DIF completes the refinancing of a 30 MWac ground mounted solar PV portfolio

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Toronto, 9 January 2017  DIF has completed the refinancing of a portfolio of 3 operational, ground-mounted solar PV projects located in Ontario, Canada. The DIF Infrastructure III fund owns 100% of the projects, which commenced operations in 2014 and 2015. The projects sell power pursuant to 20 year feed-in-tariff contracts with the Independent Electricity System Operator (formerly known as the Ontario Power Authority).

Natixis New York Branch, acting as the sole mandated lead arranger, together with Samsung Life Insurance Co. Ltd., Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd., and Raymond James Banks, NA as lenders, provided approximately CAD$180 million of senior debt facilities to refinance the existing debt.

The lenders were advised by McCarthy Tetrault LLP (legal), DNV KEMA Renewables Inc. (technical), and Intech Risk Management Inc. (insurance). DIF was advised by Torys LLP (legal), KPMG (tax), Riverside Risk Advisors (hedging), Mazars (model audit) and LCN Legal (UK legal).

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

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

Categories: News


Infravia sells its 55% stake in ADTIM, french fiber project, to DIF


DIF Core Infrastructure Fund I (“DIF CIF I”) and Infravia are pleased to announce that they have completed the sale of Infravia’s 55% stake in the French fiber company ADTIM.

ADTIM operates a wholesale telecom network in the Ardèche and Drôme departments under a 25-year concession awarded in 2008, which is fully operational since 2011. In December 2016, ADTIM, together with its partners Axione, Bouygues E&S and Caisse des Dépôts et Consignations, were awarded the Fiber to the Home (FttH) concession in the region. This second project plans to realize 310,000 FttH connections in association with the public local authority Syndicat mixte ADN as part of France’s 2012 Ultra-Fast Broadband Plan, the nationwide plan to implement ultra-fast internet connections across the country by 2022. nInfravia and DIF CIF I had reached an agreement on the transaction in June 2017.

InfraVia has been advised in the process by the following parties: Weil, Gotshal & Manges LLP (Legal), Lazard (M&A) and H3P (Financial)


DIF is an independent and specialist fund management company, managing funds of approxi-mately €4.3 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and com-plementary strategies. DIF CIF I targets small to mid sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia. The fund recently reached its final close at EUR 450m. DIF’s other funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.


InfraVia Capital Partners is an investment manager dedicated to the infrastructure sector. InfraVia manages EUR 1.9bn across three infrastructures funds, positioned as long-term investors and dedicated to energy and infrastructure in Europe.




Categories: News


IK Investment Partners to sell Ramudden


IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VII Fund has reached an agreement with funds advised by Triton (“Triton”) to sell the Ramudden Group (“Ramudden” or “the Company”), a leading Nordic provider of work zone safety solutions. 

Founded in 2005, Ramudden is a specialist provider of work zone safety solutions for the road, construction and industrial sectors. The service offering includes rental of road barriers, signage, traffic and road signs, concrete systems, industrial heating solutions, traffic arrangement plans, surveillance and maintenance service as well as safety education programmes.

With a presence in Sweden, Norway, Finland and Estonia through their own depots, the Company has an unrivalled ability to quickly adapt to changing client expectations and market conditions, with a high level of customer satisfaction. Ramudden employs over 450 people, and has a turnover exceeding 700 MSEK (2017).

“During the past 3,5 years, we have worked closely with the management team to transform the business from a provider of temporary traffic control services to a work zone safety specialist. The Company has more than doubled the turnover, and successfully executed five add-on acquisitions, strengthening their presence in core geographies and expanding into the Baltics. We would like to thank Hans-Olov, the management team and all of Ramudden’s employees for their hard work and dedication, and wish them all the best on their continued journey,” said Kristian Carlsson Kemppinen, Partner at IK Investment Partners and advisor to the IK VII Fund.

“IK has been instrumental to Ramudden’s significant growth over the past couple of years. Thanks to their support, we have been able to rapidly expand our depot network, improve our operational structure and invest even more in our staff. We are looking forward to continuing our development together with Triton,” said Hans-Olov Blom, CEO and founder of Ramudden.

