Tag Archives: infrastructure

Building Back Better – DIF Capital Partners achieves A+ UNPRI scores

DIF

2020 has been an extraordinary year for all of us. The Covid-19 pandemic has called into question some of the foundations of modern societies, from global supply chains to national health services. But most of all, 2020 has put a spotlight on resilience: the resilience of individuals, of communities, of businesses, of the climate and, in particular of the infrastructure investments of DIF Capital Partners (“DIF”).

Today, DIF is publishing its 2020 ESG Report – Building Back Better. With the publication of the report, DIF shows it has an action-oriented and transparent approach designed to positively engage with all our stakeholders ensuring the resilience of the assets in which it invests and promoting improvement in ESG performance over time.

Furthermore, DIF is pleased to announce that it achieved A+ UNPRI scores for 2020, for both the infrastructure and the strategy & governance modules. This is the result of an integrated approach to ESG across all of DIF’s activities. ESG remains a key strategic priority for DIF, and the awarded UNPRI scores confirm it is fully embedded in DIF’s investment principles, strategy, policies and processes.

DIF welcomes your feedback and is looking forward to continuing this important discussion with its stakeholders – collectively targeting to improve ESG performance and to take to mitigate climate change across the industry.

Please click on the following link to access the full report: DIF Capital Partners – ESG Report 2020.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 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 in projects 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 145 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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EQT Infrastructure to sell Synagro

eqt

  • EQT Infrastructure to sell Synagro, the largest provider of wastewater biosolids solutions in North America, to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division
  • Synagro partners with local communities to process over 14 million tons of wastewater biosolids annually to protect the health of our water, air, soil, and those who depend on them
  • Under EQT’s ownership, Synagro has grown its facility footprint from 15 to 24 facilities, while expanding its services offerings to provide reliable and sustainable biosolids management solutions to 1,000 municipal and industrial customers across 35 states

The EQT Infrastructure II fund (“EQT Infrastructure”) today announced it has entered into a definitive agreement to sell Synagro Technologies, Inc. (“Synagro” or “the Company”) to West Street Infrastructure Partners III, an infrastructure investment fund managed by Goldman Sachs Merchant Banking Division.

Founded in 1986 and headquartered in Baltimore, Maryland, Synagro is the leading provider of wastewater biosolids solutions in North America. The Company provides essential biosolids treatment solutions, turning a waste stream into fertilizer products for over 1,000 municipal and industrial customers across 35 states. Synagro manages over 14 million tons of biosolids annually across its portfolio of 24 specialized treatment facilities and the industry’s largest permitted beneficial use land base.

Under EQT Infrastructure’s ownership, Synagro has developed into the industry leading wastewater biosolids solutions platform in North America with the industry’s largest wastewater biosolids treatment facility footprint, broadest network of permitted disposal solutions and most comprehensive environmental services offering. With its data driven and local approach, the Company has solidified its position as a trusted partner for municipalities and industrial customers helping to protect the water, air and soil quality of the local communities in which Synagro operates.

Crosby Cook, Partner at EQT Partners, said: “Partnering with the Synagro management team to develop the Company into the industry leading platform has been a fulfilling experience. Synagro’s sustainable business model aligns well with EQT’s ESG goals and we are proud to have been a part of the Company’s transformation. With ever-increasing demand for sustainable biosolids solutions, Synagro is well-positioned for its next phase of growth under Goldman Sachs’ ownership.”

Bob Preston, Chief Executive Officer of Synagro, said: “Under EQT’s ownership, we have cemented our position as market leader providing sustainable biosolids solutions to communities in North America. We see great potential for further growth in this market and look forward to continuing our journey together with Goldman Sachs.”

Cedric Lucas, Managing Director at Goldman Sachs Merchant Banking Division, added: “We are excited about the opportunity to partner with Bob and the Synagro team to build on their success, accelerate innovation in biosolids treatment solutions, and support the Company’s growth plans in the years to come. Synagro is a great example of our infrastructure funds’ commitment to investing in sustainable businesses and Goldman Sachs’ dedication to ESG.”

The transaction is subject to customary conditions and approvals. It is expected to close in December 2020.

Morgan Stanley & Co. LLC acted as financial advisor and Weil, Gotshal & Manges LLP as legal advisor to EQT Infrastructure.

