Category Archives: News

Alpha Dhabi and Mubadala Form Partnership to Co-invest in Global Credit Opportunities

Apollo

Abu Dhabi, UAE; 05 January 2023: Alpha Dhabi Holding PJSC (“Alpha Dhabi”) and Mubadala Investment Company (“Mubadala”) today announced the formation of a joint venture to co-invest in credit opportunities. Alpha Dhabi and Mubadala aim to collectively deploy up to ~AED 9 billion (approximately US $2.5 billion) over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo (NYSE: APO), one of the world’s largest alternative asset managers, to access high-quality private credit investment opportunities.

Mubadala will hold 80% ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20% to be held by Alpha Dhabi.

Commenting on the announcement, Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, said: “We have continued to assess the private credit market asset class recently with a keen interest, particularly given the current global market environment. We are proud to partner with Mubadala and Apollo – both of which are renowned in this space – to address the global market need for alternative forms of liquidity and credit. The asset class provides further diversification to our portfolio and attractive risk adjusted returns.”

Hani Barhoush, CEO of Disruptive Investments at Mubadala, added: “We are excited to form this partnership with Alpha Dhabi at a time when global private credit markets are entering a period of significant growth. By leveraging our strong existing relationship with Apollo, and combining Mubadala and Alpha Dhabi’s investment expertise and capital, we have created a powerful platform to access investment opportunities around the world while driving synergies across Abu Dhabi’s ecosystem.”

“At Apollo, we believe this is an attractive time to deploy capital across private credit markets and are excited to continue building our relationships with Mubadala and Alpha Dhabi, coming together at a time when private markets are prime for investment against a backdrop of broader public market stress.” said Craig Farr, Apollo Partner and Head of Apollo Capital Solutions.

Allocations to the private credit asset class have continued to gain traction and increase regionally and are seen as a route to generate strong returns while providing effective downside protection. This is particularly pertinent in the context of the current operating macroenvironment with rising interest rates and inflationary pressures. Private credit investments are well placed to perform across market cycles, despite the current uncertain and volatile global capital markets landscape.

—ENDS—

About Mubadala

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion (AED 1,045 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

For more information about Mubadala Investment Company, please visit: www.mubadala.com

About Alpha Dhabi

Alpha Dhabi Holding (ADH), the UAE listed conglomerate, was established in 2013 and is one of the fastest growing Abu Dhabi based investment holding companies, with more than 100 businesses spread across healthcare, renewable energy, petrochemical and other industries as well as real estate, construction and hospitality. With over 85,000 employees, ADH is a strategic contributor to the UAE economy and is committed to drive continuous growth for its stakeholders through investments in emerging businesses, supporting innovation and diversity.

About Apollo

Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. To learn more, please visit www.apollo.com.

Media Contacts

Alpha Dhabi Holding
Archana Koka
IR@alphadhabi.com

Mubadala
Salam Kitmitto
sakitmitto@mubadala.ae

Apollo
Noah Gunn
IR@apollo.com

Joanna Rose
Communications@apollo.com

Brunswick Group
Omar Abu Khadra / Jade Mamarbachi
alphadhabi@brunswickgroup.com

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Opsys Tech tops up latest venture effort with additional $36.5M

83North logo

Israeli developer of automotive lidar eyes production ramp after closing $51.5M series C round.

 

VCSEL array lidarVCSEL array lidar

Opsys Tech, one of several startups developing automotive lidar technology out of Israel, says it has raised an additional $36.5 million in its latest venture funding round.

 

The additional cash, which brought total series C funding to $51.5 million, will be used to ramp production of commercial devices built around its solid-state platform.

Last year the company agreed deals with major auto part suppliers including China’s Hasco and SL Corporation in South Korea.

A recent update to the Hasco collaboration is expected to see the Chinese firm manufacture the Opsys lidar units domestically, with mass production slated to start in 2024.

VCSEL array
Taking part in Opsys’ latest round of financing round were the likes of 83North, Osage University Partners, Translink Capital, and Saban Ventures.

“The series C financing will support the ramp of commercial automotive production quantities of Opsys Tech’s lidar sensor solutions,” announced the Israeli startup.

The firm claims to have developed a lidar sensor that is uniquely capable of high performance and reliability coupled with low cost that is able to meet all user requirements and requires no moving parts.