Financial terms of the transaction are not disclosed. Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

IK Investment Partners
Kristian Carlsson Kemppinen
Phone: +46 8 678 95 00

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566

Hans-Olov Blom
Phone: +46 26 66 89 80

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 billion of capital and invested in over 110 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 Ramudden
Ramudden provides the market in Sweden, Norway, Finland and Estonia with work zone safety solutions, including rental of essential equipment (such as traffic barriers and guide signs), traffic arrangement planning, and education, surveillance and maintenance services. Customers are mainly civil engineering contractors and construction companies. For more information, please visit www.ramudden.se


Categories: News


DIF Core Infrastructure Fund I achieves final close


Fundraising for DIF CIF I was officially launched in September 2016, with first close occurring in January 2017, and final close in November 2017. DIF CIF I experienced strong backing from both existing and new investors to the DIF platform.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term. The fund targets both greenfield and brownfield projects in Europe, North America and Australasia.

DIF CIF I is the first fund raised by DIF that pursues this particular strategy. The strategy is differentiated and complementary to the strategy pursued by DIF’s existing funds – DIF Infrastructure IV and its predecessors – which target PPP/concessions, regulated assets and renewable energy projects.

DIF CIF I has acquired two investments to date: a 25% interest in the Somerton Pipeline in Australia, and a 55% stake in the French fibre company ADTIM. Furthermore, it has a strong pipeline of investment opportunities across its target sectors and geographies targeted by the fund.

DIF Profile

DIF is an independent and specialist fund management company with ca. €4.3 billion assets under management across seven closed-end investment funds and several co-investment vehicles. DIF invests in core infrastructure markets in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Willem Jansonius, Partner
E-mail: w.jansonius@dif.eu

Allard Ruijs, Partner
E-mail: a.ruijs@dif.eu


Categories: News


Bridgepoint sells Leeds Bradford Airport


AMP Capital, on behalf of investors in its global infrastructure equity platform, has agreed to acquire 100 per cent of Leeds Bradford Airport from Bridgepoint Advisers Limited. Leeds Bradford Airport is an international airport serving the cities of Leeds, Bradford and the broader Yorkshire area, with four million annual passengers.

Leeds Bradford Airport is a compelling investment for AMP Capital due to its excellent location and strong growth prospects as well as AMP Capital’s expertise and successful track-record of investing in airports globally within its infrastructure portfolio for more than 20 years.

A mix of low-cost, charter and major international airlines operate at the airport, which benefits from a catchment area containing 5.3 million people, 2.9 million of whom live less than one hour from the airport.   Leeds and Bradford are the third and seventh largest cities in the UK, respectively, and the Leeds City Region is home to the UK’s largest financial and business services centre outside London.  The airport primarily offers international short-haul flights to customers as well as an established network of domestic destinations.

Simon Ellis, Head of Origination, Europe at AMP Capital, said: “With its strong underlying fundamentals including freehold ownership with well-invested infrastructure, a diversified airline mix and its catchment area in an economic hub of the North of England, Leeds Bradford Airport is a highly attractive investment and a great fit for AMP Capital’s global infrastructure platform, which includes the Global Infrastructure Fund.

“We believe there is a clear opportunity for performance enhancement through tailoring and improving the customer experience and working collaboratively with our key partners including airlines, government and local businesses.  In addition, the airport serves the Yorkshire and the Humber region, one of the fastest-growing regions in the UK with a population growth of 6 per cent since 2001 and there is also potential for further route development.

“AMP Capital’s heritage in transportation infrastructure investment and our experience of owning airports means we are well placed to develop the exciting opportunities presented by this investment.”

Michael Davy, Partner at Bridgepoint, said: “Over the past five years of Bridgepoint ownership, passenger numbers have grown by almost 40 per cent to over four million, c. £30 million has been invested in capex projects including a terminal upgrade, employee numbers have grown from 200 to around 460, and EBITDA has grown by over 25 per cent per annum.”