Goldman Sachs & Co. LLC acted as financial advisor and Sidley Austin LLP as legal advisor to West Street Infrastructure Partners III.

Contact
US press contact, daniel.yunger@kekstcnc.com, +1 917 574 8582
Crosby Cook, Partner and Investment Advisor to EQT Infrastructure, +1 917 281 0851
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 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 Synagro
Founded in 1986, Synagro Technologies, Inc. works to turn waste into worth by helping more than 1,000 municipal and industrial water and wastewater facilities in North America move toward safer, cleaner and more environmentally beneficial practices. For some, it’s simply cleaning the water supply. For others, it’s much more – we partner with them to process their waste for compost or energy pellets, creating healthy soil and sequestering carbon in the process. As the largest recycler of organic by-products in North America, we’re trusted because we remove risks while keeping the logistics clean. Because we have the most experienced team in the industry, we can offer tailored solutions that ensure no waste goes to waste. Much of our work isn’t pretty. But it’s a greener world emerging from a cleaner one – worth coming from waste – and we think that’s pretty beautiful.

More info: www.synagro.com

About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.

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DIF Capital Partners to acquire stakes in two Portuguese availability PPP roads

DIF

DIF Capital Partners, through DIF Infrastructure VI, is pleased to announce it has reached an agreement to acquire a 49% stake in the Norte Litoral and a 48% stake in the Via do Infante availability PPP roads from Cintra, a subsidiary of Ferrovial. Closing of the transaction is subject to customary approvals from Portuguese authorities and lenders.

Through other funds under its management DIF Capital Partners controls the remaining 51% stake in Norte Litoral as well as a 49% stake in Via do Infante, stakes it acquired from Cintra in 2016.

Via do Infante (A22) is a 133 kilometer motorway concession between Lagos and Castro Marim in the South of Portugal. This concession was awarded in 2000, with the contract running until 2030. Norte Litoral (A28 and A27) is a 113 kilometer motorway concession between Porto and Caminha, and from Viana do Castelo to Ponte de Lima, in Northern Portugal. This concession was awarded in 2001, with the contract running until 2031. Both concessions benefit from availability payments which represent ca. 95% of revenue. Cintra will continue to provide the management services for both roads.

Fernando Moreno, partner at DIF Capital Partners, said: “We are very pleased with the addition of these critical and robust road assets to the DIF VI portfolio. Given their structure, the projects have continued to demonstrate strong performance despite the Covid-19 crisis.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 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 in projects 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 145 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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Bridgepoint agrees sale of majority interest in Miya to Antin Infrastructure Partners

Bridgepoint

Bridgepoint has agreed the sale of Miya Water (“Miya”), a leading international environmental services company, to Antin Infrastructure Partners.

Miya is a best-in-class global water platform uniquely positioned to take advantage of growth opportunities in the sector. The company is the largest private water operator in Portugal and a global provider of comprehensive integrated water efficiency solutions to public and private utilities. With more than 700 employees, Miya serves over 600,000 people in Portugal via six long-term concessions and one public private partnership (PPP) and has delivered more than 200 water efficiency projects globally aimed at reducing non-revenue water (water lost during distribution).

Following completion of the acquisition, Antin will work with Miya’s management team, led by CEO Amit Horman, to support growth opportunities in water concessions and PPPs in Europe and North America, as well as the delivery of further water efficiency projects around the world.

Miya’s growth prospects are underpinned by attractive market fundamentals, a greater focus on water efficiency and significant investment needs supported by the private sector.

Mauricio Bolaña, Partner at Antin, said:”Miya is a best-in-class water operator with a solid base that will serve as a springboard to capture the strong growth potential that exists in the sector. We are delighted to support Miya’s management team in the next stage of the company’s development.”

Héctor Pérez, Partner at Bridgepoint, said: “Miya is a unique business with a superb management team. We are extremely pleased to be a part of its journey and to continue supporting its growth ambitions in this new stage together with Antin.”

Amit Horman, Chief Executive Officer at Miya, commented: “We thank Bridgepoint for their significant support. In partnership with Antin, we look forward to delivering on the significant potential we see over the coming years.”

