Category Archives: News

EQT to sell E.I.S. Aircraft Group’s aviation operations business to QinetiQ

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  • EQT Mid Market sells airborne training services business E.I.S. Aircraft Operations, part of E.I.S. Aircraft Group, to QinetiQ
  • EQT Mid Market remains invested in E.I.S. Aircraft Group’s light-weight aviation cabin interior products and maintenance services business E.I.S. Aircraft Products & Services
  • The transaction has a strong industrial fit and will benefit both parties’ international growth strategies, both in terms of regional and global reach and the ability to deliver additional customer services

Supported by EQT Mid Market since 2015, E.I.S. Aircraft Operations, part of portfolio company E.I.S. Aircraft Group, has strengthened its position as a leading provider of airborne training services for threat representation and operational readiness. The positive development is the result of a continuous broadening of the airborne training service offering, and the provision of aircraft modification for special missions through the integration of sensors and digital systems for Intelligence, Surveillance and Reconnaissance (“ISR”).

By increasing the number of airplanes operated by E.I.S. Aircraft Operations from 9 to 14, the company achieved a compound annual revenue growth rate of 17% over the past three years.

The combination of E.I.S. Aircraft Operations, as a leading provider in Germany, and QinetiQ, a world leader in training, test and evaluation, makes a strong industrial fit and both parties look forward to a successful development of their partnership.

“We look forward to welcoming the E.I.S. Aircraft Operations’ team in Germany to QinetiQ and working with them to continue to grow the business both within their existing markets and beyond”, comments Steve Wadey, CEO at QinetiQ.

Christoph Otten, Head of E.I.S. Aircraft Operations, adds: “This is an important and logical next step for E.I.S. Aircraft Operations. With EQT’s support and as part of E.I.S. Aircraft Group, we have become a leading player in Germany. We now look forward to entering the partnership with QinetiQ and joining forces with a world leader in training, test and evaluation”.

Andreas Fischer, Partner at EQT Partners and Investment Advisor to EQT Mid Market, comments: ”We are proud of the high growth development of E.I.S. Aircraft Operations over the last three years and are convinced that QinetiQ is the right strategic partner for the company’s next growth phase”.

Christoph Otten, Head of E.I.S. Aircraft Operations, as well as his team will stay with the company and continue to be responsible for the business.

The transaction is subject to approval from the relevant authorities.

Contacts
Andreas Fischer, Partner at EQT Partners, Investment Advisor to EQT Mid Market, +49 892 55 49 906
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. 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 E.I.S. Aircraft Group
With 60+ years in the aviation industry, E.I.S. Aircraft Group is a well-established product & service provider for high-growth segments of the aerospace market, consisting of two business units: E.I.S. Aircraft Products & Services is a key supplier of light-weight cabin interior products, offering an array of composites & specialized thermoplastics solutions, as well as maintenance service provider. E.I.S. Aircraft Operations is a provider of mission-critical airborne services and technical solutions to the global defense community.

More info: www.eis-group.de/

About QinetiQ
Listed on the London Stock Exchange (LSE: QQ.L), QinetiQ is a leading science and engineering company operating primarily in the defence, security and aerospace markets. Our customers are predominantly government organisations including defence departments, as well as international customers in other targeted sectors.

More info: www.QinetiQ.com

 

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Public value new focus area for EQT

eqt

Seeking new business opportunities is a natural part of EQT’s DNA. New initiatives typically tap into an asset class, sector or region where the EQT platform can make a difference. EQT has not yet explored the opportunities within the public setting – until now.

The core of EQT’s business model is to build strong and sustainable companies that are future-proofed for the long-run. Portfolio companies have an average increase in sales by 10%, EBITDA by 11% and number of employees by 10% – each year. EQT is also an active stakeholder within the equity capital markets, more specifically in Northern Europe, and has made 16 IPOs since inception.

As a first step to dig deeper into the opportunities that lie within publicly listed mid-market companies, Investment Advisor EQT Partners is teaming up with Zeres Capital, creating a Public Value team with both strong buyout and public market advisory experience. Fredrik Åtting, Partner at EQT Partners, will head the initiative together with Joakim Rubin, founder of Zeres Capital, who subsequently will become Partner and Investment Advisor at EQT Partners. Fredrik Åtting comments:

“Over the years, we have come across many listed mid-cap companies where we believe an active ownership approach could have unlocked their full potential. We believe this represents an opportunity for an active ownership and value creation model. Having access to the EQT network, the firm’s widespread sector expertise in addition to all the other benefits the global EQT platform offers would enable further value creation opportunities.”

