DIF acquires stake in Dublin Waste to Energy PPP project

DIF

London, 4 June 2019 – DIF, through its most recent fund DIF Infrastructure V, is pleased to announce that it has closed the acquisition of a stake in the Dublin Waste to Energy PPP project (the “Project”). The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council. DIF Infrastructure V acquired the stake from Macquarie’s Green Investment Group Limited (“GIG”), who remain a shareholder in the Project.

Located in Poolbeg, Dublin Port, the Project processes 600,000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid – sufficient to power 80,000 homes. The facility has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste. The Project is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling and generating energy from waste. The Project benefits from the Irish renewable energy feed-in tariff. The facility was constructed by Covanta who are also its long term operators.

Gijs Voskuyl, Partner at DIF, said “DIF is pleased to invest in the Dublin Waste to Energy Project, a well-managed and high-quality asset, which is expected to provide a stable return to our investors. As result of the investment, DIF further expands its footprint in the waste to energy sector, following the investment in Avertas Energy, an Australian waste to energy facility, alongside Macquarie in 2018. DIF is delighted to invest again in Ireland, partnering with GIG and Covanta, who are both very active and reputable investors in the waste sector”.

DIF was advised by Ashurst (Legal), PwC (Financial), Arup (Technical), SLR (Market) and Grant Thornton (Tax).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid- term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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DIF and Aberdeen Standard Investments acquire UNITANK

DIF

Schiphol, 15 May 2019 – DIF Core Infrastructure Fund I (“DIF”) and SL Capital Infrastructure II SCSp (“ASI”) are pleased to announce the financial close of its 100% acquisition of UNITANK from the family owners, with ASI and DIF each acquiring a 50% stake. The financial close follows on from the agreement signed on 27 February 2019 and upon receipt of the necessary merger clearance from the German competition authority.

UNITANK is a market leading independent and neutral infrastructure and services provider storing liquid oil products, headquartered in Hamburg, Germany. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations. The terminals handle diesel, gasoline, jet fuel and heating oil and have a total storage capacity of c. 1.1 million cubic meters. Servicing both strategic stockholding agencies with product storage as well as commercial clients with product throughput provides UNITANK with a stable and resilient business model.

The acquisition provides ASI and DIF with a strong and differentiated platform in the German liquid bulk storage and throughput market. Its flexible business model, high-quality and state-of-the-art asset base, and operational excellence positions the company well for the future. The consortium will continue to back the company’s long-term and successful strategy for the business.

Willem Jansonius – Partner and Head of Core Infrastructure at DIF

“We firmly believe in the strategy as set by the current shareholder and management team. We are impressed with the commercial re-positioning of the business and its importance in providing essential services in its clients’ supply chains. We appreciate the well-invested asset base and the resulting high standards of operational excellence, which are essential to UNITANK’s current and future positioning.”

Dominic Helmsley – Head of Economic Infrastructure at Aberdeen Standard Investments

“We consider UNITANK to be a highly successful provider of storage capacity for strategic stockholding agencies and a key strategic partner for oil majors. We value the company’s historic growth and see significant future upside. Together with our partner DIF we look forward to working closely with UNITANK management in supporting the business and exploring further business opportunities.”

Jan Westedt – Owner

“Our family has run UNITANK over two generations with a strategy emphasising close and trusted partnerships with our clients and employees, which were key elements of our success story. We are glad that DIF and ASI together with the management team will continue to pursue a long-term investment strategy centred around our philosophy and corporate culture.”

   

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

About ASI

  • Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals, we manage €562.7 billion of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which we invest.  (*as of 31 December 2018)
  • We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
  • Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange.

