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Partners Group to acquire Forterro, a leading pan-European software services provider

Partners Group

Baar-Zug, Switzerland; 1 March 2022

  • Transaction values Forterro at an enterprise value of EUR 1 billion
  • Forterro has a portfolio of 11 software brands, serving over 10,000 customers
  • The Company benefits from long-term digitization trends

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire Forterro (or “the Company”), a pan-European software services provider for small and mid-sized businesses (“SMBs”), from Battery Ventures. The transaction values Forterro at an enterprise value of EUR 1 billion.

Founded in 2012 and headquartered in London, Forterro has a portfolio of 11 Enterprise Resource Planning (“ERP”) software brands, serving over 10,000 customers primarily in the manufacturing space. The Company’s software products offer functionality and serve various manufacturing sub-verticals, which has differentiated its solutions from competitors and fostered a loyal customer base. Forterro’s deep domain expertise allows customers to buy more tailored solutions, which increases speed of implementation. The Company has over 1,200 employees across its European offices – located in the UK, Sweden, France, Switzerland, Germany and Poland – and global development centers. The SMB ERP software market benefits from structural tailwinds driven by long-term digitization trends and is expected to experience attractive growth in the coming years. Forterro’s strong portfolio of brands and geographic reach position it well to capitalize on this growth.

Partners Group will work with management to realize Forterro’s value creation potential and further expand its platform across Europe. Key initiatives include accelerating Forterro’s organic growth by expanding go-to-market initiatives, making strategic acquisitions in adjacent geographies and sub-verticals, including cloud offerings where appropriate, and improving operational efficiency.

Bilge Ogut, Partner, Head Private Equity Technology, Partners Group, says: “Forterro provides mission-critical software that helps SMB manufacturers adapt and survive in an increasingly digitized world. We believe Forterro has transformational growth potential given the increasing importance of software to companies for addressing every aspect of their business and remaining competitive. Forterro is a long-term partner to its clients and can serve them in a way many larger providers cannot replicate. We were also attracted to the Company’s ability to act as a consolidator in the fragmented SMB ERP market. We are excited about the value creation opportunity Forterro offers and look forward to working with the management team to realize the Company’s potential.”

Dean Forbes, Chief Executive Officer, Forterro, comments: “Forterro’s high customer retention rates reflect our understanding of SMB manufacturers’ needs and the deep entrenchment of our products in their daily processes. Our recent growth has been driven by the acquisition and integration of specialized ERP providers, and we believe Partners Group’s resources and expertise in scaling up technology platforms will be extremely valuable as we expand our M&A aperture and pipeline.”

Charles Rees, Member of Management, Private Equity Technology, Partners Group, adds: “Forterro provides specialized software products with superior functionality at a lower price point than the large generalists, whose products are often too complex and costly for SMB manufacturers. The Company compounds this competitive advantage by remaining close to customers across the full lifecycle. We have conviction that the management team’s prior experience in go-to-market optimization and organic sales acceleration will support Forterro’s continued growth.”

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AEVIS VICTORIA SA (AEVS:SW): Hotel division acquires hotel L’Oscar in central London for GBP 60 million.

March 1, 2022 | 6:30 pm CEST
Ad Hoc

AEVIS VICTORIA SA / Key word(s): Acquisition

01-March-2022 / 18:30 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 LR

The issuer is solely responsible for the content of this announcement.

Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 1st March 2022

AEVIS VICTORIA SA (AEVS:SW): Hotel division acquires hotel L’Oscar in central London for GBP 60 million.

AEVIS VICTORIA SA’s (AEVIS) hotel business is expanding its portfolio with the acquisition of its first international outlet, the five-star hotel L’Oscar in central London. Victoria Jungfrau AG acquired the operating company and Swiss Hotel Properties SA, AEVIS’ hotel real estate company, acquired (freehold) the historic hotel building and an adjacent property. The total investment amounts to GBP 60 million, with a total surface area of 5’200 sqm. The hotel is expected to ultimately generate annual revenues in excess of GBP 20 million and will be consolidated as of 1 March 2022. The acquisition of L’Oscar further strengthens the partnership with Michel Reybier Hospitality, which also manages other hotels in AEVIS’ hotel division.