Antin was advised by Deutsche Bank, Herbert Smith Freehills, Sérvulo, McConnell Valdés, PWACS Corporate Finance, PWACS, Defining Future Options, EY and Marsh.

Bridgepoint was advised by Citi, Uría Menéndez, PwC Strategy&, EY, ERM and Willis.

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DIF Capital Partners invests in 900 MW Canadian power project

DIF

DIF Capital Partners, through DIF Infrastructure VI (“DIF”), is pleased to announce its investment in the 900-megawatt Cascade Power Project (“Cascade” or the “Project”) in Canada. Together with joint equity sponsors OPTrust and Axium Infrastructure, DIF will invest in the construction of Cascade. The equity sponsors and its development sponsors Kineticor and Macquarie Capital, successfully closed financing of the CAD 1.5 billion Project today, including securing non-recourse project financing.

Cascade is a 900-megawatt combined cycle natural gas-fired generating facility to be located near Edson, Alberta. Siemens Energy will provide two highly efficient single shaft SCC6-8000H power trains and provide maintenance support under a long-term service agreement. Cascade is strategically situated in proximity to significant gas production as well as the NGTL System and high voltage electrical transmission lines, an important competitive advantage for Cascade. Construction will start immediately with commercial operations commencing in 2023. Cascade is contracted and benefits from long-term gas netback agreements which provide cashflow stability and downside protection once the project is commissioned.

Cascade will lead the transition to a lower carbon intensive power grid in Alberta by supporting the province’s transition off coal-fired power, generating low emissions electricity that is expected to supply over 8 percent of the province’s average demand. With Alberta contributing over 50 percent of Canada’s greenhouse gas emissions from electricity generation, Cascade is expected to result in one of the largest emissions reduction opportunities in the country’s electricity sector.

BPC, a joint venture between affiliates of PCL Construction and Overland Contracting Canada, Inc., a Black & Veatch Company, will construct the facility under an Engineering, Procurement and Construction Services contract with Kineticor acting as construction and asset manager. Cascade will additionally benefit the local community with over 3 million work hours of labour required for construction, creating approximately 600 jobs during peak construction as well as 25 long-term jobs during operation.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 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 in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF has a team of over 145 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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DIF Capital Partners acquires majority stake in UK fibre broadband operator

DIF

19 August 2020  |  London

DIF Capital Partners acquires majority stake in UK fibre broadband operator

DIF Capital Partners, through its DIF Core Infrastructure Fund II (“DIF CIF II”), is pleased to announce that it has completed the acquisition of a majority stake (54%) in 4th Utility, a fibre-to-the-premise (“FTTP”) infrastructure developer and internet service provider based in Hale, Manchester (UK).

4th Utility partners with residential and commercial landlords, property developers and house builders to design, install and upgrade their properties with state-of-the-art FTTP infrastructure.

4th Utility currently operates FTTP networks within a number of residential property developments in the North of England. DIF CIF II will provide significant capital to fund a large pipeline of opportunities generated by 4th Utility with their development partners throughout the UK.

“We are excited to partner with DIF Capital Partners who share our desire to invest in high-quality fibre infrastructure providing ultrafast internet access to properties across the UK. This long-term investment allows us to expand our current platform and provide ‘full fibre’ connectivity to a significant number of new customers” comments Tony Hughes, CEO of 4th Utility.

The transaction is the first investment for DIF CIF II in the UK and its third investment in the digital infrastructure sector following recent acquisitions in Canada and France. “We are pleased to bring our experience in digital infrastructure to support 4th Utility and their management team in delivering FTTP infrastructure investment to underserved properties in the UK” comments Willem Jansonius, Head of DIF CIF.

Please visit www.the4thutility.co.uk for further information.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.5 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 CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 145 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: Thijs Verburg, IR & BD; t.verburg@dif.eu.

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DIF Capital Partners acquires a stake in French digital infrastructure company IELO

DIF

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund II (“DIF CIF II”), is pleased to announce that it will invest in the French independent fiber optic operator IELO with the aim of contributing to its network roll-out in the coming years. DIF will enable IELO to build a nationwide footprint and become a leading fiber optic infrastructure operator in France, while remaining fully independent and a pure infrastructure player.