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SnapAV and Control4 Announce Merger to Transform the Rapidly Growing Smart Home Solutions Industry

Hellman & Friedman

CHARLOTTE, N.C. & SALT LAKE CITY, UTAH (BUSINESS WIRE)

Two industry leaders combine to empower professional integrators with better service and better solutions to more effectively serve the growing demand for connected homes and businesses

Control4 shareholders to receive $23.91 per share in cash

Acquisition expected to close in second half of 2019

SnapAV, a leading manufacturer and primary source of A/V, surveillance, networking and remote management products for professional integrators, and Control4 Corporation (NASDAQ: CTRL) (“Control4”), a leading global provider of smart home solutions, today announced that they have entered into a definitive merger agreement (the “Agreement”) whereby SnapAV will acquire Control4 in an all-cash transaction for $23.91 per share in cash, representing an aggregate value of approximately $680 million.

“The combination of Control4 and SnapAV is transformative for the smart home industry”

This highly complementary combination will leverage the increased resources of the two companies to provide integrators with a true one-stop shop, offering a complete product portfolio of custom smart-home, control and automation solutions. Together, SnapAV and Control4 will drive increased innovation, simplified integration and compelling solutions that meet the demands of today’s expanding smart home industry. With leading technology solutions, a broad geographic footprint and exceptional service organizations, the combined company is poised to provide integrators with better opportunities to serve customers in the connected home and business markets.

Control4’s Board of Directors has unanimously approved and recommended that stockholders vote in favor of the transaction. Under the terms of the Agreement, SnapAV will acquire all the outstanding common stock of Control4 for $23.91 per share in cash. The purchase price represents a premium of approximately 40% over Control4’s closing price on May 8, 2019, the last trading day prior to execution of the Agreement, and a premium of approximately 38% over Control4’s 30-trading day weighted average share price ended on May 8, 2019. Private equity investment firm Hellman & Friedman—SnapAV’s majority shareholder since 2017—will invest additional equity as part of the transaction and be the majority shareholder of the combined company.

As award-winning industry leaders renowned for quality, service and continuous innovation, SnapAV and Control4 share a deep understanding of and commitment to the custom installation industry and are dedicated to making professional integrators more successful. By merging, SnapAV and Control4 will combine the talent of their collective 1,200+ employees, market-leading solutions, exceptional interoperability and channel platform, dealer-first programs, global distribution and financial resources to deliver value in ways no one else can—enabling integrators to serve their customers better and grow their businesses.

“We have pursued the mission of making our integrators’ lives easier since SnapAV was founded,” said John Heyman, chief executive officer of SnapAV. “Dealers will be able to buy leading solutions, access the best service technicians in the industry and experience simpler installation through purchasing, support and seamless product integration.

“Over the past several years, we have accomplished a number of goals we felt were critical to the success of integrators and the continued growth of SnapAV—including offering local delivery and pick-up through the acquisition of distribution sites around the country and expanding the suite of products available to support integrators. Merging with Control4 and its outstanding team will help us execute on our third critical goal: delivering the industry’s leading automation platform that integrates with the numerous technologies and products required to create customized smart home experiences homeowners desire. Control4 offers a leading automation platform, along with key smart home solutions in the audio, video, lighting, security and networking categories. We are especially excited by the fact that both of our companies have similarly strong “customer first” corporate cultures centered on quality, service and innovation, and we look forward to creating new and exciting opportunities for the teams at both Control4 and SnapAV. In sum, the two companies will be better together, with better service, better solutions and better opportunities for integrators and employees.”

“We believe today’s announced transaction delivers compelling and immediate value to Control4 shareholders in the form of a significant share price premium, and we are excited to have the opportunity to join with the SnapAV team,” said Martin Plaehn, chairman and chief executive officer of Control4. “Together with SnapAV, we will be able to invest even more in innovation, bring together and build upon the very best of our combined capabilities, and do so with improved reliability, responsiveness, security, and privacy for consumers. Today’s announcement will enable us to better serve the expanding smart home market, making the lives of integrators easier and their businesses more effective and efficient.”

Together the combined company will bring a deep understanding of the industry and an unmatched passion for providing best-in-class solutions and service with one objective: create better experiences for consumers and the integrators who serve them. Product integration, remote management, expert service technicians, product simplification, training and timely logistical capabilities will ensure every install is easier, more reliable and delivers fantastic experiences to consumers where they live and work.

