DIF Capital Partners acquires additional stake in Dublin Waste to Energy PPP project

DIF

Following its initial investment in May 2019, DIF Capital Partners, through DIF Infrastructure V (“DIF”), is pleased to announce it has closed the acquisition of an additional 10% stake in the Dublin Waste to Energy PPP project (the “Project”). Together with its partner MEAG, DIF acquired the stake from the Green Investment Group (“GIG”). Following this transaction, DIF and MEAG together now hold 50% of the Project, with DIF holding the majority thereof. The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council.

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

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

 

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riton to merge portfolio companies AVS, Chevron, Fero and Ramudden

Triton

Frankfurt / Leverkusen (Germany), Thame (UK), Willebroek (Belgium), Stockholm (Sweden), 17 December 2020 – Triton has merged its portfolio companies AVS, Chevron, Fero and Ramudden, each of them being the leading traffic and other critical infrastructure safety service provider in Germany, the UK, Belgium and the Nordics, respectively. The transaction is effective immediately. Terms and conditions are not disclosed.

“Triton has a tradition of investing in companies with high-value creation potential and is working closely with them to unlock such potential. Now, we merge four top-class companies in traffic safety services with a strong local footprint, longstanding customer relationships, unique differentiation and attractive growth prospects,” said Peder Prahl, Director of the General Partner for the Triton funds.

The merger will lead to additional diversification and further strengthen the platform to drive international growth and consolidation.

“With the merger of AVS, Chevron, Fero and Ramudden, each market leaders within their respective geographies and with a track-record of successful organic and inorganic growth, Triton aims to create an international leader in critical infrastructure safety services,” adds Nadia Meier-Kirner, Investment Advisory Professional and Co-Head Business Services

The companies will be combined as one group to facilitate strategic alignment whilst ensuring operational autonomy, service continuity and local entrepreneurship. The group will have combined sales of > EUR 450m and create even more stability, growth and digitalization opportunities. It will initially combine and leverage local expertise through centers of excellence for Digital, ESG, M&A and provide other support services to the benefit of all companies, management teams, employees and customers.

About AVS Group GmbH

AVS Group GmbH, headquartered in Leverkusen, is a leading specialist provider of traffic safety services in Germany, Belgium and Europe. This includes advice and the necessary approval procedure for all temporary traffic safety installations, placement and dismantling, marking and demarking work, maintenance and inspection tours. AVS is represented at over 29 locations in Germany; internationally at 3 locations in Denmark and Latvia. AVS employs around 800 people.

For more information: www.avs-verkehrssicherung.de

About Chevron

Chevron TM is the leading independent traffic management provider operating throughout England, Wales and Scotland. The company has been providing traffic management solutions across the UK’s strategic road network since 1997. With depots in 27 locations and over 1,300 employees, Chevron TM has the resources, expertise and local knowledge required by clients, to provide physical and digital traffic management services across five sectors, Highways, Rail, Utilities, Local Authority and Events.

For further information: www.chevrontm.com

About Fero

Fero Group was established in 2001 and grew into a household name in the temporary traffic management world. The company is a full-service provider for its customers, from tendering, planning, placing, maintenance to completion and settlement and has seven locations and 300 employees. Fero provides services to various customers in the government and construction sector. As a leading player in temporary traffic management, Fero has built up a strong reputation for always helping customers quickly and professionally.

For further information: https://www.feronv.be

About Ramudden

Ramudden is a leading work zone safety services provider for critical infrastructure in the Nordics. The company is a full-service provider for its more than 5,000 customers by offering training and certifications, tendering support, planning, placing, maintenance to completion and settlement, complemented by the provision of a broad range of high-quality equipment solutions. Ramudden is represented at 63 locations in Sweden, Norway, Finland and Estonia, and employs more than 600 people.

For further information: https://www.ramudden.se/

About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 45 companies currently in Triton’s portfolio have combined sales of around €18,2 billion and around 100,800 employees.

For further information: www.triton-partners.com

Press Contacts

Triton
Marcus Brans

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DIF Capital Partners sells its 50% stake in US solar project Lone Valley to Munich Re

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its 50% stake in Lone Valley to Munich Re, represented by Munich Re’s global asset manager MEAG. Closing of the transaction is expected to take place in Q1 2021.

