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                            <h1>Transactions</h1>
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        <section class="transactions main">
        <div class="contain">
                            
                
                
                
                                                    
                
                
                
                                    <h3>
                        Transactions found for:
                                                Energy &amp; Utilities                    </h3>
                                
            <div class="transaction-slide-rail">
                                    <ul class="transaction-list">
                                                                                    
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Scada.png" title="SCADA International" alt="Image of SCADA International Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/124068/Magnesium-Capital-logo.png" title="Magnesium Capital" alt="Image of Magnesium Capital Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/klaus-hansted">Klaus Hansted</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/rune-tornsberg">Rune Tornsberg</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to SCADA International on its sale to Magnesium Capital</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-scada-international-on-its-sale-to-magnesium-capital">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="France" class="flag-france"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/BPI-and-management.png" title="BPI France" alt="Image of BPI France Company Logo"/>
                            </div>
            <div class="action">sold a minority stake to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/sites.png" title="Sites" alt="Image of Sites Company Logo"/>
                            </div>
            <div class="action">on a secondary LBO with</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Raise-FFN-Siparex.png" title="Raise, Siparex, Fonds France Nucleaire" alt="Image of Raise, Siparex, Fonds France Nucleaire Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jonathan-bursztyn">Jonathan Bursztyn</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/nicolas-saint-pierre-1">Nicolas Saint-Pierre</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/marie-cassola">Marie Cassola</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/louis-wallerand-gayon">Louis-Wallerand Gayon</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/arthur-jacqmin">Arthur Jacqmin</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to SITES on its minority stake sale to Raise and Siparex</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-sites-on-a-secondary-lbo-structuring">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="France" class="flag-france"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/sites.png" title="Sites" alt="Image of Sites Company Logo"/>
                            </div>
            <div class="action">refinanced the group with</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Societe-Generale-Banque-Europeenne-CC-logos.png" title="Societe Generale, Banque Europeenne, Groupe Credit Cooperatif" alt="Image of Societe Generale, Banque Europeenne, Groupe Credit Cooperatif Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Financing</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jonathan-bursztyn">Jonathan Bursztyn</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/nicolas-saint-pierre-1">Nicolas Saint-Pierre</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/marie-cassola">Marie Cassola</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/louis-wallerand-gayon">Louis-Wallerand Gayon</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/arthur-jacqmin">Arthur Jacqmin</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to SITES on raising a banking facility to refinance its existing debts and finance its growth</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-sites-on-a-secondary-lbo-structuring---debt-advisory">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Italy" class="flag-italy"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Supermissile-S.r.l.png" title="Supermissile S.r.l." alt="Image of Supermissile S.r.l. Company Logo"/>
                            </div>
            <div class="action">sold a majority stake in</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Eusebio-Energia-new.png" title="Eusebio Energia" alt="Image of Eusebio Energia Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/120756/Ascopiave-logo.png" title="Ascopiave" alt="Image of Ascopiave Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/alexandre-perrucci">Alexandre Perrucci</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/stefano-benasciutti">Stefano Benasciutti</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Supermissile on the sale of a majority stake in Eusebio Energia to Ascopiave</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-supermissile-on-the-sale-of-a-majority-stake-in-eusebio-energia-to-ascopiave">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/C4-Energie-logo.png" title="C4 Energie" alt="Image of C4 Energie Company Logo"/>
                            </div>
            <div class="action">sold to a consortium of</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/118562/Transition-Eiffel-and-Evergaz.png" title="Transition Evergreen, Evergaz and Eiffel Investment Group" alt="Image of Transition Evergreen, Evergaz and Eiffel Investment Group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/pierre-knoche">Pierre Knoche</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to C4 Energie on the sale to a consortium of Transition Evergreen, Evergaz and Eiffel Investment Group</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholders-of-c4-energie-on-its-sale-to-a-consortium-consisting-of-transition-evergreen-evergaz-and-eiffel-investment-group">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/VODA-logo.png" title="VODA" alt="Image of VODA Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/114444/BW-logo.png" title="B&amp;W" alt="Image of B&amp;W Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/mads-hojdahl-kristensen">Mads Højdahl Kristensen</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/steffen-helk">Steffen Helk</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to VODA on the sale to B&amp;W</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-voda-a-s-on-the-sale-to-babcock-wilcox-inc">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Portugal" class="flag-portugal"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/saurp-280@2x.png" title="Saur International" alt="Image of Saur International Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/106765/Aquapor-1.png" title="Aquapor" alt="Image of Aquapor Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jose-lemos">José Lemos</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Saur International on the acquisition of Aquapor</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-has-advised-saur-on-its-acquisition-of-aquapor">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Italy" class="flag-italy"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Mieci-and-Evolve-logo.png" title="Mieci and Evolve" alt="Image of Mieci and Evolve Company Logo"/>
                            </div>