Categories: News


3i announces first North American infrastructure transaction with investment in Smarte Carte


3i Group plc (“3i”) today announces it has agreed to invest alongside management in Smarte Carte International Holdings, Inc. (“Smarte Carte” or the “Company”), a leading concessionaire of essential infrastructure equipment. With over 140,000 owned units consisting primarily of airport baggage carts and self-storage lockers, the Company serves the global travel and leisure industry. The enterprise value of the transaction is $385m.

Founded in 1967, Smarte Carte currently operates at over 2,500 locations across seven countries including the U.S., Canada, Australia, New Zealand, Sweden, the U.K., and Singapore. Over the last 50 years of successful operations, the Company has sustained market leadership in airport baggage carts, self-storage lockers and other vended equipment through long-term customer contracts. Smarte Carte’s average customer relationship is over 24 years. Recently, the Company was selected as the preferred vendor for customised delivery lockers for the United States Postal Service pilot programme.

With 80% of Smarte Carte’s revenue derived within the U.S., the Company is poised for additional domestic and international growth. 3i will appoint Greg Hart, Chief Operating Officer for United Airlines, as a non-executive director to the Smarte Carte board of directors (alongside two 3i directors), to help guide this future growth. For over 20 years, Greg has held various leadership positions at United Continental Holdings (NYSE: UAL) overseeing global airport operations, customer service and technical operations.

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

“The global travel and leisure market has changed in recent years and now provides more revenue opportunities from outsourced baggage carts and other essential services. As the market leader, Smarte Carte has grown durable cash flows through decades of economic cycles. Our team looks forward to partnering with management to grow Smarte Carte’s global footprint, especially in Europe where 3i has an established track record in the airport sector through its investments in Belfast City Airport and (through 3i Infrastructure plc) in airport ground-handling equipment company TCR.”

Ed Rudis, President & CEO, Smarte Carte, added:

“We look forward to working with 3i and rolling management equity alongside 3i’s equity investment. We feel that the 3i team’s approach, sector knowledge and international presence make them the right partner to support the next stage of Smarte Carte’s growth.”

In March 2017, 3i launched its North American infrastructure investment platform. 3i intends to fund further North American infrastructure investments initially with its own balance sheet with a view towards deploying third-party capital in due course.


For further information, contact:

3i Group plc
Silvia Santoro
Shareholder enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About 3i’s Infrastructure business

3i is a leading global infrastructure investor, with a track record of investing in infrastructure since 1987. The team of approximately 35 investment professionals manages or advises a number of infrastructure investment vehicles, including 3i Infrastructure plc, 3i European Operational Projects Fund, 3i India Infrastructure Fund, 3i MIA and two PPP-focused funds, BIIF and BEIF II.

About Smarte Carte

Headquartered in White Bear Lake, Minnesota, the Company is a leading supplier and manager of vended equipment in the travel and leisure industry. Smarte Carte owns and manages baggage carts as the sole provider in 125 locations (including 49 of the top 50 airports in the U.S.). The Company also owns and manages lockers and other consumer-rental equipment in amusement parks, fitness clubs, shopping malls and ski resorts.

Categories: News


EQT Infrastructure goes East


With a strong track record of advising on acquisitions and exits in core markets such as Europe and the US, EQT Partners’ Infrastructure investment advisory team is now making its first move into Southeast Asia. The initiative comes as a natural strategic step for EQT as an investment advisor, continuing to explore growth and expansion opportunities across the globe and investment strategies.

A key part of the initiative is the teaming up with Temasek, a Singaporeheadquartered investment company. Temasek is one of the most respected and well-recognized institutions in the region, and offers unique opportunities for EQT Infrastructure in terms of market knowledge and local networks. Together, EQT Infrastructure and Temasek will investigate investment opportunities in Southeast Asia, India, Korea, Japan, Australia and New Zealand. The ambition is to identify interesting companies with existing assets within communication, transportation, energy, environmental and social infrastructure with a potential to grow, develop and transform.