Opsys also claims a detection range of 300 meters at 10 per cent object reflectivity with its sensors, which are based around an array of vertical-cavity surface-emitting lasers (VCSELs) operating at 850-980 nm and single-photon avalanche diode (SPAD) detectors.

Gertel, the former CEO of major VCSEL manufacturer Finisar (now part of the giant Coherent photonics company), co-founded the startup and is now its executive chairman.

Commenting on the latest funding round, he said: “We are gratified by the validation of our unique technology and our demonstrated commercialization progress.

“Customer feedback on the best-in-class overall performance of our sensor has been incredible and our customer engagement levels have never been higher.

“Based on customer feedback, we believe we have developed the only lidar sensor available on the market that can meet all customer requirements at all times to enable a complete automotive lidar solution.”

Mass production in Asia
Gertel believes that the solid-state sensor is capable of meeting all automotive reliability requirements and performance specifications required for every level of advanced driver assistance systems (ADAS) and autonomy, adding:

“With the closing of this financing round, we can complete the full production ramp of our True Solid-State Scanning lidar product line, and we are looking forward to supplying our customers with production quantities of our lidar sensors.”

Opsys is also exhibiting at this week’s CES 2023 in Las Vegas – now a key event for automotive lidar companies – and used the occasion to announce the update to its agreement with Hasco.

Company CEO Rafi Harel, who was the general manager of Finisar Israel for several years, said of that deal:

“This major milestone…marks our entrance into the market for mass production quantities of automotive lidar systems in Asia.

“The use of Opsys lidar technology will increase the safety of vehicles on the road while enabling the evolution of autonomous functionality at all levels, including L5.”

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Partners Group acquires SureWerx, a leading North American supplier of personal protective equipment, safety gear, and tool solutions

Partners Group
  • SureWerx owns 18 well-established brands across 27 product categories
  • SureWerx is positioned to benefit from tailwinds in the safety equipment market
  • Partners Group aims to transform SureWerx through targeted value creation initiatives that will drive improved product offering, customer engagement, and stakeholder benefits

Partners Group, a leading global private markets firm, has, on behalf of its clients, acquired SureWerx (or “the Company”), a leading supplier of personal protective equipment, safety gear, and tool solutions across North America, from The Riverside Company.

Co-headquartered in Vancouver, BC, and Chicago, IL, SureWerx is a leading supplier of technical safety equipment and safety tools that help improve employee wellbeing, working conditions, and productivity. SureWerx owns 18 well-established safety brands across 27 product categories, including welding safety head protection, safety footwear and traction aids, arc flash apparel, detectable warning equipment, and abrasive and cutting tools. The Company serves diverse end-markets, including infrastructure and utilities, manufacturing, transportation and logistics, and warehousing, where customers typically purchase multiple product categories and regularly replenish stock, generating strong recurring demand. SureWerx has around 350 employees across 12 distribution centers, with the majority of its sales in the US and Canada. SureWerx is positioned to benefit from tailwinds in the safety equipment market, such as increasing regulatory requirements on worker safety, a proliferating culture of safety across industries and geographies, and new use-case scenarios for innovative safety equipment.

Partners Group will work with SureWerx management to build on its leading position in the North American safety market. Key value creation initiatives include making strategic acquisitions of targeted product lines, launching an operational excellence program, expanding the Company’s e-commerce capabilities, and transforming sales and product development processes. Chris Baby, Chief Executive Officer of SureWerx, will continue to lead the Company.

Derek Lim, Managing Director, Private Equity Goods & Products Industry Vertical, Partners Group, says: “SureWerx is a leading technical safety equipment supplier with a stable of strong brand names and a history of successful product innovation for its customers and end-users across multiple distribution channels. Industrial safety has been a thematic focus area of ours for over four years, and we have conviction in SureWerx’s growth potential due to its broad product portfolio, end-market diversification and compelling industry tailwinds. SureWerx’s products play an important role in ensuring worker safety, which fits with our commitment to invest in companies that achieve positive stakeholder impact. We are excited to partner with Chris and the team to execute on our shared value creation growth initiatives.”