            <div class="action">sold majority stake to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/70388/Snam-logo.png" title="Snam" alt="Image of Snam Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/alexandre-perrucci">Alexandre Perrucci</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to the shareholders of Mieci SpA and Evolve Srl on the sale of a 70% stake to Snam</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholders-of-mieci-and-evolve-on-the-sale-of-a-majority-stake-to-snam">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Oiltanking-logo_200115_120925.png" title="Oiltanking GmbH (Oiltanking)" alt="Image of Oiltanking GmbH (Oiltanking) Company Logo"/>
                            </div>
            <div class="action">refinancing comprised of an RCF, a term loan and a bridge loan facility</div>
            <div class="company">
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Refinancing</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/heinrich-kerstien">Dr. Heinrich Kerstien</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/khalid-afras">Khalid Afras</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Oiltanking on refinancing</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-oiltanking-a-subsidiary-of-marquard-bahls-on-a-comprehensive-refinancing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/93973/Infraserv_Höchst.png" title="Infraserv Höchst" alt="Image of Infraserv Höchst Company Logo"/>
                            </div>
            <div class="action">structured a mid-term financing facility</div>
            <div class="company">
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Investment finance</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/norbert-markus-roth">Norbert-Markus Roth</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/moritz-stupka">Moritz Stupka</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Infraserv Höchst on the structure and arrangement of a syndicated loan facility</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-infraserv-hoechst-on-a-self-arranged-syndicated-financing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="UK" class="flag-united-kingdom"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/UKPS-Logo.png" title="UK Power Solutions" alt="Image of UK Power Solutions Company Logo"/>
                            </div>
            <div class="action">received investment from</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Infracapital-resized.png" title="Infracapital" alt="Image of Infracapital Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                    Undisclosed
                            </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/david-weavers">David Weavers</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/mark-maunsell">Mark Maunsell</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/dan-shrimpton">Dan Shrimpton</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to UK Power Solutions on the investment from Infracaptial</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-shareholders-of-uk-power-solutions-on-the-investment-by-infracapital">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="France" class="flag-france"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/Altawest-logo_200120_153738.png" title="Altawest" alt="Image of Altawest Company Logo"/>
                            </div>
            <div class="action">Raised banking facilities to refinance its existing debts and finance its growth</div>
            <div class="company">
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Refinancing</div>
            <div class="value">
                                                                                                            €42m
                                                                        </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/laurence-de-rosamel">Laurence de Rosamel</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/lea-joly">Léa Joly</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                    <p>Adviser to Altawest on its refinancing and growth financing</p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/altawest-refinances-for-future-growth">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/baywa_website.png" title="BayWa r.e. renewable energy GmbH" alt="Image of BayWa r.e. renewable energy GmbH Company Logo"/>
                            </div>
            <div class="action">sold its biomethane trading business</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/BMH-text-logo.png" title="BMH" alt="Image of BMH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/6257/bmp-website.png" title="bmp greengas GmbH" alt="Image of bmp greengas GmbH Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/moritz-stupka">Moritz Stupka</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        BayWa r.e. renewable energy GmbH
                                                                on the sale of
                                        BMH
                                            to
                                        bmp greengas GmbH
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-baywa-r-e-on-the-sale-of-its-biomethane-trading-business-to-bmp-greengas">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1185/Duelco_181114_173543.png" title="Duelco" alt="Image of Duelco Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1186/Addtech_181114_173544.png" title="Addtech" alt="Image of Addtech Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/lars-ehlig">Lars Ehlig</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/jesper-agerholm">Jesper Agerholm</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/mads-hojdahl-kristensen">Mads Højdahl Kristensen</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Duelco
                                                                on its sale to
                                        Addtech
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-denmark-advises-duelco-on-its-sale-to-addtech">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1189/Energiehaus_181114_173545.png" title="Energiehaus Deutschland B2B GmbH" alt="Image of Energiehaus Deutschland B2B GmbH Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5028/wemag2.png" title="Wemag AG" alt="Image of Wemag AG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/moritz-stupka">Moritz Stupka</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Energiehaus Deutschland B2B GmbH
                                                                on its sale to
                                        Wemag AG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-germany-advises-energiehaus-deutschland-on-its-sale-to-wemag">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/tmt" title="TMT">
                            <svg class="icon icon-tmt" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-tmt"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="UK" class="flag-united-kingdom"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1354/LDC_181114_173747.png" title="LDC" alt="Image of LDC Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1355/Ensek_181114_173748.png" title="Ensek" alt="Image of Ensek Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/rob-burden">Rob Burden</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/zack-goddard">Zack Goddard</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/kirsty-handley">Kirsty Handley</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        LDC
                                                                on its acquisition of
                                        Ensek