“The combination of Control4 and SnapAV is transformative for the smart home industry,” said Erik Ragatz, Partner at Hellman & Friedman and chairman of the Board of Directors of SnapAV. “The increased resources of the combined company will enable it to invest more to drive innovation and deliver best-in-class features, functionality and products. This combination will also allow us to support integrators more effectively than ever before in pursuit of our joint goal of bringing the promise of the connected home to life.”

More than 1,200 employees of the combined company will be led by SnapAV CEO John Heyman and an executive team made up of leaders from both SnapAV and Control4. Control4 CEO Martin Plaehn will join the Board of Directors of the combined company, helping to ensure a smooth integration of the businesses. The merger reflects the value created by bringing together two industry-leading teams of employees who, united, can better serve the needs of the growing smart home segment. The company will share joint headquarters in Charlotte, North Carolina, and Salt Lake City, Utah, with offices and local facilities around the globe.

Transaction Details
As part of the Agreement, Control4’s Board of Directors, with the assistance of its advisors, will conduct a 30-day “go-shop” process following the date of the execution of the definitive agreement, during which it will actively initiate, solicit, encourage and evaluate alternative acquisition proposals, and potentially enter into negotiations with any parties that offer an alternative acquisition proposal. Control4 will have the right to terminate the merger agreement to accept a superior proposal, subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Control4 does not intend to disclose developments with respect to the solicitation process unless and until its Board of Directors makes a determination requiring further disclosure.

Subject to the go-shop, a special meeting of Control4’s shareholders will be held as soon as practicable following the filing of the definitive proxy statement with the U.S. Securities and Exchange Commission (“SEC”) and subsequent mailing to shareholders.

The transaction, which is expected to be completed in the second half of 2019, is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Control4 shareholders.

Advisors
In connection with the transaction, Simpson Thacher & Bartlett LLP is serving as legal advisor to SnapAV. Raymond James & Associates, Inc. is serving as financial advisor to Control4 and Goodwin Procter LLP is serving as legal advisor.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Control4’s business and financial outlook and the structure, timing and completion of the proposed transaction. All statements other than statements of historical fact contained in this press release are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and were based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Control4’s control. Control4’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: (i) risks associated with Control4’s ability to obtain the stockholder approval required to consummate the proposed merger transaction and the timing of the closing of the proposed merger transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed merger transaction will not occur; (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the merger agreement; (iii) unanticipated difficulties or expenditures relating to the proposed merger transaction, the response of business partners and competitors to the announcement of the proposed merger transaction, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed merger transaction; and (iv) those risks detailed in Control4’s most recent Annual Report on Form 10-K, and subsequent filings with the SEC in connection with the proposed transaction, as well as other reports and documents that may be filed by Control4 from time to time with the SEC. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Control4’s views as of the date of this press release. Control4 anticipates that subsequent events and developments may cause its views to change. Control4 has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing Control4’s views as of any date subsequent to the date of this press release.

Additional Information and Where to Find It
This press release relates to the proposed merger transaction involving Control4 and may be deemed to be solicitation material in respect of the proposed merger transaction involving Control4. In connection with the proposed merger transaction, Control4 will file relevant materials with the SEC, including a proxy statement on Schedule 14A (the “Proxy Statement”). This press release is not a substitute for the Proxy Statement or for any other document that Control4 may file with the SEC and or send to Control4’s stockholders in connection with the proposed merger transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF CONTROL4 ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CONTROL4, THE PROPOSED MERGER TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents filed by Control4 with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by Control4 with the SEC will also be available free of charge on Control4’s website at www.Control4.com, or by contacting Control4’s Investor Relations contact at the Blueshirt Group, LLC at (415) 217-2632. Control4 and its directors and certain of its executive officers may be considered participants in the solicitation of proxies from Control4’s stockholders with respect to the proposed merger transaction under the rules of the SEC. Information about the directors and executive officers of Control4 is set forth in its Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on February 11, 2019, its proxy statement for its 2019 annual meeting of stockholders, which was filed with the SEC on March 20, 2019 and in subsequent documents filed with the SEC. Additional information regarding the persons who may be deemed participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of this document as described above.