Chris Baby, Chief Executive Officer, SureWerx, comments: “Our brands have a long history of high performance and technical superiority, which clearly differentiate them from competitors. At SureWerx, we incorporate input from end-users during our internal product innovation and manufacturing review processes, which allows us to develop unique and tailored solutions. We are now looking to cement our market leading position and institutionalize our vision. Partners Group’s operational expertise and financial resources make the firm an ideal long-term partner to help us achieve our goals.”

Henry Elefter, Member of Management, Private Equity Goods & Products Industry Vertical, Partners Group, adds: “SureWerx is a key player in the safety PPE industry, which is characterized by cycle resilience and growth due to regulations on worker safety. There is an increasing focus on established brands due to the high cost of product failure. The Company offers a compelling value proposition for its distributor partners, including flexible fulfillment, which ensures long-term, sticky customer relationships. We look forward to working with management on our value creation plan that aims to further build the business on its foundation of success.”

Latham and Watkins represented Partners Group on the transaction.

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CVC has signed a preliminary agreement for the sale of PKP Energetyka

CVC Capital Partners

CVC Capital Partners Fund VI (“CVC”) has signed a preliminary agreement for the sale of PKP Energetyka, an energy distributor for the Polish railway sector and provider of traction network maintenance services, to PGE, the state-controlled- public power company and the largest power producing company in Poland for an EV of PLN 5,944.5 million. The transaction is subject to the standard regulatory approvals and depends on the conclusion of the legal dispute regarding the privatization of PKP Energetyka and obtaining consents from entities providing financing.

PKP Energetyka is one of the largest energy companies in Poland, responsible for the distribution of over 4 TWh of electricity annually, which is 2.9% of all energy in Poland. The company manages and develops critical infrastructure for Polish rail transport has and maintains 21.5 thousand km of power lines and owns over 800 substations, employing over 4,000 people.

During CVC’s ownership over the last seven years PKP Energetyka has been consistently implementing cutting-edge technology to improve the quality, safety and efficiency of its operations. The company operates a Workforce Management system, advanced data analytics systems, artificial intelligence-based algorithms to support the safety of the distribution network and rail traffic, as well as mobile and virtual training solutions. PKP Energetyka is highly technologically advanced, as exemplified by Europe’s largest traction energy storage facility in Garbce near Wroclaw, further supported by innovative hydrogen technology developed jointly with Polish scientists. The company’s transformation would not have been possible without the commitment of its employees, which is currently at almost 70% (with the Polish average at 48%). This is confirmed by receiving the Top Employer certificate four years in a row (2019-2022).

Quotes

We have carried out a complex transformation of the company over the past seven years. Through c.PLN 4 billion capex investments and value-creation programs, we have transitioned it from an analogue world to a digital one.

Krzysztof KrawczykPartner, CVC Capital Partners

Krzysztof Krawczyk, Partner at CVC Capital Partners, commented: “We have carried out a complex transformation of the company over the past seven years. Through c.PLN 4 billion capex investments and value-creation programs, we have transitioned it from an analog world to a digital one. This has allowed us to improve operational parameters, such as reducing the network outages from 331 in 2015 to 14 in 2021 and improving SAIDI power outage index by more than 3 times.

István Szőke, Managing Partner at CVC Capital Partners, added: “We are handing over the company in an excellent condition – today PKP Energetyka is fully ready to be the backbone of the transformation of the railroad power industry, crucial for the development of the entire sector, and has huge potential for further long-term development.”

Wojciech Orzech, President of the Management Board of PKP Energetyka, said: “The recent years of PKP Energetyka’s continuous growth are no coincidence. This is the result of implementing a carefully planned company transformation process. It would not have been possible without the huge commitment of the entire team, which believed in the vision of development and joined its co-creation and implementation from the very beginning. Quality, safety, commitment, efficiency – these four values have accompanied us from the beginning of the transformation and have been the foundation for the development of PKP Energetyka.”

The digital transformation allows the company, and the entire sector, to realize the strategic Green Railway® program, which aims to change the sector’s energy mix to 85% clean energy from renewable sources in 2030, and ultimately to 100%.

