The deal, which will see the Apax Global Impact Fund acquire a controlling stake in the Glasgow-based firm, subject to customary antitrust approvals, marks the first climate-focused investment by the fund, with IES’s focus on decarbonisation the world’s buildings aligning closely with Apax Global Impact’s thematic focus on reducing environmental harm and resource use.

The built environment is a significant contributor to global greenhouse gas emissions. Over the past 30 years, IES has helped to improve the energy and carbon performance of an estimated 1.5 million buildings worldwide.

This investment will enable IES to scale to meet the ever-increasing demand for sustainability-focused tech solutions from building designers, owners, and tenants. IES is able to leverage its software and consultancy capabilities to tackle the built environment’s climate footprint, supporting clients to improve the energy efficiency and decarbonisation of complex buildings, adhere to regulatory and voluntary compliance, and ultimately reduce lifetime building energy costs and carbon emissions.

IES’ trading business remains the same and there will be no contractual changes for existing customers.

Don McLean, founder and CEO of IES, said: “I’m incredibly proud of the IES team for the success we have achieved over the last thirty years, and in Apax we have found a likeminded partner who is ideally placed to help us in the next stage of our growth journey.

“Buildings and cities have the potential to make the biggest impact in reducing carbon emissions globally.

“This investment, and the support of the Apax Impact team, will empower us to support ever more clients around the world in creating a built environment that is resource and energy efficient.”

Edward Donkor, partner at Apax Global Impact team, said: “We couldn’t be happier to be partnering with Don and the entire IES team in their mission to decarbonise the built environment.

“This partnership marks the first climate-focused investment for the Apax Global Impact Fund, and we see huge potential for IES’s pioneering software.”

Chris Robinson, principal of the Apax Global Impact team, added: “As we collectively progress towards Net Zero goals, innovative technology such as that offered by IES will prove critical in the transition to a more sustainable future.

“We look forward to working closely with the IES team on our joint vision for the company, harnessing IES’s market-leading software to solve some of society’s biggest climate challenges.”