About SnapAV
Established in 2005 and based in Charlotte, North Carolina, SnapAV is a manufacturer and exclusive source of more than 2,700 installation-friendly audio, video, networking, power and surveillance products for residential and commercial A/V integrators. SnapAV empowers integrators to run more efficient businesses by providing high quality products at attractive prices, supported by best-in-class online ordering and award-winning customer service. Additional information about SnapAV and its product brands can be found at www.SnapAV.com.

About Control4
Control4 [NASDAQ: CTRL] is a leading global provider of automation and networking systems for homes and businesses, offering personalized control of lighting, music, video, comfort, security, communications, and more into a unified smart home system that enhances the daily lives of its consumers. Control4 unlocks the potential of connected devices, making networks more robust, entertainment systems easier to use, homes more comfortable and energy efficient, and provides families more peace of mind. Today, every home and business needs automation horsepower and a high-performance network to manage the increasing number of connected devices. The Control4 platform interoperates with more than 13,000 third-party consumer electronics products, ensuring an ever-expanding ecosystem of devices will work together. Control4 is now available in over 100 countries. Leveraging a professional channel that includes over 5,900 custom integrators, retailers, and distributors authorized to sell Control4 products, Pakedge networking solutions and Triad speakers, Control4 is delivering intelligent solutions for consumers, major consumer electronics companies, hotels, and businesses around the world.

About Hellman & Friedman
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, Hellman & Friedman has raised over $50 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including software, financial services, business & information services, healthcare, internet & media, retail & consumer, and industrials & energy. For more information, please visit www.hf.com.

Contacts
Dana Gorman
Abernathy MacGregor
dtg@abmac.com
(212) 371-5999

James Bourne
Abernathy MacGregor
jab@abmac.com
(213) 360-6550

William Braun
Abernathy MacGregor
whb@abmac.com
(212) 371-5999

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Partners Group to acquire Norwegian midstream infrastructure company CapeOmega

Partners Group

Partners Group, the global private markets investment manager, has agreed to acquire 100% of the equity in CapeOmega (“CapeOmega” or “the Company”), a leading offshore infrastructure platform in Norway, on behalf of its clients. The Company is being acquired from private equity investor HitecVision in a transaction that values CapeOmega at around EUR 1.2 billion.

Formed in 2014, CapeOmega provides essential infrastructure for transporting natural gas produced on the Norwegian Continental Shelf (“NCS”). The Company holds significant stakes in some of Norway’s key midstream infrastructure: Gassled, the world’s largest offshore gas transmission system; Nyhamna, one of three key gas processing plants in Norway; and Polarled, a 480km pipeline that runs from the Aasta Hansteen field to Nyhamna. CapeOmega’s midstream investments benefit from high barriers to entry with no competing infrastructure and no pipe-to-pipe competition.

The NCS, which supplies around 27% of Europe’s gas demand,[1] has the largest gas reserves and resources in the North Sea, with only one third of the resources in production. Partners Group will work closely with CapeOmega’s management team, led by CEO Gisle Eriksen, to further expand in offshore infrastructure and related assets, with a focus on greenfield developments and brownfield acquisitions.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, states: “Natural gas is increasingly adopted as a complementary fuel source to renewables in the context of the retirement of coal-fired and nuclear power plants across Europe, and the NCS is poised to benefit from this demand tailwind. Partners Group welcomes the opportunity to partner with a well-respected and experienced management team to realize the associated infrastructure expansion potential for CapeOmega in one of Europe’s key natural gas supply hubs.”

Partners Group already owns a sizeable portfolio of midstream infrastructure assets on behalf of its clients. The firm’s most recent transactions in this sub-sector include its 2018 investment in Oklahoma, US-based Superior Pipeline Company, a full-service midstream energy company; and its 2016 investment in the construction of Arcanum Infrastructure (previously known as Raven), an ethylene to butene-1 processing facility located in the US state of Texas.