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Equistone acquires a majority stake in BUKO Infrasupport and BUKO Waakt, leading providers of outsourced traffic and safety management solutions

Equistone

Funds advised by Equistone Partners Europe (“Equistone”) are acquiring a majority stake in BUKO Infrasupport and BUKO Waakt (“BUKO”), leading providers of outsourced traffic and safety management solutions in the Netherlands. Equistone will partner with the current shareholder Scheybeeck Participaties, the family office of the Burger family, and the wider management team, which will reinvest in the company as part of the transaction. It was important for Scheybeeck Participaties to find a highly experienced partner that can support the company’s growth ambitions with strong financial backing and a broad international network. Current CEO Robert Emmerich will continue to lead both companies going forward. The partnership with Equistone will focus primarily on further expanding BUKO’s market presence in the Netherlands as well as targeted expansion into neighbouring countries, supported by strong market dynamics. The financial terms of the transaction are undisclosed and completion remains subject to approval by the relevant competition authorities.

Founded in 1962 in the Netherlands, BUKO consists of three business units: BUKO Infrasupport, BUKO Transport and BUKO Waakt. BUKO Transport is not included in this transaction. BUKO Infrasupport specialises in offering end-to-end outsourced temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage and safety equipment required for roadworks – Infrasupport primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks. BUKO Waakt provides temporary remote security solutions with a focus on camera surveillance, intrusion detection systems and access control systems, which are used principally on construction sites of residential and public buildings.

The two business units BUKO Infrasupport and BUKO Waakt combine strong expertise with a customer-centric and result-oriented approach, high-quality equipment and dedication to the highest safety standards. This approach ensures prescribed safety measures and regulations for road and construction projects are comprehensively met. With several thousand projects delivered each year and established long-standing and trusted relationships with its customer base, the company is one of the largest providers of tailor-made traffic and safety solutions in the Netherlands. It currently employs more than 350 people and generates an annual turnover of c. €70 million.

The partnership with Equistone is intended to further support the company’s continued growth and development. Above all, the focus will be on capitalising on the strong market dynamics, mostly driven by further investments in digital and energy transition-related infrastructure and road maintenance, and increasing the company’s geographic footprint.

“I am very excited by this partnership with Equistone because of their deep sector expertise through investments in relevant portfolio companies, their footprint in relevant regions, and their collaborative and exceptionally strong team. I am looking forward to taking the growth of our company to the next level while maintaining our powerful family culture”, explains Robert Emmerich, CEO of BUKO Infrasupport and BUKO Waakt.

“BUKO is already very well positioned – we want to build on this and further strengthen its service offering and market position in the Netherlands through organic growth,” explains Hubert van Wolfswinkel, Partner at Equistone’s Amsterdam office. “In addition, we will focus on increasing market penetration in specific regions in the Netherlands, and also considering opportunities for expansion into neighbouring countries through strategic acquisitions,” adds Tanja Berg, Investment Director at Equistone.

Hubert van Wolfswinkel, Tanja Berg and Josh Aalbers led the transaction on Equistone’s behalf. Equistone was advised on the transaction by PwC (financial, tax, IT, debt advisory), DC Advisory (M&A), Roland Berger and Munich Strategy (Commercial), Vesper and Clifford Chance (Legal).

BUKO was advised on the transaction by Lincoln International (M&A), Deloitte (financial, tax advisory), Strategy& (Commercial) and De Brauw Blackstone Westbroek (Legal).

 

PR Contacts

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Munich, Zurich, Amsterdam

  • IWK Communication Partner
  • Ira Wülfing / Florian Bergmann
  • Tel: +49 (0)89 2000 30 30
  • E-Mail IWK

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Blue Owl Capital Completes Acquisition of Oak Street Real Estate Capital

Blue Owl logo

New York, New York and Chicago, Illinois – December 30, 2021 – Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC (“Oak Street”) and its investment advisory business. The transaction was previously announced in October of 2021.

Founded in 2009, Oak Street is a Chicago-based firm with over 35 employees and $12.4 billion of assets under management as of September 30, 2021. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl’s Board of Directors and Executive Committee. Oak Street’s Chicago office is now an additional office for Blue Owl.

Doug Ostrover, Co-Founder and CEO of Blue Owl, said: “We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. Oak Street is the industry’s preeminent net lease platform with meaningful capital, scale, and expertise that will further expand Blue Owl’s range of investment solutions. We look forward to working closely together and are excited for what the future holds.”