L’Oscar reopened for the first time in spring 2018, after a complete renovation. It currently offers 39 spacious rooms and suites, two bars, a 74-seat restaurant and several function rooms. The renovation was carried out by architect Jacques Garcia, also known for his collaboration with Michel Reybier at La Réserve Genève, La Réserve Paris, La Chartreuse du Cos d’Estournel and more recently La Réserve Ramatuelle. An extension, including a Spa and a dozen rooms and suites, will be created in the adjacent building until 2023.

L’Oscar is located in Holborn, Southampton Row, between Covent Garden and Bloomsbury and not far from the British Museum. The property is the former home of the English Baptist Church and as such listed as a building of particular importance and special interest in the UK.

For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, svanderschueren@aevis.com, +41 (0) 79 635 04 10

AEVIS VICTORIA SA – Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network SA (90%, directly and indirectly), the only Swiss private network of hospitals present in the country’s three main language regions, Victoria-Jungfrau AG, a luxury hotel group managing nine luxury hotels in Switzerland, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, Medgate (40%), the leading telemedicine provider in Switzerland, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.

 

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File: AEVIS VICTORIA SA (AEVS:SW): Hotel division acquires hotel L’Oscar in central London for GBP 60 million.

End of ad hoc announcement

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BioEcho Life Sciences Receives Growth Equity Investment from Ampersand Capital Partners

Ampersand

Cologne, Germany, 1 March, 2022 – BioEcho Life Sciences GmbH, an innovative manufacturer of nucleic acid purification solutions for molecular diagnostics and life sciences research, today announced a minority investment from Ampersand Capital Partners, a private equity firm specializing in growth equity investments in the life sciences and healthcare sectors. Ampersand’s investment will be used to support the company’s worldwide growth initiatives, including the launch of several new kits in 2022, further development of the company’s commercial and geographic presence, and expansion of its direct salesforce.

Cologne, Germany-based BioEcho manufactures proprietary sample lysis and purification tools for rapid, high-quality extraction of nucleic acids.  The company’s EchoLUTION single-step purification technology enables faster and more simplified DNA and RNA extraction workflows versus traditional bind-wash-elute solutions while minimizing inhibitors of downstream PCR and sequencing applications.  By streamlining the nucleic acid purification workflow into a simplified centrifugation step, BioEcho also minimizes plastic consumption relative to traditionally used methods.  More recently, the company’s CE-marked viral RNA extraction kit has played a critical role in enabling the rapid scale-up of SARS-CoV-2 testing across Europe, and BioEcho plans to launch several more CE-marked kits for molecular diagnostics and research applications in 2022-2023.

Dr. Markus Müller, Cofounder and Co-Managing Director commented, “We are extremely pleased to be partnering with Ampersand in catalyzing the next phase of growth for BioEcho. Ampersand’s expertise and resources will be a significant benefit to BioEcho as we further expand into new markets and capitalize on the speed, quality, simplicity, and sustainability benefits that our products offer users, whether that is in SARS-CoV-2 testing or in a wide variety of other diagnostic, research, and industrial applications.”

Cofounder and Co-Managing Director Dr. Frank Schäfer added, “This partnership comes at a critical moment in the company’s history: the rapid success of our SARS-CoV-2 purification kits is strong validation of the benefits our technologies can bring to customers, and with a deep pipeline of new solutions ready for commercialization, now is the perfect time to accelerate our expansion and leverage Ampersand’s deep expertise in this market.  Further, we are excited that our partnership with Ampersand will help accelerate our expansion to the U.S.—a key priority for 2022.”

Frank Witney, PhD., Operating Partner at Ampersand, added, “Given Ampersand’s experience in the molecular diagnostics and tools markets, we were highly impressed by the differentiated products and technologies offered by BioEcho.  Over the last two years, BioEcho has been a key partner to molecular diagnostics labs across Europe, providing critical purification kits that have accelerated COVID-19 PCR testing workflows and enabled the rapid scale-up of labs across the continent.  We are excited to partner with Dr. Müller, Dr. Schäfer, and the rest of the BioEcho team to continue supporting our global communities in the fight against COVID-19 while also accelerating the company’s global commercialization of new products in other clinical and non-clinical applications.”

In connection with the transaction, Frank Witney has joined the BioEcho Board of Directors along with Ampersand Vice President Arya Mehrabanzad. Financial details of the transaction were not disclosed.