Lone Valley consists of two single-axis tracking utility scale solar photovoltaic projects: Lone Valley I, which is a 10 MWac facility, and Lone Valley II, which is a 20 MWac facility, both located next to each other in San Bernardino County, California, USA.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the USA and are confident that MEAG will be a strong steward of the project going forward.”

Holger Kerzel, Member of MEAG’s Management Board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations. With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.“

DIF was advised by Fifth Third Securities (financial) and Stoel Rives LLP (legal). MEAG was advised by Ballard Spahr (legal).

 

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €334 billion, around €67 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of investors from the Group and institutional investors. MEAG’s most recent investments in the US comprise a timberland investment in Oregon, the infrastructure investment Astoria Energy Partners in N.Y.C. and the real estate investment 330 Madison Av. in Manhattan.

 

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

Contact MEAG: Josef Wild, Spokesperson j.wild@meag.com.

 

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EQT Infrastructure acquires Molslinjen, Denmark’s largest passenger ferry company

eqt

  • EQT Infrastructure acquires Molslinjen, a critical part of Denmark’s domestic transport network, linking major population centers and creating connectivity between regions as well as connecting several important islands to the mainland
  • Molslinjen contributes to increased economic activity and social development as an enabler of movement of passengers and goods across its network of “floating bridges”
  • EQT Infrastructure will support Molslinjen’s continued sustainability agenda through investments in the decarbonization of the ferry fleet and the acceleration of the transition to renewable fuel sources

EQT is pleased to announce that EQT Infrastructure has entered into a definitive agreement to acquire Molslinjen A/S (”Molslinjen” or “the Company”) from a group of shareholders led by Polaris.

Molslinjen is headquartered in Aarhus, Denmark and was established in 1963 as a single route operator creating a shortcut between Jutland and Zealand, thereby also a connection between the country’s two largest cities. Since then, the Company has grown into Denmark’s largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019.

Operating in a country of many islands, Molslinjen is a critical part of Denmark’s transportation infrastructure. Its routes constitute a network of “floating bridges” that link Denmark’s major population centers and connect several important islands with the mainland. As an enabler of movement of passengers and goods, Molslinjen contributes to Denmark’s local and regional economic activity and social development.

Molslinjen’s long-term development is supported by strong secular trends, such as a steady population growth, increased urbanization, climate consciousness, and increasing domestic travel. The Company is well-positioned to capitalize on these shifts with its state-of-the-art ferry fleet, serving the most important travel corridors in the country.

Over the past decade, Molslinjen has reduced the CO2 emission per transported kg with over 60 percent. In the years to come, the Company will continue to invest in increased decarbonization of its ferry fleet and reduction of fossil fuel dependence. EQT Infrastructure is committed to supporting the Company’s transition to electrified ferries on selected routes and introducing renewable fuel sources for larger vessels. Moreover, EQT Infrastructure will focus on customer service improvements, such as refitting of the vessel layout, increased departure frequency and higher passenger capacity on popular routes.

Daniel Pérez, Partner at EQT Partners: “We have followed Molslinjen closely for years and are tremendously impressed with its transformation into an indispensable element of the Danish transport infrastructure, under the leadership of Carsten Jensen and his management team. The next development phase of Molslinjen will be defined by the Company’s ambitious sustainability agenda and continued investments in electrification and renewable fuel sources. In parallel, we also believe that there is scope to further build on Molslinjen’s successful inorganic growth strategy. Taken together, these investments will further future-proof the Company, and we look forward to embarking on this journey together with Carsten and the management team.”

Carsten Jensen, CEO of Molslinjen, said: “We are excited to team up with EQT Infrastructure, they are a highly strategic partner who will bring both the industry expertise and financial muscles to support Molslinjen’s green development plans. We now look forward to setting sail towards the next chapter in our growth journey together with EQT.”

The transaction is subject to customary conditions and approvals and is expected to close in early 2021.

EQT was advised by Danske Bank and DC Advisory (M&A / Financing), Accura (Legal), EY (Financial and Tax), McKinsey (Commercial) and Arup (Technical).