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-uk-advised-ldc-on-its-acquisition-of-ensek-limited">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1366/Linka_181114_173754.png" title="Linka Energy A/S" alt="Image of Linka Energy A/S Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1367/ViaEquity_181114_173755.png" title="VIA equity" alt="Image of VIA equity Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/lars-ehlig">Lars Ehlig</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/klaus-hansted">Klaus Hansted</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Linka Energy A/S
                                                                on its sale to
                                        VIA equity
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-linka-energy-on-its-sale-to-private-equity-firm-via-equity">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="UK" class="flag-united-kingdom"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1427/Imtech_181114_173839.png" title="Imtech" alt="Image of Imtech Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1428/edf_181114_173840.png" title="EDF Energy Services" alt="Image of EDF Energy Services Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/paul-jones">Paul Jones</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Imtech
                                                                on its sale to
                                        EDF Energy Services
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-imtech-on-its-sale-to-edf-energy-services">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2537/BMPGreengas_181114_183331.png" title="bmp greengas" alt="Image of bmp greengas Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2538/ErdgasSuedwest_181114_183332.png" title="Erdgas Suedwest" alt="Image of Erdgas Suedwest Company Logo"/>
                            </div>
            <div class="action">a subsidiary of</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4517/EnBW.png" title="EnBW Energie Baden-Württemberg" alt="Image of EnBW Energie Baden-Württemberg Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        bmp greengas
                                                                on its sale to
                                        Erdgas Suedwest
                                            a subsidiary of
                                        EnBW Energie Baden-Württemberg
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholders-of-bmp-greengas-on-the-sale-of-the-company-to-erdgas-suedwest">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/automotive" title="Automotive">
                            <svg class="icon icon-automotive" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-automotive"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2575/HeidelbergCapital_181114_183405.png" title="HeidelbergCapital Private Equity" alt="Image of HeidelbergCapital Private Equity Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2576/MobileCity_181114_183407.png" title="Mobile City GmbH" alt="Image of Mobile City GmbH Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4510/EasyPark.png" title="EasyPark GmbH" alt="Image of EasyPark GmbH Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        HeidelbergCapital Private Equity
                                                                on its sale of
                                        Mobile City GmbH
                                            to
                                        EasyPark GmbH
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-shareholders-of-mobile-city-on-its-sale-of-the-company-to-easy-park-group">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1642/Industrivarme_181114_174110.png" title="Industrivarme A/S" alt="Image of Industrivarme A/S Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1643/Verdo_181114_174114.png" title="Verdo A/S" alt="Image of Verdo A/S Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/klaus-hansted">Klaus Hansted</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Industrivarme A/S
                                                                on its sale to
                                        Verdo A/S
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/verdo-acquires-danish-renewable-energy-company-industrivarme-a-s">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1795/EnviDan_181114_174317.png" title="EnviDan Gruppen" alt="Image of EnviDan Gruppen Company Logo"/>
                            </div>
            <div class="action">sold a majority stake to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1796/ViaEquity_181114_174319.png" title="Via Equity" alt="Image of Via Equity Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/soren-norbjerg">Søren Nørbjerg</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/jakob-tolstrup-kristensen">Jakob Tolstrup Kristensen</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/jesper-agerholm">Jesper Agerholm</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        EnviDan Gruppen
                                                                on its sale of a majority stake to
                                        Via Equity
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-on-the-sale-of-envi-dan-to-via-venture-partners">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2334/CityofWiesbaden_181114_175119.png" title="City of Wiesbaden" alt="Image of City of Wiesbaden Company Logo"/>
                            </div>
            <div class="action">structured a revolving credit facility</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2335/Thuga_181114_175120.png" title="Thüga AG" alt="Image of Thüga AG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Acquisition finance</div>
            <div class="value">
                                                                                                            €100m
                                                                        </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        City of Wiesbaden
                                                                on structuring and placing a senior credit facility for the acquisition of
                                        Thüga AG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-city-of-wiesbaden-on-100m-debt-financing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="UK" class="flag-united-kingdom"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1895/DeeValley_181114_174444.png" title="Dee Valley Group plc" alt="Image of Dee Valley Group plc Company Logo"/>
                            </div>
            <div class="action">refinance</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1896/HSBC_181114_174445.png" title="HSBC" alt="Image of HSBC Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Refinance</div>
            <div class="value">
                                                                                                            €41m
                                                                        </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/mark-taylor">Mark Taylor</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/tom-barnwell">Tom Barnwell</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Dee Valley Group plc
                                                                on its refinance
                                        HSBC
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-dee-valley-group-plc-on-114m-debt-refinancing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