About BioEcho Life Sciences GmbH

BioEcho Life Sciences is an ISO 9001 and ISO 13485 certified company specializing in nucleic acid sample preparation tools for clinical, biotech, life sciences research, agricultural, and industrial applications.  Founded in 2016 by a team of industry experts in genomic sample preparation, BioEcho was established with the mission of utilizing the company’s proprietary technologies and technical expertise to overcome the limitations of many standardized methods in molecular biology and diagnostic workflows.  BioEcho kits offer customers with industry leading quality, speed, simplicity, and sustainability capabilities for the purification of high-quality nucleic acids from a wide variety of samples.  The company’s guiding principle is an unwavering dedication to sustainability, achieved through a specific focus on socially responsible behavior and the development of environmentally friendly products.  Additional information about BioEcho Life Sciences is available at www.bioecho.de.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle-market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.

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Ardian acquires Berlin’s “Ritterhof” office building

Ardian

Fourth investment in Berlin and eighth in Germany strengthens Ardian Real Estate’s position in the German real estate market

Ardian, a world-leading private investment house, today announces it has signed an agreement for the acquisition of the “Ritterhof” office and administration building, located at Ritterstrasse 11 in Berlin-Kreuzberg, from an undisclosed family office. This acquisition marks Ardian Real Estate’s eighth investment in Germany. The parties have agreed not to disclose financial details of the transaction.
Built during 1905 and 1906, the office complex is characterized by its historic industrial architecture, with reddish-black bricks and the white brick façade of its courtyards. The architectural monument, which was modernized by the seller in 2015, is one of the few surviving historical buildings in Berlin’s former “export quarter”, or “Rollkutscherviertel” – named after the high-volume of horse drawn carriages once used to transport goods. The property consists of three courtyards, eight staircases and three covered passageways, with around 13,000 square meters of space available to rent. Ritterhof is centrally located in Berlin-Kreuzberg, just a few stops on the underground from Potsdamer Platz and in the immediate vicinity of the Moritzplatz and Kottbusser Tor underground stations.
About one-third of the building was recently leased by the finance and business portal Wallstreet Online, and the remaining two-thirds are to be leased after extensive improvements. Ardian Real Estate intends to upgrade the courtyards and common areas, for example, with strong sustainability credentials that match the changing requirements of the modern workforce.

“We expect to see continued demand for office space in Berlin that meets the needs of a changing work world and fulfills high sustainability standards. The Ritterhof building complex is therefore an ideal fit for the investment strategy of our second real estate fund, AREEF II, which recently closed and through which we are investing into office buildings with the potential for strong rental and value growth in Europe’s core cities.” Nico Rheims, Managing Direction Ardian Real Estate.

Ardian Real Estate has already acquired three office properties in Berlin in recent years. These include the STORE office building at Spichernstrasse 2-3 in Berlin’s City-West and the CARL office complex at Lützowstrasse 105-106 in Berlin Mitte, which were acquired by Ardian Real Estate in 2018, and in 2019 the ELISA “3 Höfe work” office building at Lützowstrasse 107-112 in Berlin Mitte, which is leased on a long-term basis to the interdisciplinary Forschungszentrum Jülich and the pharmaceutical company Sanofi.

Ardian Real Estate’s investment focus is on office properties in major European cities in Germany, France, Italy and Spain, where Ardian is already active through various direct investments. Ardian is targeting commercial properties – in particular, office buildings and mixed-use properties in inner-city locations – with an average of more than EUR 100 million in the Core Plus and Value Added segments. In Germany, WestendCarree (Frankfurt), Quartier 21 (Hamburg) and “3 Höfe work” (Berlin) are among its best-known investments.

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KKR partners with the Vision Group in Germany

KKR

February 23, 2022

Mannheim, 23. February 2022 – Vision Group, a residential real estate investor and asset manager based in Mannheim, Germany, is laying the foundation for further growth through a strategic partnership with KKR, a leading global investment firm.

Vision will work together with KKR to provide real estate units as investment opportunities to private investors, family offices and institutional investors. Vision and KKR will purchase residential properties and invest in them to enhance the quality of living for tenants through operational upgrades while also reducing their energy footprint. The professionally managed real estate units will then be offered for sale to private investors, providing an attractive long-term savings and retirement opportunity for clients. All rental agreements will remain in place throughout; both at acquisition as well as at the sale of the units.

The strategic partnership will focus on prospering mid-sized cities throughout Germany, with Vision Group and KKR actively looking to identify assets that will enable them to build on their strategy.