“We are now looking to Asia, a region which presents compelling future opportunities for a firm like EQT also in the infrastructure space. The relationship with Temasek will open networks in the pursuit of finding relevant infrastructure assets with strong development potentials. We believe that EQT’s industrial approach and strategy of operational improvements will be compelling features also for Asian infrastructure assets,” comments Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner at EQT.

Since mid-2017, Director Fabian Gröne has relocated to EQT Partner’s Singapore office from Munich to oversee a gradual expansion of EQT Infrastructure’s investment advisory activities in Asia and work closely with Temasek. Most recently, Fabian worked in the Equity team in Munich and has vast experience from advising on landmark investments within the Equity funds, such as Sivantos, Bureau van Dijk and Apleona.

About Temasek
Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a SGD 275 billion (USD 197 billion, EUR 184 billion) portfolio as at 31 March 2017, mainly in Singapore and the rest of Asia. Temasek’s portfolio of mainly equities covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; consumer and real estate; life sciences and agribusiness; as well as energy and resources. Its investment activities are guided by four investment themes and the long term trends they represent:

  • Transforming Economies;
  • Growing Middle Income Populations;
  • Deepening Comparative Advantages; and
  • Emerging Champions.

Temasek has delivered a compounded annualized total shareholder return since its inception of 15% in Singapore dollar terms, or 17% in USD terms. Temasek has offices in New York, San Francisco, São Paulo and Mexico City in the Americas; London in Europe; Beijing and Shanghai in China; Mumbai in India; and Hanoi in Vietnam.

For more information about Temasek, please visit www.temasek.com.sg
For the latest Temasek Review, please visit www.temasekreview.com.sg

Categories: News


Sweco expands in Belgian building consultancy market

SwecoSweco is acquiring Snoeck & Partners, a Belgian building consultancy with a well-established market position in western Belgium.“Snoeck & Partners is a good complement to Sweco’s Belgian offering. This acquisition strengthens our presence in western Belgium and supports the continuous ambition to be the most approachable and committed partner with recognized expertise,” says Tomas Carlsson, President and CEO of Sweco.Snoeck & Partners was established in 1958 and offers services in architecture, structural engineering, and infrastructure. It has a well-established position in the West-Flemish region of Belgium, 24 employees, and an office in Kortrijk. Net sales in 2016 were EUR 3.3 million.

“Joining Sweco is the right next step for our company, from aspects such as our shared view on operations and customer focus, as well as Sweco’s international presence. We look forward to work together with our new colleagues, solve our customers’ challenges, and plan and design the cities and communities of the future,” says Hugo Snoeck, Managing Director of Snoeck & Partners.

“We are happy to welcome our new colleagues at Snoeck & Partners to Sweco. Our companies are well-matched in areas of customer offerings and culture. This acquisition strengthens our ability to further serve customers with local presence and global expertise,” says Erwin Malcorps, Managing Director of Sweco Belgium.

For additional information, please contact:Tomas Carlsson, President and CEO, Sweco, tomas.carlsson@sweco.se, +46 8 695 66 60Erwin Malcorps, Managing Director, Sweco Belgium, erwin.malcorps@swecobelgium.be, +32 473 888 202Per Holmlund, Head of Public Relations, Sweco, p.holmlund@sweco.se, +46 73 156 03 12

Sweco plans and designs tomorrow’s communities and cities. Our work produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With 14,500 employees in Europe, we offer our customers the right expertise for every situation. We carry out projects in 70 countries annually throughout the world. Sweco is Europe’s leading engineering and architecture consultancy, with sales of approximately SEK 16.5 billion (EUR 1.7 billion). The company is listed on Nasdaq Stockholm. www.swecogroup.com

Categories: News


Partners Group to acquire United States Infrastructure Corporation

Partners Group logo

Partners Group to acquire , a leading utility services provider in the US.


Partners Group, the global private markets investment manager, has agreed to acquire United States Infrastructure Corporation (“USIC” or the company”), a leading provider of underground utility locating services, on behalf of its clients.

The Company is being acquired from affiliates of Leonard Green & Partners, L.P.(“LGP”). Formed in 2008 and headquartered in Indianapolis, Indiana, USIC specializes in locating pipes and cables for utility customers across the US and Canada.