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        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1970/QStarEnergy_181114_174550.png" title="Q-Star Energy" alt="Image of Q-Star Energy Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/1971/ViaEquity_181114_174552.png" title="Via Venture Partners" alt="Image of Via Venture Partners Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jakob-tolstrup-kristensen">Jakob Tolstrup Kristensen</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Q-Star Energy
                                                                on its sale to
                                        Via Venture Partners
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/via-venture-partners-invest-in-q-star-energy">View more</a>
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</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
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        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3542/Wallenborn.png" title="Wallenborn" alt="Image of Wallenborn Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/windfarm.png" title="a 42 MW windfarm in Croatia" alt="Image of a 42 MW windfarm in Croatia Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/financial-institution-group-text.png" title="a financial institution group" alt="Image of a financial institution group Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
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        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Wallenborn
                                                                on its sale of
                                        a 42 MW windfarm in Croatia
                                            to
                                        a financial institution group
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-wallenborn-on-sale-of-the-largest-croatian-wind-farm-selan-42mw">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/business-services" title="Business Services">
                            <svg class="icon icon-business-services" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-business-services"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2070/APROWind_181114_174719.png" title="APRO Wind" alt="Image of APRO Wind Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2071/ViaEquity_181114_174720.png" title="Via Venture Partners" alt="Image of Via Venture Partners Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        APRO Wind
                                                                on its sale to
                                        Via Venture Partners
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-on-sale-of-apro-wind-a-s-dk-to-via-venture-partners-dk">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2331/CityofWiesbaden_181114_175115.png" title="City of Wiesbaden" alt="Image of City of Wiesbaden Company Logo"/>
                            </div>
            <div class="action">structured a medium term facility for the aquisition of shares in</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2332/Thuga_181114_175117.png" title="Thüga AG" alt="Image of Thüga AG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Acquisition finance</div>
            <div class="value">
                                                                                                            €20m
                                                                        </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        City of Wiesbaden
                                                                on structuring a medium term facility for the acquistion of shares in
                                        Thüga AG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-the-city-of-wiesbaden-on-20m-debt-financing">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/2119/Bioenergie_181114_174800.png" title="Bioenergie Wächtersbach GmbH" alt="Image of Bioenergie Wächtersbach GmbH Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/getec2.png" title="GETEC heat &amp; power AG" alt="Image of GETEC heat &amp; power AG Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/dierk-rottmann">Dierk Rottmann</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Bioenergie Wächtersbach GmbH
                                                                on its sale to
                                        GETEC heat &amp; power AG
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/clearwater-international-advises-bioenergie-wächtersbach-on-sale-to-getec">View more</a>
                    </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5754/GunnarLund.png" title="Gunnar Lund" alt="Image of Gunnar Lund Company Logo"/>
                            </div>
            <div class="action">sold to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/5755/nord-1.png" title="Nordgroup" alt="Image of Nordgroup Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jakob-tolstrup-kristensen">Jakob Tolstrup Kristensen</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Gunnar Lund
                                                                on its sale to
                                        Nordgroup
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/gunnar-lund-group-divested-to-eqt-owned-nord">View more</a>
                    </div>
    </div>
</li>
                                                                                                            <li class="triple">
    <div class="front">
        <div class="transaction-header">
                        <ul class="sectors">
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                                        
                    <li>
                        <a href="https://www.clearwaterinternational.com/sectors/industrials-and-chemicals" title="Industrials &amp; Chemicals">
                            <svg class="icon icon-industrials-and-chemicals" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-industrials-and-chemicals"></use></svg>
                        </a>
                    </li>
                            </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Denmark" class="flag-denmark"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/6032/Odense.png" title="Odense Stålskibsværft A/S" alt="Image of Odense Stålskibsværft A/S Company Logo"/>
                            </div>
            <div class="action">sold</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/lindø-industri-service-logo.png" title="Lindø Industri Service" alt="Image of Lindø Industri Service Company Logo"/>
                            </div>
            <div class="action">to</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/industriudviklinmg_logo.png" title="Industriudvikling og ledelse" alt="Image of Industriudvikling og ledelse Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Sell-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers
        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/jakob-tolstrup-kristensen">Jakob Tolstrup Kristensen</a></li>
                                    <li><a href="https://www.clearwaterinternational.com/team/carsten-rydahl">Carsten Rydahl</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Odense Stålskibsværft A/S
                                                                on its sale of
                                        Lindø Industri Service
                                            to
                                        Industriudvikling og ledelse
                </p>
                                </div>
    </div>
</li>
                                                                                                            