Established in 2016, Vision Group is an investor, developer and residential property owner with a portfolio currently comprising of more than 500 apartments.

“Seven years after Vision Group’s founding, we are entering the next phase of our company’s development. With this strategic partnership with KKR, we are preparing the company for future growth. Our market expertise as well as our sustainable and digital business model are the cornerstones of our success. We look forward to working with KKR to further build on this and meet the demands of private investors looking to build wealth or secure their retirement”, said Felix Balck, founder and CEO of Vision Group.

Niclas Wallrafen, COO and Partner of Vision Group, commented: “Our full-service solutions along the entire real estate value chain make our business model unique. Our investment into creating quality properties is an integral part of our approach, with a particular focus on measures to increase energy efficiency and tenant satisfaction.”

 

About Vision Group

Vision Group, headquartered in Mannheim, is a residential real estate investor and asset manager with a focus on the German market. The company is characterised by its digitalised full-service business model, which offers all services along the entire real estate value chain: from acquisition to refurbishment and modernisation to exit and tenant search. Target markets of the company are B and C locations in German metropolises and economic centres.

Press contact

Anke Sostmann

Feldhoff & Cie. GmbH

T: +49 (0) 69 2648677 – 14

M: +49 (0) 159 04028505

E: as@feldhoff-cie.de

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CVC Credit supports Markerstudy Group’s buy and build growth strategy

CVC Capital Partners

Incremental debt facilities provided by CVC Credit supported two acquisitions which will transform Markerstudy’s product offering and customer base

CVC Credit is pleased to announce that it has further supported Markerstudy Group (“Markerstudy”) by providing incremental facilities for the add-on acquisitions of Clegg Gifford Co Ltd (“Clegg Gifford”), a UK-based Lloyd’s broker which provides personal and commercial insurance products; and, BGL Insurance (“BGLi”) a digital-focused, personal lines insurance broker in the UK.

CVC Credit has supported Markerstudy since January 2021, when it financed Pollen Street Capital’s and Qatar Insurance Corporation’s investment in the business.

Founded in 2001, Markerstudy is one of the fastest growing general insurance players in the UK with close to six million policyholders, it is known for its investment in technology, underwriting expertise and sophisticated product development.

The acquisitions of Clegg Gifford and BGLi will help to grow Markerstudy’s product offering and customer base, develop in-house insurance capacity, and provide access to the Lloyds market. By leveraging Clegg Gifford’s strong reputation in the commercial space and BGLi’s strong digital and data capabilities, Markerstudy will be able to provide a more enhanced service for its customers.

Chris Fowler, Partner in CVC Credit’s Private Credit business, said: “We are delighted to continue to support Markerstudy and its sponsors in the latest phase of the business’s acquisitive growth strategy. We are also pleased to enact CVC Credit’s commitment to good ESG practices through the inclusion of a ratings-linked ESG margin ratchet as part of the financing arrangement, which will incentivise Markerstudy to continue to drive ESG standards across the business.”

Michael England, Partner at Pollen Street Capital, said, “Markerstudy has sustained its successful buy and build track record with the acquisitions of BGLi and Clegg Gifford and it is well-positioned to scale further through M&A. It is great to have the continuing support of CVC Credit who, thanks to their existing knowledge of Markerstudy and broad experience of the insurance sector, were able to move swiftly to help ensure the seamless agreement of these transactions.”

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Cinven Partners with Greater Share Education Fund

Cinven

Proceeds of Fund donated to NGOs addressing the global education crisis

International private equity firm, Cinven, today announces that it has signed up to the Greater Share Education Fund, a first-of-its-kind philanthropic investment model, harnessing the expertise of some of the world’s top performing private equity funds and highest impact educational NGOs to address the significant need in the global education field.

 The Greater Share Education Fund (‘GSEF’ or the ‘Fund’) is a fund-of-funds investment vehicle with the intention of attracting committed capital from a broad range of investors (Limited Partners or ‘LPs’).  This committed capital will then be invested in underlying private equity funds specially selected by Greater Share’s investment committee.

The returns generated by the GSEF will be split between the LPs of the Fund and NGOs who will receive a significant proportion.

Meanwhile, Cinven – alongside the other private equity funds selected for commitments by GSEF – will donate fees and any carry, in proportion to the investment made in the fund by GSEF, also to be distributed to the selected NGOs. This will create a multiplier effect on donations, providing NGOs with long-term, unrestricted funding to scale their impact.