Marc Zahr, Co-Founder and CEO of Oak Street, said: “Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.”

Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to Oak Street.

About Blue Owl

Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The firm’s breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Blue Owl Capital’s management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. For more information, please visit us at www.blueowl.com.

About Oak Street

Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities.

The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities.

Investor Contact
Ann Dai
Head of Investor Relations
owlir@blueowl.com

Media Contact
Prosek Partners
David Wells / Nick Theccanat
Pro-blueowl@prosek.com

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DIF Capital Partners and PGGM enter exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur

DIF
  • A consortium composed of DIF Capital Partners and PGGM has entered exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur, a leading provider of water services management solutions in France and internationally
  • Saur plays an essential part in the societies it operates in, fueled by its mission to protect and preserve water availability and quality, while minimizing discharge through efficient wastewater recycling
  • The broadened shareholder base adds new resources and expertise to support the continued long-term development of Saur’s pure-play water infrastructure platform

DIF Capital Partners is pleased to announce to have formed a consortium with the Dutch pension fund service provider PGGM (together, “the Consortium”) to enter exclusive negotiations with EQT Infrastructure III and IV funds (together, “EQT Infrastructure”) to acquire 50 percent of its stake in Saur (the “Company”). The Consortium members will each acquire 25 percent of EQT Infrastructure’s shares.

Headquartered in Paris, France, Saur is a leading innovator and service provider in the global water sector, working alongside thousands of municipalities across the globe to deliver drinking water and collect wastewater for more than 20 million people. In addition, through its Industrial Water division, the Company provides integrated water infrastructure solutions to hundreds of international blue-chip customers. Saur is present in more than 20 countries and enjoys strong market positions with long-term contracts in France, Portugal, Spain, and the Middle East.

Since the acquisition by EQT Infrastructure in 2018, Saur has undergone a successful commercial and operational transformation along with a refocus on core activities and geographical growth. EQT Infrastructure has supported the launch of a new organizational structure, accelerated organic and inorganic growth through the completion of 15 add-on acquisitions, while supporting expansion to Portugal and North America. Moreover, EQT Infrastructure has helped develop the Company’s new Industrial Water division, while implementing an ambitious ESG strategy and digitalization roadmap.

EQT Infrastructure, DIF and PGGM are committed to investing in Saur’s long-term development, providing the necessary resources and expertise to secure stability and continuous growth over the coming years. Saur is set to continue its strategic 2030 agenda focused on reinforcing its core water infrastructure activities in France and Iberia, while accelerating organic and inorganic geographic expansion and further developing its Industrial Water Solution division.

For PGGM Infrastructure Fund this acquisition contributes to the overall ambition of PGGM to invest its client PFZW’s pension capital in such a way that good and stable financial returns are combined with positive social benefits that improve livability. At the end of Q3 2022, PGGM had invested EUR 44.9 billion in Sustainable Development Investments across different asset classes, of which EUR 1.52 billion has been in water-related investments (SDG 6) in different parts of the world.

Delivering returns responsibly is one of the goals of DIF’s investment and asset management strategy, and the envisaged investment in Saur perfectly fits in this approach. DIF already has a strong footprint in water and energy transition investments as part of the more than EUR 15 billion in assets that it manages.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “In times of rising concerns around water scarcity, Saur is a critical pillar in the societies it operates in, providing local municipalities and their citizens with clean drinking water and efficient wastewater treatment. EQT Infrastructure is proud of Saur’s development so far and we now look forward to entering its next phase of growth journey together with our new partners PGGM and DIF Capital Partners”.

Patrick Blethon, Executive Chairman of Saur Group, said, “EQT Infrastructure has been and will continue to be our partner in the construction and execution of the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our corporate project. Welcoming PGGM and DIF Capital Partners onboard alongside EQT Infrastructure represents a great opportunity for Saur to develop faster and stronger.”