Zeres Capital is an independent Stockholm-based investment firm, founded in 2013, with a history of creating value by supporting the building of robust, healthy businesses within the public market. Joakim Rubin highlights some of the aspects behind why he, together with a team of six public markets specialists, have decided to join EQT Partners:

“EQT Partners and Zeres Capital share the same philosophy when it comes to active and responsible ownership, and the importance of engaged management teams, boards and shareholders that are aligned on strategy – we believe our skills will be a great combination.”

Fredrik Åtting concludes: “The combination of a private equity mindset and a significant public market experience, will enable EQT to explore and leverage the EQT way of developing companies in a new and attractive marketplace.”

 

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IK Small Cap II Fund to support Bahr Modultechnik GmbH

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IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK Small Cap II Fund together with Management and the founders has reached an agreement to acquire Bahr Modultechnik GmbH (“Bahr” or “the Company”), a leading manufacturer of modular positioning systems. Financial terms of the transaction are not disclosed, and the completion of the transaction is subject to regulatory approvals.

Founded in 1990 by the brothers Frank and Dirk Bahr, Bahr Modultechnik focuses on delivering individual solutions based on a sophisticated portfolio of customisable and technologically leading products. Accurate and robust positioning systems are required in a wide variety of industries from mechanical engineering to medical technology. The Company’s unique linear positioning systems are sold in more than 20 countries around the globe.

The investment marks the first acquisition of IK’s recently raised IK Small Cap II Fund which closed at its hard cap of EUR 550 million in February 2018. Bahr represents the core characteristics that IK looks for in a business including: (i) highly sophisticated product offering at industry leading quality and performance levels, (ii) strong customer retention with >90% of sales related to recurring and repeating loyal customers, (iii) capable management team and (iv) track record of long-term and sustainable profitability and growth.

Bahr is a market leading family-owned business, led by founder Dirk Bahr who will continue to manage the business day-to-day alongside Cihan Halavurt (Head of Sales and Strategy). IK will work with Dirk and Cihan to accelerate the Company’s organic growth strategy and will continue to invest in its operations, route-to-market and product development.

Frank Bahr, Founder, said:

”We are very proud of the Company’s development and to have found the right partner in IK for the years to come. This is a natural time for a change in ownership structure.”

Dirk Bahr, Founder, commented:

”Innovation has always been at the heart of our business as we seek to provide our customers with practical solutions using the highest quality materials and technology. In IK we have found a partner who shares our mind-set. We look forward to working together with their experienced team to continuously develop the Company and its market positioning.”

Nils Pohlmann, Partner at IK Investment Partners and advisor to the IK Small Cap II Fund said:

“We are delighted to be working with the management team to build on the great achievements of the Bahr family, who has successfully established Bahr as one of the most innovative industrial companies for linear positioning systems. IK has a strong track record of successful investments in industrial companies and also in managing succession situations. We look forward to supporting the Company’s expansion.”

The acquisition of Bahr represents IK’s sixth small cap investment in DACH and first investment in the newly established IK Small Cap II Fund.

For further questions, please contact:

IK Investment Partners
Nils Pohlmann, Partner
Phone: +49 40 369 88 50

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Bahr Modultechnik
www.bahr-modultechnik.de
Phone: +49 5722 99 33 0

About Bahr Modultechnik GmbH
Bahr is an expert partner for sophisticated and practice-oriented customized linear technology, which is sold in more than 20 countries throughout the world. Depending on the individual requirements, Bahr’s systems are provided with spindle drive, toothed rack drive, belt drive or a different drive concept. Bahr is certified according to the standards of DIN EN 9001 and 14001 – for first-in-class quality. For more information, visit www.bahr-modultechnik.de

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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Hg agrees sale of Allocate Software to Vista Equity Partners

HG Capital

23 April 2018: Hg today announces the sale of Allocate Software (“Allocate”), the leading international provider of healthcare workforce management software, to Vista Equity Partners (“Vista”). The terms of the transaction have not been disclosed.