The NGOs will also benefit from ongoing strategic, operational and legal assistance from Greater Share’s community of supporters, further building their ability to improve outcomes for children and reduce inequality by closing the education gap.

Eight high impact education NGOs, identified through a rigorous selection process, with a track record of using evidence-based child-centric models to transform children’s learning, will receive sustainable, long-term funding from Greater Share.

 

Stuart McAlpine, Managing Partner at Cinven, said:

“Cinven is delighted to join Greater Share in tackling the significant global challenge of transforming education for children in under-served communities across the world.  Cinven will join the initial group of private equity firms committed to the Greater Share Education Fund and leverage the Greater Share’s innovative investment model to maximise the philanthropic impact of investments in its Funds.

“Alongside the Cinven Foundation, founded in 2008, today’s announcement is the most recent example of Cinven’s commitment to effecting positive change in the communities in which we operate and more broadly.”

 

The eight NGOs which will receive long-term funding from Greater Share are:

  • aeioTU | transforming communities through developing children’s potential in innovative and sustainable ways in Latin America
  • CAMFED | providing opportunities for women and girls in Sub-Saharan Africa
  • Kaivalya | building the motivation and capacity of education system leaders in India
  • KIPP | operating a network of high-quality public charter schools in financially under-resourced communities in the US
  • London Early Years Foundation | providing access to high quality, affordable early childhood education and care in London
  • The National Institute for Student Success |increasing college attainment while reducing equity gaps in the US
  • Teach For All |developing collective leadership to ensure all children can fulfil their potential globally
  • West London Zone | supporting children and young people in the UK to build the relationships and skills to thrive in adulthood.

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True Wind Capital Makes Growth Investment in Sterling Capital Brokers, A Leading Canadian

Truewind

Tech-Enabled Benefit Consulting Platform

Partnership Will Enable Sterling to Accelerate Growth Initiatives and Invest in Innovation

SAN FRANCISCO & TORONTO – February 22, 2022 – True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, today announced a significant growth investment in Sterling Capital Brokers (“Sterling”), one of Canada’s leading independent benefit consulting firms that provides proprietary technology solutions to high-growth businesses and multinational enterprises. Terms of the transaction were not disclosed.

Founded in 2014, Sterling offers a comprehensive suite of bespoke employee benefit insurance solutions, including payroll integration, automatic billing reconciliation, and streamlined digital onboarding, to 1,000+ clients across Canada. Sterling’s proprietary platform provides competitive, cost-effective plans that dramatically reduce the administrative burden for both clients and carriers and seamlessly integrates into leading HRIS & payroll platforms. Sterling’s senior management team, including co-founders Stefan Ionescu and David Haines, and President John Griffin, will continue to lead the business from its Toronto, Ontario headquarters.

John Griffin, President at Sterling Capital Brokers, commented, “This investment from True Wind, our first institutional capital partner, will enable Sterling to accelerate our platform enhancements to deliver smarter, more integrated solutions to meet the large and growing demand for customizable and affordable insurance benefit options for Canadian businesses. We believe our innovative and easy to use technology platform has set an industry standard and we are excited to draw on True Wind’s considerable expertise and resources.”

Aaron Matto, a Partner at True Wind, said, “We are thrilled to partner with Sterling, which has built a differentiated suite of tech-enabled services that not only enables customized benefit solutions but also lowers costs and simplifies the administrative process for all constituents. We look forward to supporting Stefan, David, John and Sterling’s talented team by leveraging our proven capabilities in scaling technology-enabled businesses through both organic initiatives and strategic acquisitions.”

Gibson, Dunn & Crutcher LLP and McCarthy Tétrault LLP served as legal advisors to True Wind Capital. Borden Ladner Gervais LLP served as legal advisor to Sterling Capital Brokers.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 12 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.

About Sterling Capital Brokers
Sterling Capital Brokers was founded in 2014 and is headquartered in Toronto, Ontario. Sterling is Canada’s largest independent benefit consulting firm that specializes in servicing small to large sized businesses and multinational enterprise clients across Canada. Sterling offers comprehensive benefit consulting and customized plan management technology services that provide its clients with rapid and bespoke solutions.