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DIF sells its stakes in 29 solar assets in France

DIF

Paris, 3 April 2019 – DIF Infrastructure III and DIF Infrastructure IV are pleased to announce that they have completed the sale of their stakes in a portfolio of 29 French solar plants (the “Portfolio”) to Terres d’Energie, a company whose majority shareholder is Tenergie, a successful French Independent Power Producer that specialises in renewable energy. The Portfolio’s total capacity is 107.8 MW comprising of:

  • a DIF III owned shareholding in projects with total capacity amounted to 97.8 MW; and
  • a DIF IV owned shareholding in projects with total capacity amounted to 10 MW.

The Portfolio includes a mix of ground-mounted and rooftop assets (including a number of assets developed by GreenYellow on Casino supermarkets), which achieved commercial operations between 2009 and 2016. Most plants were acquired by DIF during construction. They all benefit from 20-year Feed-in-Tariffs.

Andrew Freeman, Head of Exits, said: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized throughout the life of the assets, starting with acquiring individual projects or small portfolios, bringing some of them through construction, completing refinancings of two sub portfolios in 2016 and 2017, recontracting and then exiting via a competitive portfolio sales process.”

DIF was advised by Astris Finance (Financial), Clifford Chance and LPA-CGR (Legal) and RINA (Technical).

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

 

About Tenergie

Tenergie is a French renewable energy operator, which operates over 600 solar power plants and wind farms and ranks as the fifth largest solar power producer in France. Created in 2008, Tenergie is an independent player. Our 80 employees share a strong team spirit and are deeply committed to foster the energy transition together with all stakeholders: industrial and commercial enterprises, farmers and local authorities in this common challenge. By producing local and clean energy, Tenergie contributes, with you, to the ongoing energy revolution.

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The Renewables Infrastructure Group Limited – Successful raise of £300m

InfraRed Capital Partners

The Board of The Renewables Infrastructure Group Limited is pleased to announce the completion of a very successful share issuance, raising £300m.

The issue aimed to raise £171m (150m shares at 114p) to repay its revolving acquisition facility following recent acquisitions and to meet future commitments. The issue was heavily oversubscribed, nearly three times the amount initially available. Given the level of demand, the number of shares available under the issue was increased, raising £302 million (265 million shares). However, it was still necessary to scale back applications materially.

Since January 2018, TRIG has transacted on seven assets with an investment value in excess of £550m and a generating capacity of 540MW. TRIG also has a strong pipeline which includes assets in advanced stages of negotiation. Following admission of the shares the market capitalisation of the company will be c. £1.7bn.

For the full announcement, please follow the RNS issued by TRIG.

 

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ARDIAN INFRASTRUCTURE closes its fifth generation fund at €6.1BN

Ardian

Paris, 20 March 2019. Ardian, a world leading private investment house, today announces it has raised €6.1 billion for its latest infrastructure fund, Ardian Infrastructure Fund V, in less than six months. The Ardian Infrastructure team now has $15 billion assets under management in Europe and the Americas.

In line with its established investment strategy, the latest fund will upgrade and digitize infrastructure assets that are essential for populations across Europe. Areas of focus include transport (rail, road and airports), energy (gas, electricity and renewable energy) and other public infrastructure assets (health and environmental). Ardian Infrastructure will continue to work closely with local public and private stakeholders.

The fund attracted 125 investors from Europe, North America, Asia and the Middle East, comprising major pension funds, insurance companies, financial institutions, HNWIs and sovereign wealth funds, illustrating the attraction of the European infrastructure market.

There was particular growth among US investors as well as from Asia and the Middle East, which is reflective of Ardian’s diversified and international client base and its strong global relationships. Former investors massively re-upped their commitments, while 30% are new to Ardian.

Since the fundraising of Ardian Infrastructure Fund IV, the number of investment professionals has doubled, strengthening Ardian’s ability to grow its portfolio companies with a long-term view. To help guide its industrial investment approach, Ardian has developed a new framework called the “Augmented Infrastructure”, focusing on cutting-edge technology, a client centric approach, improving maintenance and pushing for higher health, safety and environmental measures.