<li>
    <div class="front">
        <div class="transaction-header">
                            <ul class="sectors">
                                                                    
                        <li>
                        <a href="https://www.clearwaterinternational.com/sectors/energy-and-utilities" title="Energy &amp; Utilities">
                            <svg class="icon icon-energy-and-utilities" style="width: 45px; height: 45px; --color1: #fff; --color2: #fff;"><use xlink:href="#icon-energy-and-utilities"></use></svg>
                        </a>
                    </li>
                                    </ul>
                        <ul class="flag">
                                    <li>
                        <span class="flagHolder">
                            <span title="Germany" class="flag-germany"></span>
                        </span>
                    </li>
                            </ul>
        </div>
        <div class="transaction-detail">
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/3338/MainovaEnergieDienste_181115_133756.png" title="Mainova EnergieDienste GmbH" alt="Image of Mainova EnergieDienste GmbH Company Logo"/>
                            </div>
            <div class="action">acquired</div>
            <div class="company">
                                    <img class="object-fit" data-object-fit="contain" src="https://www.clearwaterinternational.com/assets/transaction_logos/_transactionLogo/4788/CAL.png" title="CAL Fernwärmebetriebsgesellschaft mbH" alt="Image of CAL Fernwärmebetriebsgesellschaft mbH Company Logo"/>
                            </div>
        </div>
        <div class="additional-info">
                        <div class="term">Buy-side</div>
            <div class="value">
                                                                                Undisclosed
                                                </div>

            <div class="tombstone-flip">
                <img src="/assets/img/tombstone-flip.svg" alt="View Back of Transaction">
            </div>
        </div>
    </div>
    <div class="back">
        <div class="transaction-header">
            Clearwater Advisers        </div>
        <div class="advisers">
            <ul>
                                    <li><a href="https://www.clearwaterinternational.com/team/markus-otto">Markus Otto</a></li>
                            </ul>
        </div>
        <div class="advisor-info">
                                                                    <p>Adviser to
                                        Mainova EnergieDienste GmbH
                                                                on its acquisition of
                                        CAL Fernwärmebetriebsgesellschaft mbH
                </p>
                                        <a class="btn btn-small btn-solid more" href="https://www.clearwaterinternational.com/transactions/tombstone-52">View more</a>
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