Dennis van Alphen, Head of Infrastructure at PGGM, said, “In today’s investment environment it is more and more important that pension capital is invested not just for financial return but to make an active contribution to society’s challenges. The envisaged investment in Saur is a seamless fit with that strategy, providing communities and companies across the world with access to clean water. We are excited to embark on this journey with our partner DIF Capital Partners and EQT Infrastructure.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said, “DIF is very excited to partner with PGGM and EQT Infrastructure in this transaction in the water sector. Saur has a very sizable and largely concession-based position in the French and Iberian Peninsula water sector and has strong growth potential, especially in the industrial water space. DIF firmly believes in Saur’s management team and looks forward to jointly growing the company towards being a sustainable leader in the industry.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2023.

EQT Infrastructure was advised by Rothschild & Co. PGGM and DIF were advised by UBS.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Thijs Verburg, t.verburg@dif.eu

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EQT Infrastructure enters exclusive negotiations with DIF Capital Partners and PGGM to sell 50 percent of its stake in Saur

eqt
  • EQT Infrastructure enters exclusive negotiations with a consortium composed of DIF Capital Partners and PGGM to sell 50 percent of its stake in Saur, a leading provider of water services management solutions in France and internationally
  • Saur plays an essential part in the societies it operates in, fueled by its mission to protect and preserve water availability and quality, while minimizing discharge through efficient wastewater recycling
  • The broadened shareholder base adds new resources and expertise to support the continued long-term development of Saur’s pure-play water infrastructure platform

EQT is pleased to announce that the EQT Infrastructure III and IV funds (together, “EQT Infrastructure”) have entered exclusive negotiations to sell 50 percent of its stake in Saur (the “Company”) to a consortium composed of global infrastructure fund manager DIF Capital Partners and the Dutch pension fund service provider PGGM (together, “the Consortium”). The Consortium members will each acquire 25 percent of EQT Infrastructure’s shares.

Headquartered in Paris, France, Saur is a leading innovator and service provider in the global water sector, working alongside thousands of municipalities across the globe to deliver drinking water and collect wastewater for more than 20 million people. In addition, through its Industrial Water division, the Company provides integrated water infrastructure solutions to hundreds of international blue-chip customers. Saur is present in more than 20 countries and enjoys strong market positions with long-term contracts in France, Portugal, Spain, and the Middle East.

Since the acquisition by EQT Infrastructure in 2018, Saur has undergone a successful commercial and operational transformation along with a refocus on core activities and geographical growth. EQT Infrastructure has supported the launch of a new organizational structure, accelerated organic and inorganic growth through the completion of 15 add-on acquisitions, while supporting expansion to Portugal and North America. Moreover, EQT Infrastructure has helped develop the Company’s new Industrial Water division, while implementing an ambitious ESG strategy and digitalization roadmap.

EQT Infrastructure, DIF and PGGM are committed to investing in Saur’s long-term development, providing the necessary resources and expertise to secure stability and continuous growth over the coming years. Saur is set to continue its strategic 2030 agenda focused on reinforcing its core water infrastructure activities in France and Iberia, while accelerating organic and inorganic geographic expansion and further developing its Industrial Water Solution division.

For PGGM Infrastructure Fund this acquisition contributes to the overall ambition of PGGM to invest its client PFZW’s pension capital in such a way that good and stable financial returns are combined with positive social benefits that improve livability. At the end of Q3 2022, PGGM had invested EUR 44.9 billion in Sustainable Development Investments across different asset classes, of which EUR 1.52 billion has been in water-related investments (SDG 6) in different parts of the world.

Delivering returns responsibly is one of the goals of DIF’s investment and asset management strategy, and the envisaged investment in Saur perfectly fits in this approach. DIF already has a strong footprint in water and energy transition investments as part of the more than EUR 15 billion in assets that it manages.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “In times of rising concerns around water scarcity, Saur is a critical pillar in the societies it operates in, providing local municipalities and their citizens with clean drinking water and efficient wastewater treatment. EQT Infrastructure is proud of Saur’s development so far and we now look forward to entering its next phase of growth journey together with our new partners PGGM and DIF Capital Partners”.

Patrick Blethon, Executive Chairman of Saur Group, said, “EQT Infrastructure has been and will continue to be our partner in the construction and execution of the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our corporate project. Welcoming PGGM and DIF Capital Partners onboard alongside EQT Infrastructure represents a great opportunity for Saur to develop faster and stronger.”