With this transaction, EQT Infrastructure V is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +4673 314 99 87
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Molslinjen
Molslinjen is Denmark’s largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019. In cooperation with Herning Turist, Molslinjen is operating busses under the brand Kombardo Expressen on direct busroutes to/from Copenhagen – Aarhus, Aalborg, Randers, Holstebro, Herning, Silkeborg and Rønne.

More info: www.molslinjen.dk

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Partners Group exits Covage, a leading open-access fiber infrastructure platform in France

Partners Group

Partners Group, the global private markets investment manager, has completed the sale of its 50% equity stake in Covage (“the Company”), a leading open-access fiber infrastructure platform in France, on behalf of its clients. Covage was sold to SFR FTTH Network, a company owned by Altice, OMERS, Allianz Capital Partners and AXA Investment Managers-Real Assets on behalf of its clients. The transaction gave the Company an equity value of around EUR 1.1 billion.

The sale is a significant step towards the full divestment of Partners Group’s 2016 acquisition of Axia NetMedia Corporation on behalf of its clients, in a public-to-private transaction that resulted in its delisting from the Toronto stock exchange. It follows the divestment of the Canadian operations of Axia NetMedia, which were sold to BCE Inc (Bell Canada) in 2018.

Covage is an open-access fiber infrastructure platform with a national footprint across low-, medium-, and high-density population areas in France. The Company operates 45 local networks, complemented by a fully owned national fiber backbone of 9,000 km. Its connections are built and operated as concessions under the support of France’s rural broadband access program, a key social initiative to bridge the digital divide between rural and urban regions.

During the last four years under Partners Group’s joint ownership of Covage with Cube Infrastructure Managers, the Company successfully expanded its concession perimeter to 2.4 million homes and 27,500 businesses across France. Covage has also delivered internet access for the first time to over 1 million homes in rural areas of the country.

Esther Peiner, Managing Director, Private Infrastructure Europe, Partners Group, comments: “Covage is an excellent example of transformational investing in practice. Under Partners Group’s joint ownership, the company has rapidly expanded the number of homes and businesses in its network. This was achieved through significant capital investment, the winning of new concession awards and the successful execution of a platform expansion strategy. Additionally, Covage’s contribution to closing the urban-rural digital divide in France has created meaningful stakeholder impact in local communities.”

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EQT Infrastructure and Proximus form partnership to bring fiber to 1.5 million households in the Flemish Region of Belgium

eqt

  • EQT Infrastructure and Proximus sign joint venture agreement to build a fiber-to-the-home network for at least 1.5 million households and businesses in the Flemish Region of Belgium
  • EQT Infrastructure and Proximus are committed to invest significantly into the increased digitalization of the Belgian society
  • The JV will benefit from EQT Infrastructure’s vast fiber roll-out experience and Proximus’ unrivalled expertise in the Belgian telecom market, and together the parties aim at realizing a substantial increase of the fiber coverage in Flanders

The EQT Infrastructure V fund (“EQT Infrastructure”) and Proximus, Belgium’s largest telecom operator, are pleased to announce the signing of a partnership agreement. As part of this agreement, the two parties will form a new joint venture (JV) that will design, build and maintain a fiber-to-the-home (FTTH) network in Flanders. EQT Infrastructure will initially own 50.1 percent of the JV and Proximus will hold 49.9 percent.

EQT Infrastructure and Proximus have identified large opportunities in accelerating the build-out pace of the FTTH network in the Flemish Region of Belgium. FTTH is the fastest and most reliable broadband solution available and is instrumental in managing the increasingly growing internet bandwidth demands of the future. EQT and Proximus are committed to invest significantly into the JV over the coming years with the ambition to bring the required fiber connectivity to Flanders so that its residents and businesses can actively participate in the Gigabit Society.

The JV will benefit from the combination of EQT Infrastructure’s vast experience from developing strong fiber companies in Europe and North America, and Proximus’ unrivalled expertise in the Belgian telecom market and long-standing relationships with municipalities and housing associations. Together, the parties will create an efficient rollout machine to build a fiber network, which will be open and accessible to all operators. The JV intends to connect its first customers during 2021 and the overall goal is to bring fiber connectivity to at least 1.5 million households and businesses over the coming years. The JV will be supported by a strong board of directors with hands-on experience from fiber deployment in Belgium and other European markets.

