Investments & Divestments 2025
Investments:
Itineris | Eagle Fire | SAX
3
2
Divestments:
Climater | Carmeuse
(partial divestment)
Investments:


CIS provider for water and energy utilities
Founded in 2003 and headquartered in Ghent, Belgium, Itineris is a leading provider of mission-critical software and services for water and energy utilities. Its cloud-based platform, built on Microsoft Dynamics 365, helps utilities improve operational efficiency, customer engagement, and data visibility. As the energy transition accelerates, utilities must adapt to renewables, decentralised generation, and changing consumption patterns, increasing the need for real-time and flexible IT systems. By modernising utilities’ technology stacks, Itineris supports their digital transformation and enables more responsive, data-driven services.
ACQUISITION DATE | June 2025 OWNERSHIP | Majority







Fire and life safety services
Founded in 1987, Eagle Fire is a provider of mission-critical fire and life safety services, serving complex, non-discretionary end markets such as education, data centers, and healthcare. The company offers a full range of regulatory-driven services, including testing and inspection, maintenance and repair, retrofits, and system installations. Operating across seven states in the southeastern U.S., Eagle Fire supports more than 4,500 customers each year, ensuring the safety and compliance of essential facilities. Read the interview with CEO Raymond Clarke on p52.
ACQUISITION DATE | July 2025 OWNERSHIP | Majority
Read Interview Here


Audit, Tax, Advisory, and
Wealth Management Services
Founded in 1956 and headquartered in Parsippany, New Jersey, SAX is a top-100 accounting, tax, and advisory firm serving privately held companies, non-profit organizations, and high-net-worth individuals. With offices in New York City, Ewing (NJ), and Mumbai, and a team of more than 300 professionals, the firm delivers tailored solutions across key sectors. Beyond core accounting and tax services, SAX offers a broad range of advisory capabilities, including wealth management, transaction advisory, investment banking, and technology and HR consulting, serving approximately 4,600 clients.
ACQUISITION DATE | July 2025 OWNERSHIP | Minority