Dennis van Alphen, Head of Infrastructure at PGGM, said, “In today’s investment environment it is more and more important that pension capital is invested not just for financial return but to make an active contribution to society’s challenges. The envisaged investment in Saur is a seamless fit with that strategy, providing communities and companies across the world with access to clean water. We are excited to embark on this journey with our partner DIF Capital Partners and EQT Infrastructure.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said, “DIF is very excited to partner with PGGM and EQT Infrastructure in this transaction in the water sector. Saur has a very sizable and largely concession-based position in the French and Iberian Peninsula water sector and has strong growth potential, especially in the industrial water space. DIF firmly believes in Saur’s management team and looks forward to jointly growing the company towards being a sustainable leader in the industry.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2023.

EQT Infrastructure was advised by Rothschild & Co. PGGM and DIF were advised by UBS.

Contacts

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
DIF Capital Partners, Thijs Verburg, t.verburg@dif.eu, www.dif.eu
PGGM Corporate Communications, Ellen Habermehl, ellen.habermehl@pggm.nl, +31 (0)30 277 97 35, www.pggm.nl

About EQT

EQT is a purpose-driven global investment organization with EUR 114 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Saur
As a pure player in water and essential services, Saur works to protect the environment in the heart of the territories it serves. Saur has always acted to offer the same quality of service to small towns as to large cities, guided by its purpose: to advocate that everyone gives water the value it deserves. Saur worldwide presence: Cyprus, Finland, France, Italy, Netherlands, Poland, Portugal, Saudi Arabia, Spain, United-Kingdom, United States of America. 2021 key figures: €1.7 billion Group net revenue, 9,500 local authorities and industrial clients contracted, 12,000 employees and 20 million consumers served worldwide. #missionwater

More info: www.Saur.com

About PGGM Investment Management
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfills a social mandate: the sustainable investment of the pension capital of around three million participants in PFZW, the pension scheme for the Dutch health and welfare sector. On 30 September 2022, PGGM IM managed EUR 231 billion in public and private markets globally. With the capital entrusted to PGGM IM, it aims to not only generate good and stable financial returns but also to make a positive impact on society, focusing particularly on the themes of climate and health.

More information on PGGM IM: https://www.pggm.nl/media/ftfdyv5j/integrated-report-pggm-vermogensbeheer-b-v-2021.pdf

About DIF Capital Partners
DIF Capital Partners is an independent infrastructure fund manager with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (including renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

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CapMan Nordic Property Income Fund (non-UCITS) acquires a light industrial property with a public sector tenant, in Aarhus, Denmark

Capman

CapMan Real Estate press release
27 December 2022 at 10:15 EET

CapMan Nordic Property Income Fund (non-UCITS) acquires a light industrial property with a public sector tenant, in Aarhus, Denmark

CapMan Nordic Property Income Fund (non-UCITS) acquires a light industrial property with a public sector tenant, in Brabrand, Aarhus. The property is an excellent addition to the fund as it benefits from the growing demand for well-functioning light industrial space and is anchored by a municipal tenant on a long-term lease.

CapMan Nordic Property Income Fund (“CMNPI”) has acquired a light industrial property with a public sector tenant, in Aarhus, Denmark. The property, Sintrupvej 17-19, covers altogether c. 4,600 m2 of leasable space. It is located in Brabrand, Aarhus, a predominantly light industrial and logistics area with office and residential properties nearby. Brabrand is part of Aarhus municipality, just 7 km west of Aarhus city centre, which is accessible by car in approx. 15 min or by bike in 25 min and has easy access to public transportation. The asset is a multi-let property where the largest tenant is Aarhus Municipality on a long-term lease.

In addition to standard maintenance and refurbishments, CapMan plans to improve long-term sustainability of the property by investing in energy savings measures and is looking to certify the property in the future.

”We are very pleased about this addition to our income-focused fund. The Aarhus market for light industrial properties is experiencing great demand and this well-located and functional property is ideally positioned to benefit from this,” shares Peter Gill, Partner, Head of CapMan Real Estate Denmark.

”This is an excellent addition to the fund and to its growing warehouse portfolio, and also a demonstration of our local reach in the Nordics. Despite of a more challenging market there are opportunities to be found. Long-term income derived from a light industrial asset with a municipal tenant is a perfect fit for the fund,” shares Sampsa Apajalahti, Investment Director at CapMan Real Estate and Fund Director of CMNPI.