Dominique Senequier, Ardian President, said: “Raising a fund of more than double the size of its predecessor in less than six months bears testament to the quality of the infrastructure team and the regard with which they are held in the market. It underlines Ardian’s focused investment strategy, its asset management capabilities and strong relationships with investors.”

Mathias Burghardt, Member of the Executive Committee and Head of Ardian Infrastructure said: “This fundraise is a proxy for interest from institutional investors to an attractive asset class and a marker of the strong performance of previous generations of Ardian Infrastructure funds. We would like to thank our loyal clients, new international investors and previous generations for their role in this record €6.1 billion fund. The fund will invest in infrastructure assets that are essential for communities, particularly in the transport and energy sectors, delivering long-term value through our disciplined industrial approach.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$90bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 550 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

PRESS CONTACTS

HEADLAND
CARL LEIJONHUFVUD
cleijonhufvud@headlandconsultancy.com
Tel: +44 (0)20 3805 4827

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DIF consortium reaches financial close on Walloon street lighting PPP

DIF

Schiphol, 13 March 2019 – DIF is pleased to announce that, as part of the LuWa consortium, it has reached financial close on Plan Lumiere 4.0, an availability PPP project involving the modernisation and maintenance of the street lighting network across the Walloon region’s main roads.

The consortium consists of DIF Infrastructure V (70% equity stake), together with its partners Citelum, CFE and Luminus. The authority partner is the Société de Financement Complémentaire des Infrastructures (SOFICO), the public company established to finance the maintenance and upgrade of motorways and other main roads in the Walloon region.

The 20 year DBFM contract covers 2,700 km of roads and interchanges. The project includes the replacement of approximately 100,000 street lights by modern LEDs with dimming capability, as well as the installation of a remote monitoring and management system.

The modernisation program will reduce the energy consumption of the network by 76%, equivalent to a reduction in CO2 emissions of 166,000 tons over the life of the project, as well reduce the light pollution generated by the network. Furthermore, the project will enhance regional employment opportunities: 400 new jobs will be created and 100,000 professional training hours will be organized together with the regional employment agency.

Gijs Voskuyl, partner at DIF, added: “DIF is proud to invest in this innovative project, which incorporates significant technological and ESG improvements, to the benefit of road users, local communities and the environment.”

Total debt funding for the project amounts to €230 million secured from BBVA, Belfius, BNP Paribas, KBC, SMBC and Société Générale.

Advisers to the consortium are Belfius/BDO (financial), DLA Piper (legal), Tiberghien (tax & accounting) and Operis (model audit). Advisors to the lenders are Jones Day (legal), AECOM (technical) and Willis Towers Watson (insurance).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 110 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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EQT closes fourth Infrastructure fund at EUR 9 billion – strengthens position as a leading global infrastructure investor

eqt

  • EQT Infrastructure IV holds first and final close at EUR 9 billion hard cap after six months of fundraising
  • Strong investor support for EQT’s industrial approach to infrastructure investing
  • EQT Infrastructure IV has made two investments to date; Saur in France and Osmose Utilities Services in the US

EQT today announced that EQT Infrastructure IV (the “Fund”) held its first and final close at its hard cap of EUR 9 billion on March 12, 2019, after officially launching in September 2018. Demand from both existing and new investors was strong, with a majority of the commitments made by investors in the predecessor fund, EQT Infrastructure III, which closed at its EUR 4 billion hard cap in February 2017.

EQT Infrastructure IV will continue to follow the industrial approach to infrastructure investing that has been successfully applied by EQT Infrastructure since its inception in 2008. The Fund will invest in high-quality companies with infrastructure characteristics and strong value creation potential. EQT Infrastructure will leverage its global platform, proven governance model and growth-focused approach to drive performance. The Fund will be supported by a dedicated investment advisory team and EQT’s extensive network of Industrial Advisors.