Allocate supports the operational and administrative needs of healthcare professionals in all healthcare settings, enabling the delivery of safe and effective care at optimal cost, by helping organisations to have the right people in the right place at the right time. Allocate serves the largest public and private healthcare institutions around the world, with over 800 clients and over a million staff rostered daily – over 700,000 of which are now managed on the ‘Optima’ software-as-a-service platform. Allocate has 500 employees, with over 170 working in the R&D and product management function. It is headquartered in the UK.

Hg initially invested in Allocate at the end of 2014, completing a public-to-private transaction from the London Stock Exchange. Since then Hg has worked with management to materially enhance the capabilities of Allocate’s software suite, achieved greater customer engagement and supported a substantial increase in employment and skills development – with the business now employing 500 people, compared to 300 when Hg first invested. Allocate has also recently initiated a programme of international growth, seeding the future roll-out of Allocate’s core ‘Optima’ product in France, Germany, Spain and Denmark.

This is the fifth realisation from the Mercury 1 Fund to date, which in aggregate has delivered realised returns of 3.2x and a gross IRR of 46%, including proceeds from the prior sales of Zitcom to Intelligent (announced in June 2017 for 3.3x and 141% gross IRR) and Relay Software to Applied Systems (announced in August 2016 for 2.1x cost and 39% gross IRR).

Dr. Sati Sian, CEO, Allocate, said:
“The significant investment and partnership with Hg over the period has supported the company to provide valued solutions to over a million additional healthcare, and other, workers in around 11 different countries worldwide. This has helped our customers improve care delivery, provide a better experience for workers, while at the same time enabling individual organisations each to unlock as much as £4 million in annualised savings.”

David Issott, Partner at Hg, said:
“We have been delighted to partner with all of the team at Allocate over the last 3 years. Together we have built a leader in its sector and, working with an impressive management team, we have improved the operational performance of Allocate across every metric. We wish Sati and the management team well as they partner with Vista for their next phase of growth.”  

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Ratos AB: HENT divests residential development operations

Ratos

Ratos’s subsidiary HENT has signed an agreement to sell its residential development operations, HENT Eiendomsinvest, to Fredensborg Bolig. The sale will generate a capital gain of approximately NOK 85m.

HENT has signed an agreement to sell its subsidiary HENT Eiendomsinvest to Fredensborg Bolig. The agreement includes a potential additional purchase consideration if Fredensborg Bolig decides to utilise an option linked to the expansion of a project outside Oslo. The sale of the operations is expected to generate a capital gain of approximately NOK 85m, including the potential additional purchase consideration. The sale is expected to be completed in the second quarter of 2018.

HENT Eiendomsinvest makes up the majority of HENT’s current residential development operations and comprises some 1,200 planned apartments in which HENT’s average holding is nearly 50%. As of
31 December 2017, the operations had not yet made any significant contributions in terms of earnings.

“In a short period of time, HENT has established itself as a player in the Norwegian residential development market, with the intention of a long-term commitment. However, Fredensborg Bolig has made us a very attractive offer and is a buyer with significant competence to develop the operations going forward,” says Mårten Bernow, Director at Ratos.

For further information, please contact:

Mårten Bernow, Director Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Interim report January-March 2018                 3 May 2018
Annual General Meeting 2018                         3 May 2018
Interim report January-June 2018                   17 August 2018
Interim report January-September 2018          25 October 2018

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Lingit acquires Claro Software

Verdane

Verdane Capital IX portfolio company Lingit AS, which provides software that offers multilingual literacy support for dyslexics and others with reading and writing difficulties, makes its first international move through the acquisition of its British peer Claro Software.

An estimated 10-15% of the population have some form of reading and writing difficulty, and around 5-10% have dyslexia. Lingit develops software that makes reading and writing easier by assisting with spelling, vocabulary and reading in text processing programmes for computers and tablets. The user must do the actual work, but receives support so that many reading and writing errors can be avoided

“Verdane Capital IX invested in Lingit in 2017, with a plan to launch the technology internationally. Through the acquisition of Claro Software, a British software company offering reading and writing support to dyslexics and others with reading and writing difficulties, Lingit has taken its first step abroad”, says Joakim Kjemperud, Investment Professional in Verdane Capital Advisors.

“Both companies offer software to the same target groups, and we are approximately of the same size. Claro Software, however, has a strong position in the British market, and has established sales to countries such as France, the Netherlands, Spain, Switzerland and Sweden. The acquisition represents the perfect starting point for our future international growth, says Frode M. Thulien, CEO of Lingit AS.