Matthias Fackler, Partner at EQT Partners, said: “We are very happy to have found a strong partner in Proximus for this exciting fiber rollout opportunity in Belgium. As the leading investor in digital infrastructure, EQT sees the growing need for future-proof and reliable broadband access all over the European continent. Through this partnership, we look forward to facilitating digital inclusion and sustainable economic growth in Flanders and the Belgian society as a whole.”

Guillaume Boutin, CEO of Proximus, said: “I am very pleased that we have signed this final agreement with EQT Infrastructure. This will enable us to reinforce our leading position in multi-gigabit infrastructures, in an era where reliable, next-generation fixed and mobile connectivity has become more important than ever. It also illustrates our positive attitude towards cooperation and co-investment, which will be an important trigger to guarantee a faster, broader and more cost-efficient roll-out. I’d like to congratulate the teams involved on both sides, as this agreement marks another major step forward to build the most future-proof and open network for Belgium and bring high-speed connectivity solutions to every citizen”.

The closing of the transaction is expected in Q1 2021, subject to customary regulatory approvals.

With this transaction, EQT Infrastructure V is expected to be 15-20 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Matthias Fackler, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +49 89 25 54 99 0
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Proximus
Proximus Group (Euronext Brussels: PROX) is a provider of digital services and communication solutions operating in the Belgian and international markets. Delivering communication and entertainment experiences for residential consumers and enabling digital transformation for enterprises, we open up a world of digital opportunities so people live better and work smarter. Thanks to advanced interconnected fixed and mobile networks, Proximus provides access anywhere and anytime to digital services and data, as well as to a broad offering of multimedia content. Proximus is a pioneer in ICT innovation, with integrated solutions based on IoT, Data analytics, cloud and security.

With 12,931 employees, all engaged to offer customers a superior experience, the Group realized an underlying Group revenue of EUR 5,686 million end-2019.

More info: www.proximus.com and www.proximus.be

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DIF Capital Partners signed agreement to acquire 33.3% interest in Toledo Hospital PPP project

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure VI (“DIF VI”) has signed a share purchase agreement with Spanish infrastructure company OHL to acquire 33.3% of the share capital of Nuevo Hospital de Toledo S.A. (“Toledo Hospital” or “the Project”) and an indirect 33.3% stake in the company that operates the Project.

The Project consists of the construction, maintenance, financing and operation of the non-clinical services of the Toledo Hospital. The Project benefits from an availability based payment scheme granted by Castilla-La Mancha Health Service (SESCAM) under a concession that will run until 2045. The construction of Toledo Hospital started in 2016: it was officially inaugurated in November 2020 and is expected to be fully operational during 2021. The Project was built by a joint venture between OHL, Acciona and ACS.

Toledo Hospital is considered to be one of the largest hospital complexes in Europe. It will serve more than 434,000 inhabitants living in 116 municipalities in the province of Toledo. The Project comprises seven buildings with a total floor area of more than 245,000 m2, which are organized around a central street that functions as a public space and connects the various hospital services. It houses 1,142 beds, of which 760 are for hospitalization and 382 for other uses, 368 consultation rooms, 97 examination rooms, 120 outpatient posts, 42 emergency observation posts and 65 treatment posts, and examination bays.

Fernando Moreno, DIF’s head in Spain: “DIF has an excellent and long lasting relationship with OHL. We are very glad that we have been able to further develop our relationship through this high profile transaction. We are honoured to and believe that we are well placed to operate this landmark infrastructure project together with the grantor and our project partners. The Project perfectly fits in our portfolio and should provide a stable and strong yield for our investors”.

Closing of the transaction is expected to take place in the first half of 2021.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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Norva24 acquires platform in Southern Germany

Valedo

Norva24 has acquired Kanal-Türpe, a leading provider of Underground Infrastructure Maintenance (“UIM”) services in Southern Germany with operations in Gerolzhofen, Fulda and Blomberg. The acquisition significantly strengthens Norva24’s leading position in the highly fragmented UIM market in Northern Europe.

