Füger (Tax, Munich), special counsels David Schwenneker (Corporate/M&A, Munich) and Moritz Lichtenegger (Antitrust, Munich), as well as associates Markus von Lutterotti (Corporate/M&A, Munich), Marlies Zeck (Antitrust, Munich), Aoibheann Harkin (Corporate/M&A, London), Jamie Duncan (Corporate, London), and Max Hirschfeld (Corporate/M&A, Munich).
