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Anton Stockert-Seilern and Stephan Pöll founded ASPEON Partners in 2024 as a Vienna-based SF focused on acquiring a company in the DACH region. In just about a year, they have completed the acquisition of AlpinEnergie, a leading B2B energy brokerage serving SMEs. The transaction included participation from Istria Capital, Moonbase Capital, Forti SF Partners, and several private investors from the SF community, particularly from Germany.
The acquisition was financed with approximately 60–70% leverage, including a 10% seller rollover and an earn-out component, resulting in a total EV slightly above 5x 2024A EBITDA. Debt financing was provided by a regional Austrian bank, chosen to ensure flexibility and alignment with succession financing objectives.
AlpinEnergie is an Austrian energy solutions company specializing in photovoltaic systems, energy procurement, and energy management. From designing tailored PV installations, whether through direct purchases, joint ventures, contracting, or participation leases, to optimizing power feed-in and supporting clients in selling surplus electricity, the company delivers comprehensive, end-to-end services. Trusted by tens of thousands of commercial and industrial customers for electricity and gas procurement, AlpinEnergie combines ecological and economic sustainability, leveraging advanced technologies to maximize efficiency and returns while driving the transition toward greener energy.
The company operates an asset-light, scalable business model through a network of more than 100 independent brokers, supported by a proprietary CRM system that manages marketing campaigns, route planning, and broker meetings. AlpinEnergie earns recurring commissions from energy suppliers and shares a portion of these with its broker network. In 2024, the business generated consolidated revenues of around €15M, EBITDA exceeding €4M, and strong cash flow thanks to its asset-light structure.
Stephan Pöll commented: “We were attracted by the company’s recurring revenue model, long-standing broker relationships, and its scalable, asset-light setup. On the market side, we appreciate that energy is a fundamental utility everyone needs, yet the market is becoming increasingly complex and decentralized. This creates a strong need for personal, in-person advice and brokerage — something AlpinEnergie delivers to SMEs that typically do not receive this level of attention. At the same time, this positioning offers a compelling counterpoint to other energy brokers and the sales channels of energy suppliers, who are increasingly reducing in-person service for clients. Our goal is to support the broker network, further invest in digital tools and analytics, and pursue additional growth opportunities.”