Founded in 2004, Claro Software has 14 employees and is headquartered in Preston, UK. Claro Software offers software for reading and writing support for PC, Mac and several other platforms. The company had revenues of NOK 35 million in 2017.

“By combining our development teams and experience from working with different customer groups and users, we will create even better products to help dyslexics and others with reading and writing difficulties in Norway, England and the rest of Europe. Our technology may help millions of dyslexics globally, and we are only at the beginning of our international growth journey,” says Thulien.

Lingit offers a range of software based products for reading and writing support in Norwegian, English, German, French and Spanish for PC, Mac and tablets, and has recently launched upgraded versions of its reading and writing tools Textpilot and Lingdys.

“We have set a new standard for reading and writing support software. Everyone in Lingit is passionate about language and learning. Our tools ensure that children and adults receive the necessary support to deal with their dyslexia, so that they can have the same educational, vocational and career opportunities as everyone else. Use of our software is fairly widespread in Norway, but there are still many Norwegians with reading and writing difficulties who are unaware of the tools available to them,” says Thulien.

About Lingit AS

Lingit was founded in 2001 by leading academics at NTNU in Trondheim, including professor in language technology, Torbjørn Nordgård, who is today the company’s head of research and development. In 2012, Lingit merged with its Bergen based competitor Include, a company founded by Sverre Andreas Holbye, a teacher of the visually impaired, today responsible for Lingit’s business development. The company has programmers in Bergen, Norway, and Ukraine. In 2017, Verdane Capital IX invested in Lingit and became the company’s largest shareholder, with the plan to launch the company internationally. In 2018, Lingit acquired Claro Software, which has a strong market position in the UK and sales to several European countries. Lingit AS’ headquarters are in Trondheim. www.lingit.no

About Verdane Capital

Verdane funds provide flexible growth capital to fast growing software, consumer internet, energy or high-technology industry businesses. The funds are distinctive in that they can invest either in a single company, or in portfolios of companies. Verdane funds have €900m under management and have invested in over 300 holdings over the past 14 years. Verdane Capital Advisors has 29 employees working out of offices in Copenhagen, Helsinki, Oslo and Stockholm. More information can be found at: www.verdanecapital.com

 

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3i-backed Smarte Carte acquires Aviation Mobility and closes a $225 million refinancing

3I

3i-backed Smarte Carte, a leading concessionaire of essential infrastructure equipment, has acquired Aviation Mobility, LLC (‘Aviation Mobility’), a leading US provider of legally mandated wheelchairs in the commercial aviation sector.

Aviation Mobility is present at over 300 airports, primarily in the US, and has a fleet of c.15,000 wheelchairs. The company is known for its strong customer service and its industry-leading deployment times and has long-term customer relationships, averaging 15 years.

In addition, Smarte Carte successfully closed a $225m senior debt refinancing. Proceeds were used to refinance existing debt and provide a distribution to shareholders.

Rob Collins, Managing Partner, 3i North American Infrastructure, commented:

“The acquisition of Aviation Mobility, which offers identifiable synergies and cross-selling opportunities with our existing platform, is consistent with our thesis to acquire complementary businesses and integrate them into Smarte Carte.

We are also pleased with the company’s successful refinancing which saw strong demand from infrastructure lenders, reflecting a high level of confidence in Smarte Carte’s essential service offering, strategy and management team.” 

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Ardian Infrastructure sells Kallista Energy Investment to Boralex

Ardian

Paris, 20 April 2018 – Ardian, a world-leading private investment house, today announces the signature of an agreement to sell Kallista Energy Investment, a wind energy producer, in which Ardian holds a 100% stake through its third generation infrastructure fund, to Boralex, one of the leaders in the Canadian renewable energy market and the first independent wind energy company in France.

Renewable energy transactions represent around 50% of the M&A volume in the Infrastructure sector. Ardian has a strong presence in this sector with a portfolio of 1.4GW of production capacity built since 2006 via investments in France, Italy, Spain, Sweden, Norway, Peru, Chili and the US, in wind, solar, hydraulic, biogas and biomass projects. Among these investments, Kallista Energy Investment generates 163MW with a pipe of around 170 MW, which makes it one of the largest renewable platforms in France.

