Vauban Infrastructure Partners’ Proxiserve was awarded Asset Performance of the Year in Europe, with judges impressed with its strategy to enhance performance.  

Vauban first acquired a stake in Proxiserve in 2019 alongside Asterion Industrial Partners. In 2023, Vauban acquired Asterion’s stake in 2023, taking full control of the company.  

Proxiserve is active in energy services in France. It owns and operates more than 4.5 million water and heat metres, which on average reduce energy consumption by 15%, and has 125,000 electric vehicles charging stations installed since 2013. 

One judge said: “The submission sets out very specific initiatives to boost operational performance of installations, which tend to be loss leader for the metering business. Further, diversification into adjacent areas has been executed as a strategy.” 

The submission said: “Under the Vauban teams’ management, Proxiserve has initiated strategic moves to enhance financial and operational performance. Key initiatives include meticulous capex management to address inventory issues from post-Covid-19 and war-related procurement challenges. The company has diversified its supplier base to improve flexibility. 

“Proxiserve navigated numerous complexities over the past year, particularly stemming from procurement challenges due to the Covid-19 pandemic and the Ukraine war. To mitigate these issues, the company diversified its supplier base and tightened submeter inventories. The ‘Proxiplanif’ productivity plan addressed underperforming regional agencies by enhancing technician and administrative productivity through the implementation of a new IT tool. 

“Proxiserve also deconsolidated its EVCS business line, reducing financial risk and reinforcing core infrastructure features. This strategic move stopped financial support for the loss-making activity while retaining potential upside. 

“Furthermore, Proxiserve focused on strategic capex management and launched initiatives to secure growth in the high-demand heat pump sector. These measures ensured operational efficiency and financial stability, enabling Proxiserve to overcome significant challenges.” 

Judges were impressed that Proxiserve has used its portfolio of about 4.8 million submeters and long-term, CPI-indexed contracts to secure a robust and predictable revenue stream. This strategic approach capitalizes on the oligopolistic nature of the submetering market, characterized by high capital barriers and regulatory support, ensuring limited competition and substantial cash flow visibility. 

Proxiserve has also diversified into heating and water equipment maintenance, targeting both B2B and B2C customers. This diversification mitigates risks and enhances resilience.