Kanal-Türpe has more than 50 years of experience in the industry, revenues of approximately EUR 20 million and a comprehensive service offering within UIM services. The company is headquartered in the central parts of Southern Germany and operates around 100 vehicles. In addition to the acquisition of Kanal-Türpe, Norva24 has also recently completed one acquisition in Stockholm and two smaller acquisitions in Germany, with operations in Lübeck and Lüneburg.

“We are very excited to welcome Kanal-Türpe to Norva24. Following our market entry into Germany in 2019 through the acquisition of Ex-Rohr, we now further strengthen our position as the emerging market leader in Germany. Furthermore, the acquisition implies that Norva24 now has revenues of close to NOK 2 billion, which is an important milestone in our vision to become the clear market leader within UIM services in Europe”, says Henrik Damgaard, CEO of Norva24.

The terms of the deal will not be disclosed.

For more information about Norva24, please contact:

Henrik Damgaard, CEO
henrik.damgaard@norva24.no

About Norva24:
Norva24 is the undisputed category leader in the highly fragmented UIM services market in Northern Europe, with leading position in Norway, Denmark, Sweden and Germany. Service offering includes mission-critical and non-discretionary maintenance services for underground infrastructure (“UIM”), such as pressure washing, emptying service, pipe inspection and relining. Norva24’s vision is to become a lighthouse in the development of the UIM industry in Europe through green initiatives, ESG reporting and IoT solutions. Norva24 has revenues of close to NOK 2 billion and employs around 1 200 employees.

www.norva24.com

About Valedo:
Valedo is an independent Swedish investment company investing in high-quality small/mid cap companies in the Nordic region. Valedo is focusing on companies with clear growth and development potential where Valedo can actively contribute to and accelerate the companies’ development. Being an active owner and contributing both capital and industrial experience, Valedo ensures that a company can achieve its full potential.

www.valedopartners.com

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Ardian acquires Finland based utility Nevel, a leading district heating and industrial energy solutions company

Ardian

02 November 2020 Infrastructure Finland

• Vapo and Ardian reached an agreement for the acquisition of 100% of Nevel, a leading Nordic District Heating and Industrial Energy Solution Company
• Nevel complements Ardian’s global portfolio of diversified and essential infrastructure investments in energy, transportation and telecommunication
• Ardian will support Nevel’s energy transition towards CO2 free energy production in its networks by 2023, while providing customers with future-proof and cost-efficient heating in Finland, Sweden and Estonia.

Paris, November 2nd, 2020 – Ardian, a world-leading private investment house, announces the acquisition of 100% of the shares of Nevel Oy (“Nevel”), a leading district heating and industrial energy solutions company, from Vapo Group (“Vapo”). Nevel complements Ardian’s global portfolio in terms of geographic and sector diversification. Nevel represents Ardian Infrastructure’s fifth investment in the region bringing the Nordic asset base to a size of 1.8GW of installed heat and power capacity. The asset management of Nevel will be supported by Ardian’s local sustainable energy investment platform, eNordic.

Nevel owns and operates more than 150 heat and power plants and over 40 district heating networks across Finland, Sweden and Estonia together with one of the most sophisticated digital operating platforms on the market. Nevel is generating 1.6 TWh of energy annually and committed to the energy transition and further fossil fuel reduction. “We intend to grow the company by investing significant additional capital, thereby targeting to enhance the environmental friendliness and efficiency of Nevel’s heating plants and district heating networks. We are proud to be working with Nevel’s management team and supporting them in our future partnership”, says Eero Auranne, CEO of eNordic.

Through the investment, Ardian sees significant opportunity to develop and expand Nevel’s operations in Finland, Sweden and Estonia. “Nevel is a perfect fit with our strategy for sustainable energy and our asset portfolio in the Nordics. Nevel’s and our goals are aligned and we will aim to make it the go-to platform for municipalities and industrial companies seeking to outsource energy services through sustainable solutions”, explains Simo Santavirta, Senior Managing Director and Head of Asset Management of Ardian Infrastructure.