Following Ardian’s acquisition of the company in 2011, Kallista Energy Investment launched an ambitious development programme that led to doubling the size of the company. The Kallista platform also specializes in “repowering”, which consists of replacing old windmills with new, more powerful turbines and a more advanced technology, helping the company to better profit from the wind energy potential of these sites. As a result of this approach, Kallista is able to multiply energy production by two times or even more.

Frédéric Roche, President of Kallista Energy Investment, said: “We are particularly satisfied to have partnered with Ardian in the consolidation of the wind sector in France. We have developed a strong relationship with the Ardian team, which has brought invaluable support specifically in the execution of complex transactions. Looking ahead, we are fully confident in Boralex’s ability to build the next chapter of Kallista Energy Investment’s history.”

Mathias Burghardt, Head of Ardian Infrastructure, added: “Renewable energy, including wind, is an efficient, reliable and therefore increasingly important source of energy. We have a strong commitment to the energy renewable sector and we are continuously looking to renew, diversify and develop our renewable energy portfolio. Our plan is to pursue this development strategy, notably in the US, Latin America and Scandinavia.”

Amir Sharifi, Managing Director at Ardian Infrastructure, added: “We are very pleased with our partnership with Kallista Energy Investment, which led to doubling the size of the company. We believe that Kallistais now mature and has a strong basis to pursue further growth within Boralex.”

Following the transaction, Ardian will share with Kallista Energy Investment employees a portion of the value created during the holding period. Each employee will have a bonus representing at least one month of salary. Ardian has been a pioneer in its commitment to shared outcomes, and since 2008 has distributed over €21m to 9,000 employees in 18 portfolio companies.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America 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 490 employees working from 13 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of about 700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian

www.ardian.com

ABOUT BORALEX

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States.  A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types  —wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX, BLX.DB and BLX.DB.A respectively.
www.boralex.com or www.sedar.com

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IK sells specialist tourism group Touristry to TGH

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IK Small Cap I Fund, advised by IK Investment Partners (“IK”), the leading Pan-European private equity firm, announces today that it has reached an agreement to sell Touristry Group Holding AB (“Touristry” or “the Company”), a market leading operator of sightseeing buses and boats and a provider of tourism related services, to Amsterdam-based Tourism Group Holding B.V. (“TGH”). Financial terms of the transaction are not disclosed.

Founded in Stockholm in 2011, Touristry quickly gained market share from the incumbent market dominating player. Originally launched as a new brand of “hop on, hop off” buses, Touristry transformed the Nordic tourism sector by unveiling a fleet of modern bright red vehicles equipped with free Wi-Fi and multilingual audio guides. In 2014, the Company further expanded by adding hop-on, hop off sightseeing boats to its offering in Stockholm. Touristry offers an array of tourism services to approximately 2 million customers a year.

In addition to helping cement Touristry’s market leading position in the Nordic region, IK enabled the company to expand into Germany via two add-on acquisitions. Touristy now boasts a presence across Northern European tourist destination cities, including Stockholm, Copenhagen, Helsinki, Tallinn, Riga, and Berlin.

Commenting on the sale, Kristian Carlsson Kemppinen, Partner at IK Investment Partners and advisor to the IK Small Cap I Fund said: “Touristry has been a success story and we have greatly enjoyed working with its entrepreneurial team. It has been a pleasure seeing the business grow to new heights. IK remains very interested in supporting management teams and investing in growing and innovative companies across Europe, and helping them to become market leaders like Touristry.”

Micha Gottfarb, founder of Touristry and CEO, commented: “Since our very first meeting, the business relationship with IK has been underpinned by mutual trust and a shared vision. With IK’s help we were able to transform Touristry into a truly international business, with the scale and functionality to grow and sustain our market share. I look forward to building on our success in this next chapter for the company together with our new partner, TGH.”

Dirk Lubbers, CEO of TGH, said: “In Touristry we identified a company which had all the ingredients of a great business: innovation, a unique concept, and a product that was widely loved by the market. We look forward to working with Micha and his team to expand Touristry even further and ensure that the European tourism market continues to benefit from the great customer experience Touristry is able to provide. After our very successful expansion in Amsterdam we are thrilled to be able to realise a powerful urban tourism concept abroad. And as a result of our first foreign acquisition, I am proud to announce our new name; Tourism Group International.”