Media Contacts:
For True Wind Capital:
Nathaniel Garnick/Genna Pirrong
Gasthalter & Co.
(212) 257-4170

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Ratos company Plantagen acquires Flyinge Plantshop

Ratos

Plantagen has acquired Flyinge Plantshop, which is one of the leading nurseries in Sweden and renowned for its expertise, quality and service. The company’s sales, of which more than 50% derives from corporate customers, amounted to SEK 82m in 2021, with an EBITDA of SEK 12m. The acquisition broadens the product offering and customer base in Plantagen. Plantagen is now strengthening its position as the leading garden centre for private and corporate customers within the private and public sectors.

“Add-on acquisitions of this kind are entirely in line with Ratos’s strategy. Flyinge is a well-managed family company, where the focus is on quality and a long-term approach. The acquisition will lead to synergies and contribute to the continued development of Plantagen, primarily through the unique range and expansion toward corporate customers,” says Anders Slettengren, Chairman of the Board of Plantagen and President Business Area Consumer, Ratos.

The acquisition of Flyinge Plantshop is a step in Plantagen’s work to acquire locally and regionally attractive garden centres which, with genuine professional know-how and an attractive range, appeal to both private and corporate customers in the private and public sectors.

“Our vision is to be the Nordic region’s loveliest greenhouse. This entails offering inspiration, expertise and tools to succeed in a growing life. Our focus has been weighted toward private customers and going forward, we will increase our efforts to offer corporate customers and public administrations products and services. Over the past century, the Seger family has created a first-rate company and now we are looking forward to continuing to develop the business together,” says Nina Jönsson, CEO of Plantagen.

The former owner of Flyinge Plantshop for four generations, the Seger family, will remain a driving force in the business at Flyinge. Flyinge Plantshop will continue to operate under its own brand. Closing will take place on 1 March 2022.

For further information:
Anders Slettengren, Chairman of the Board of Plantagen and President Business Area Consumer, Ratos +46 72 589 89 00
Nina Jönsson, CEO, Plantagen, +46 72 077 44 20
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 35 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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DIF Capital Partners acquires 80% stake in French waste-to-energy project Dombasle Énergie

DIF

DIF Capital Partners (“DIF”) is pleased to announce the acquisition of an 80% stake in Dombasle Énergie, a French greenfield waste-to-energy project, located in Dombasle-sur-Meurthe in the North-East of France. The investment is made through DIF Infrastructure VI, alongside Solvay (10%) and Veolia (10%).

The project comprises the replacement of three coal-fired boilers with a new boiler room equipped with two furnaces running on 350,000 tonnes per year of refuse-derived fuel (“RDF”) produced from various types of nonhazardous waste that cannot be recycled.

The EUR 225 million capex project is scheduled to become operational before the end of 2024 and will directly and indirectly employ over 1,000 people. The project will combust 344kt per annum and has a capacity of 181 MW thermal power and 17.5 MW electrical power from a steam turbine, which will be reused for the industrial process. As the first project of its kind in France, Dombasle Énergie will (i) cut the site’s carbon footprint by about 50% (240,000 tonnes of CO2 reduction) per year and (ii) create a new outlet for waste (primarily from the Grand Est and neighbouring regions) that was initially non-recyclable and which will now be transformed into green energy.

Gijs Voskuyl, Partner and head of DIF’s core infra investment strategies: “With increasing pressure on landfill capacity and concerted community efforts to reduce landfill levels, waste-to-energy represents a significant opportunity for the generation of affordable green power across the globe. We are delighted to partner with Solvay as well as Veolia in this ambitious project which will significantly reduce Solvay’s carbon footprint as well as reuse 350,000 tonnes of non-recyclable waste, of which otherwise the majority would have been landfilled. Renewable energy investments are an essential part of DIF’s investment mandate, evidencing the company’s desire to positively contribute to a more sustainable future”.

The project secured long term non-recourse debt financing from Credit Agricole Leasing & Factoring’s subsidiary Unifergie and Bpifrance. Dombasle Énergie also benefited from the support of the Grand Est region and French environmental authority ADEME, as well as other private partners.

Advisors on the transaction included De Pardieu Brocas Maffei (legal) and H3P (financial) for the sponsors. The lenders were advised by Herbert Smith Freehills (legal), SETEC (technical) and Marsh (insurance). Other advisors included Sigée Finance (model audit), Willkie Farr & Gallagher (tax audit) and ESTER (hedging).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.8 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target, equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 180 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

More information:

Jorda Zuurendonk, Marketing & Communication Manager

j.zuurendonk@dif.eu

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