The Company employs more than 7,500 technicians and performs over 70 million utility locating services annually ahead of excavation or maintenance works.  USIC currently serves around 1,000 customers in all major utility segments, including cable, telecommunications, electricity, gas, water and sewage.

Following the completion of the acquisition, which is subject to regulatory approval, Partners Group will work with USIC’s management team, led by CEO Rob Tullman, to further grow the business.

Value creation initiatives will be aimed at enhancing operations through investments in technology and data management, expanding service offerings in adjacent markets, and growing the Company both organically and through select acquisitions.

Rob Tullman, CEO of USIC, states: ” United States Infrastructure Corporation is passionate about delivering highly responsive, quality-driven solutions that protect our customers’ utility assets. Having enjoyed strong growth over the last few years, we were looking for a partner with experience in corporate asset management and a strong network to enable us to build on our vision of further innovation and service expansion. We believe we have found this in Partners Group and look forward to working with the firm in the months and years to come.”

David Layton, Partner and Head of Private Equity at Partners Group,comments: ” In the current investment environment, we are looking for stable businesses with resilient cash flows and strong growth prospects.

With its market-leading position, blue chip customer base,and exceptional management team, United States Infrastructure Corporation encompasses all of these traits and has in fact been on our radar for several years due to its impressive track record of growth. We are therefore delighted to partner with Rob Tullman and the rest of the management team in this investment.

“Juri Jenkner, Partner and Head of Private Infrastructure at Partners Group, adds: “United States Infrastructure Corporation is a great fit with our investment strategy. The Company provides an essential service to US utilities, and has stable cash flows underpinned by a highly creditworthy customer base.

This investment also highlights the strengths of Partners Group’s broad private markets platform and collaborative investment approach across business lines.” “We are proud to have been associated with the USIC team over several years of outstanding growth and we are tremendously grateful for the amazing job that CEO Rob Tullman and the rest of the USIC team have done,” said Tim Flynn, Partner at LGP. ”

We look forward to seeing continued success for the entire USIC family supported by Partners Group, one of the leading firms in our business. “Ropes & Gray LLP and KPMG LLP are serving as legal and financial advisors, respectively, to Partners Group. Deutsche Bank and Harris Williams acted as financial advisors to USIC, while Latham & Watkins LLP served as the Company’s legal counsel.

About Partners Group Partners Group is a global private markets investment management firm with over EUR 57 billion (USD 66billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group has its global headquarter s in Zug, Switzerland; its US headquarters in Denver, Colorado; and its Asian headquarters in Singapore. Additionally, the firm has offices in San Francisco, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 950 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees. www.partnersgroup.com

About Leonard Green & Partners, L.P.

Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 80 companies in the form of traditional buyouts, going -private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail.





Partners Group investor relations contact

Philip Sauer

Phone: +41 41 784 66 60

Email: philip.sauer@partnersgroup.com

Partners Group media relations contact

Jenny Blinch

Phone: +41 41 784 65 26

Email: jenny.blinch@partnersgroup.com


Categories: News


DIF acquires a 25% stake in a major Jet Fuel Pipeline at Melbourne’s Tullamarine International Airport


Sydney, 10 August 2017 – DIF Core Infrastructure Fund I (“DIF CIF I”) is pleased to announce that it has acquired a 25% interest in the Somerton Pipeline.

The Somerton Pipeline is a 34km jet fuel pipeline which supplies fuel to Melbourne’s Tullamarine International Airport. It is a vital part of the jet fuel supply chain at Australia’s second busiest airport and supplies the majority of the total fuel demand at the airport.

Marko Kremer, DIF’s Head of Australasia added: “DIF is delighted to add the Somerton Pipeline to its existing investment portfolio. We are excited to be a shareholder of a critical piece of the supply chain infrastructure supporting the Tullamarine Airport.”

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Willem Jansonius, Partner
E-mail: w.jansonius@dif.eu

Allard Ruijs, Partner
E-mail: a.ruijs@dif.eu

Categories: News