For further questions, please contact:

IK Investment Partners

Kristian Carlsson Kemppinen, Partner
Phone: +46 8 678 9500

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Touristry
Micha Gottfarb, CEO
Phone: +46 709 35 53 93
micha@touristry.se

Tourism Group Holding
Dirk Lubbers, CEO
Phone: +31 (0)20 5300 919
d.lubbers@tourismgroupholding.com

About Touristry
Touristry is a market leading provider of tourism related services in the Nordics, primarily focused on bus and boat sightseeing (“Hop-On, Hop-Off”). Headquartered in Stockholm, the company has grown rapidly by expanding with its main brands Red Buses and Red Sightseeing and today provides services to over 2 million tourists per year in the Nordic region.

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Tourism Group Holding
Founded by Erik de Visser in 1983, TGH has grown from a family owned ticket reseller into the leading tour operator for urban tourism in the Netherlands. Through several strategic acquisitions TGH created a fully integrated urban tourism company offering unrivalled visitor experience by offering a broad range of tickets to local museums, attractions, Amsterdam canal cruises, hop-on hop-off bus trips, and fun excursions to other places in the Netherlands and Belgium. For more information visit www.tours-tickets.com

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InfraRed NF invests in Hong Kong’s premium self-storage provider RedBox Storage Limited

InfraRed Capital Partners

InfraRed NF, the leading Greater China real estate investment manager, is pleased to announce the acquisition of a 90% shareholding in RedBox Storage Limited (“RedBox”), a premium self-storage provider in Hong Kong.

The initial commitment of US$50 million forms the equity component of a business plan seeking to create the market leading self-storage platform in Hong Kong through a series of direct property acquisitions across the territory.

RedBox is InfraRed NF’s second investment in the self-storage market after investing US$28 million in China Mini Storage, an intelligent technology-led, leading self-storage operator in China, in 2017. InfraRed NF will bring existing knowledge of the industry as well as expertise as one of Greater China’s leading real estate investors to support RedBox’s preferred model of owning its own sites providing longevity and long-term security to its customers.

RedBox was founded in 2014 by E3 Capital Partners and offers the highest quality facilities including climate control and 24-hour security. RedBox leads the market in terms of security and the strategically located high profile sites are being optimally designed for fire safety, in keeping with local regulations.

The company is rapidly expanding to provide flexible bespoke storage solutions for personal and business customers across the territory. By the end of the investment program RedBox will command a leading market share in over seven key districts to provide its customers with clearly differentiated self-storage solutions defined by value-for-money and impeccable service.

Stuart Jackson, CEO of InfraRed NF, said: “This is an exciting time for RedBox as it continues to develop into the market leader in Hong Kong. Ownership of their properties provides an attractive real estate investment opportunity in a market where demand for self-storage is high and supply is constrained by the Government revitalisation programme and regulations following the 2016 fire in Ngau Tau Kok.”

Simon Tyrrell, CEO of RedBox, said: “InfraRed NF’s investment will be used to expand our existing operations across additional sites in Hong Kong and further develop our technology and logistics platform to continue to lead the industry into the next generation of self-storage. We are excited to work with InfraRed NF as they will bring significant value through their wealth of knowledge of the sector as well as the wider real estate market, and this will support us with the next stage of our development.”

Enquiries

Tulchan Communications
+65 6222 6375
InfraRedNF@tulchangroup.com
Giles Kernick

 

More Information

About InfraRed NF

InfraRed NF is a Hong Kong-based joint venture, formed as a long-term and sustainable partnership between InfraRed Capital Partners and Nan Fung Group. Established in 2007, InfraRed NF is a leading investor in the Asian real estate market with a proven track record of delivering superior returns through a combination of mezzanine financing and value-add investing.

InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney and has launched 17 funds including two listed on the London Stock Exchange. With over 130 professionals, it manages in excess of US$10bn of equity in multiple private and listed funds, primarily for institutional investors across the globe.

Established in 1954, Nan Fung Group has transformed from a textile manufacturer into a fully integrated, multi-disciplinary conglomerate in Hong Kong with global interests in real estate development and investment. As one of Hong Kong’s most established developers, Nan Fung Group is a seasoned real estate investor with over 130 real estate projects covering residential, commercial and industrial buildings. Nan Fung Group’s proactive China expansion strategy has built up a portfolio of prime real estate projects across multiple major Chinese cities, and the group has an extensive network of relationships across Asia.

 

 

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