EQT Infrastructure IV will primarily pursue investment opportunities in Europe and North America and may opportunistically explore opportunities in Asia Pacific. The Fund has made two investments to date: Saur, a leading French drinking and waste water management company, and Osmose Utilities Services, a leading provider of critical inspection, maintenance and restoration services for utility and telecom infrastructure in the US.

Lennart Blecher, Deputy Managing Partner at EQT Partners (acting as exclusive investments advisors to the Fund), and Head of EQT Real Assets, commented: “EQT Infrastructure has a great track record of delivering attractive, risk-adjusted returns to investors since the inception of the EQT Infrastructure platform more than 10 years ago. The successful fundraising of EQT Infrastructure IV confirms investors’ trust in EQT and illustrates the continued demand for infrastructure investments in the Fund’s core regions.”

Christian Sinding, CEO and Managing Partner of EQT Partners, added: “EQT Infrastructure IV marks another important milestone for EQT and manifests our position as a truly leading global investment firm. We are glad to welcome more than 40 new investors to EQT and excited about their trust in our responsible and growth-focused approach to investing.”

The fundraising was led by the in-house Investor Relations team within EQT Partners. Jussi Saarinen, Partner and Head of Investor Relations, said: “We are pleased with the strong support demonstrated by existing and new investors and are very pleased with the high quality of the Fund’s investor base.”

EQT Infrastructure IV is backed by a global blue-chip investor base consisting of, among others, pension funds, insurance companies, sovereign wealth funds, financial institutions, endowments, foundations and family offices. With the closing of the Fund, EQT has approximately EUR 14 billion in infrastructure assets under management.

Contact
Lennart Blecher, Deputy Managing Partner at EQT Partners and Head of EQT Real Assets +41 44 266 68 00
EQT Press Office, press@eqtpartners.com +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. 

More info: www.eqtpartners.com

About EQT Infrastructure IV
EQT Infrastructure IV is a EUR 9 billion fund that will seek to continue its historically successful strategy of investing in strong-performing infrastructure companies with the potential for significant value creation in sectors with suitable infrastructure characteristics and favorable market trends. The Fund will make primarily equity or equity related investments typically ranging between EUR 100 million and EUR 600 million where the Fund will either hold control or co-control positions or otherwise be capable of exercising a significant influence. The Fund will continue to invest in the core geographies of Europe and North America and may opportunistically explore opportunities in Asia Pacific. The Fund will primarily focus on making investments in the energy, transport & logistics, telecom, environmental and social infrastructure sectors.

The fundraising for EQT Infrastructure IV has now closed. Accordingly, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

This press release is translated into multiple languages for information purposes only. In case of a discrepancy, this version shall prevail.

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Partners Group to invest in delivery of 500MW subsea interconnector between Great Britain and Ireland

Partners Group

Partners Group, the global private markets investment manager, has provided equity financing for the Greenlink Interconnector (“Greenlink”), a project to construct a 500MW subsea interconnector between Ireland and Great Britain, on behalf of its clients. To-date, Greenlink has been developed by Element Power, an independent renewable energy developer, which, together with funds managed by Hudson Sustainable Investments, is the other major shareholder in Greenlink.

Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain, improving the security of electricity supply in both countries and reducing average electricity costs for consumers. It will stretch approximately 200km underground and under the sea between County Wexford in Ireland and Pembrokeshire in Wales. The project is considered of critical importance in Europe and has been awarded “Project of Common Interest” status by the European Commission as well as granted funding from the EU’s Innovation and Networks Executive Agency. Construction is scheduled to commence in 2020 and is expected to be completed by 2023.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, states: “Greenlink Interconnector is a key electricity infrastructure project for Ireland and Great Britain. With the build-out of renewable energy generation in both countries, particularly the growth of offshore wind, infrastructure like Greenlink is essential to facilitate the low carbon economy as it will allow surplus renewable power to be exported between the two countries. Once completed, this interconnector will not only benefit consumers in Great Britain and Ireland, but will also enhance security of supply.”

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