The property was acquired from Hermod Ejendomme A/S. The acquisition was secured and facilitated in cooperation with RUBIK Properties, a leading international operating partner in Denmark.

CapMan Nordic Property Income Fund is a non-UCITS active open-ended fund that distributes a minimum of 75% of its annual realized profit to its unit holders. The fund focuses on stable income generating properties such as light industrial and warehouse properties, modern offices, necessity-driven retail assets and niche properties in the living sector in most liquid Nordic cities with solid long-term growth fundamentals. The fund accepts new subscriptions on a quarterly basis and targets 7% annual net return.*

CapMan Real Estate currently manages approximately EUR 4.5 billion in real estate assets and the Real Estate Team comprises over 65 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

*Past performance is no guarantee for future returns.

For more information, please contact:

Peter Gill, Partner, Head of CapMan Real Estate Denmark, peter.gill@capman.com, +45 20 43 55 63

Sampsa Apajalahti, Investment Director at CapMan Real Estate and Fund Director of CMNPI, sampsa.apajalahti@capman.com, +358 40 575 2363

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com.

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Partners Group to increase its stake in leading independent Swiss watchmaker Breitling

  • Partners Group Co-Founder Alfred Gantner will become Chairman of Breitling’s board
  • Breitling will remain under the leadership of CEO Georges Kern and his existing management team
  • Both Partners Group and CVC will continue to drive value creation at the Company

Partners Group, a leading global private markets firm, has agreed on behalf of its clients to increase its equity stake in leading Swiss watchmaker Breitling (or “the Company”) in a transaction that will make it the Company’s largest shareholder. CVC, Breitling’s current majority shareholder, together with its management team and other co-investors, will remain invested alongside Partners Group. Accordingly, Partners Group, CVC and the management team will continue to control Breitling following completion of this investment round.

Founded in 1884, Breitling is a leading Swiss watchmaker, with a unique heritage in the industry as the inventor of the modern wrist chronograph and distinctive positioning as a casual, inclusive, and sustainable luxury brand. Breitling’s product offering is centered around its three core themes: air, land, and sea. Its collections offer a distinctive modern-retro design style, which appeals to an increasingly broad consumer base globally. Since 2017, Breitling has emerged as a leading omni-channel luxury watch brand offering an unparalleled customer experience across both physical and digital channels.

The Company is poised for future growth supported by its differentiated brand positioning, wide product offering, and robust supply chain. Partners Group and CVC will continue working together with Breitling’s management team, under the leadership of CEO Georges Kern, to grow the business. Key value creation initiatives will include further pursuing an omni-channel strategy; continuing its geographic expansion; and launching new products harnessing the value of Breitling’s extensive back catalogue.

Following the transaction, Alfred Gantner, Co-Founder and Executive Member of the Board of Directors, Partners Group, will become Chairman of the Breitling board. He says: “After a fundamental transformation in the past five years, Breitling is building on its outstanding achievements and is now in a position to scale the business and become one of the world leaders in the watch industry. We are delighted to increase our stake in the Company. Breitling has a strong foundation for continued growth, with significant future value creation potential. In line with our entrepreneurial governance approach, we look forward to continuing our successful partnership with the management team and CVC.”

Georges Kern, Chief Executive Officer, Breitling, comments: “I am very happy that Breitling remains privately owned and independent. Breitling is well-positioned and has a proven strategy in place to capitalize on continued tailwinds in the luxury watch industry. We have a unique brand proposition with a long history in Swiss watch making, which is appealing to today’s modern luxury consumer. We are a preferred partner to retailers worldwide and are looking for continuity and stability in these established partnerships. Looking ahead, we are building our presence in key growth markets, and broadening Breitling’s collection to appeal to a diverse customer base. The support that Partners Group and CVC offers will continue to be extremely valuable as we continue on this journey.”

Daniel Pindur, Managing Partner at CVC and current Chairman of Breitling’s board, says: “We are proud of the fantastic development Breitling has made since we invested in 2017. Working closely with Georges and his team we have been able to transform the business into one of the world’s most dynamic and progressive luxury watch brands. We are convinced there is still plenty more to come, and we are delighted to continue driving the future growth of this iconic business alongside Partners Group.”

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