”Our investment in Nevel forms a significant milestone of Ardian’s overall strategy to significantly reduce CO2 emissions worldwide. Digital and artificial intelligence will play a key role in the energy transition of the asset”, says Amir Sharifi, Energy Transition lead for Ardian Infrastructure. Earlier this year, Ardian made its first investment in Finland – the acquisition of the Lakiakangas 1 wind farm. Ardian’s sustainable energy asset base in the Nordics is now at nearly 500 MW wind and 1350 MW heat capacity, operating across Finland, Norway, Sweden and Estonia.

“The Nordics are a core region for Ardian Infrastructure with attractive fundamentals and significant potential to invest in essential infrastructure in energy, transportation and telecommunication. We are proud to add Nevel to our portfolio in the region and are looking forward to supporting the company’s strategy”, according to Daniel von der Schulenburg, Ardian Infrastructure Head of Northern Europe, Germany and Benelux.

This transaction is yet to receive clearance from the local competition authorities. Ardian does not own any competing or overlapping businesses with Nevel in Finland or in the Nordic and Baltic countries.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

 

ABOUT ENORDIC

eNordic is the Nordic’s first sustainable energy platform, formed by a partnership between Ardian, a world-leading private investment house, and leading domestic industry executives.
Through a local, responsible and agile investment approach, eNordic enables the transformation of the energy sector through long-term partnerships with those that develop or operate sustainable energy projects in the Nordics.
eNordic focuses in opportunities in wind, biomass, hydro and district heating in addition to traditional energy assets that have the potential to be transformed or managed in a sustainable way.
eNordic is based in Sweden and Finland, with local teams operating throughout the Nordics region.

Press contact

ARDIAN / ENORDIC – HEADLAND CONSULTANCY

CARL LEIJONHUFVUD

cleijonhufvud@headlandconsultancy.com +44(0)20 3805 4827

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Norva24 acquires platform in Southern Germany

Valedo

Norva24 has acquired Kanal-Türpe, a leading provider of Underground Infrastructure Maintenance (“UIM”) services in Southern Germany with operations in Gerolzhofen, Fulda and Blomberg. The acquisition significantly strengthens Norva24’s leading position in the highly fragmented UIM market in Northern Europe.

Kanal-Türpe has more than 50 years of experience in the industry, revenues of approximately EUR 20 million and a comprehensive service offering within UIM services. The company is headquartered in the central parts of Southern Germany and operates around 100 vehicles. In addition to the acquisition of Kanal-Türpe, Norva24 has also recently completed one acquisition in Stockholm and two smaller acquisitions in Germany, with operations in Lübeck and Lüneburg.

“We are very excited to welcome Kanal-Türpe to Norva24. Following our market entry into Germany in 2019 through the acquisition of Ex-Rohr, we now further strengthen our position as the emerging market leader in Germany. Furthermore, the acquisition implies that Norva24 now has revenues of close to NOK 2 billion, which is an important milestone in our vision to become the clear market leader within UIM services in Europe”, says Henrik Damgaard, CEO of Norva24.

The terms of the deal will not be disclosed.

For more information about Norva24, please contact:

Henrik Damgaard, CEO
henrik.damgaard@norva24.no

About Norva24:
Norva24 is the undisputed category leader in the highly fragmented UIM services market in Northern Europe, with leading position in Norway, Denmark, Sweden and Germany. Service offering includes mission-critical and non-discretionary maintenance services for underground infrastructure (“UIM”), such as pressure washing, emptying service, pipe inspection and relining. Norva24’s vision is to become a lighthouse in the development of the UIM industry in Europe through green initiatives, ESG reporting and IoT solutions. Norva24 has revenues of close to NOK 2 billion and employs around 1 200 employees.

www.norva24.com

About Valedo:
Valedo is an independent Swedish investment company investing in high-quality small/mid cap companies in the Nordic region. Valedo is focusing on companies with clear growth and development potential where Valedo can actively contribute to and accelerate the companies’ development. Being an active owner and contributing both capital and industrial experience, Valedo ensures that a company can achieve its full potential.

www.valedopartners.com

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