Resulting from the merger between IELO and LIAZO in 2016, the IELO group is positioned as a key player in the telecommunications sector in France. IELO’s fiber network is the highest quality urban optical network equipped with the latest technologies. It currently represents nearly 2,000 km of fiber, covering 30 metropolitan areas and connects more than 1,000 companies. Due to the significantly growing digitalisation requirements of companies the market is rapidly expanding. DIF’s capital injections will further accelerate the strong development of the fiber network of IELO in France.

As a long-term shareholder, DIF and IELO founders plan to invest together €90 million over the next few years to triple the size of IELO’s network by deploying more than 4,500 km of fiber (increasing it to 6,500 km total) in 95 French cities and economic zones. This acquisition perfectly fits CIF II’s strategy to invest in high-quality telecom infrastructure businesses.

Arthur Fernandez IELO co-founder and CEO said: “IELO is now at a turning point in its development and the long-term support provided by DIF represents a tremendous accelerator to achieve our ambitions of scaling up the strategy we have been successfully implementing in recent years. We intend to consolidate our position as a key independent wholesale operator in the fiber optics business with the aim of expanding our French client base to further gain market share.”

Thomas Vieillescazes, partner and head of DIF France added: “DIF has been investing heavily in the telecommunications sector in Europe and North America for several years, particularly in projects related to data centers and fiber optics. This investment is therefore in line with our strategy of investing in the high-potential digital infrastructure market, especially in the growing B2B business. We believe IELO, being a dedicated wholesale infrastructure provider, and the only one with a nationwide development strategy, is a perfect fit for DIF CIF II: it’s a pure infrastructure play with a greenfield component, for which DIF will bring to bear its longstanding experience in the French market. We have particular trust in IELO’s managers and their teams and are delighted to support the group in its development to become a key player in a growing market.”

About IELO

The IELO group markets enterprise access products through offers exclusively for telecom operators (the so-called “wholesale only” market). Operating its own optical cable network, IELO has an extensive coverage area covering some thirty of France’s largest conurbations, i.e. 161 municipalities in 23 departments. Since 2014, IELO has been implementing a strong strategy of rolling out its own network through an investment plan and a sustained pace of deployment, in order to extend its position in France. To find out more: www.ielo.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.5 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 CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 140 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: Thomas Vieillescazes, Partner; t.vieillescazes@dif.eu and Thijs Verburg, IR & BD; t.verburg@dif.eu.

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EQT Infrastructure to sell Hector Rail Group

eqt

  • EQT Infrastructure to sell Hector Rail Group, the largest private rail freight operator in Scandinavia with significant operations in Germany, to Ancala
  • During EQT’s tenure, Hector Rail has grown revenue organically into new segments, geographies and customers, with an 80 percent growth of both revenues and the fleet
  • Hector Rail has increased its capacity offering reliable and environmentally friendly transportation solutions

The EQT Infrastructure II fund (“EQT Infrastructure” or “EQT”) today announced that it has entered into a definitive agreement to sell Hector Rail Group (“Hector Rail” or “the Company”) to Ancala’s European Infrastructure Fund II. Founded in 2004 and headquartered in Stockholm, Sweden, Hector Rail is the largest private rail freight operator in Scandinavia with significant operations in Germany.

With a fleet of over 100 locomotives and 400 employees, including approximately 250 train drivers, Hector Rail transports essential goods for a wide range of customers. Hector Rail also operates a growing domestic platform in Germany, the largest rail freight market in Europe, from which it focuses on attractive niche segments, such as energy and intermodal flows.

Since acquired by EQT Infrastructure in November 2014, Hector Rail’s focus has been on driving sustainable growth, expanding into new segments and geographies, and diversifying the customer base while providing environmentally friendly transport solutions. Hector Rail has also executed on an ambitious sustainability agenda by providing essential transportation services to industries in an environmentally sustainable way.

Masoud Homayoun, Partner and Investment Advisor to EQT Infrastructure, adds: “Hector Rail has continued to grow and gain market share while fostering a strong, safety-oriented culture, sustainable operations and high-quality services to all customers. Management and the entire Hector Rail team have done a fantastic job. With the ever-increasing demand for environmentally friendly transport solutions, Hector Rail is well-positioned for continuous growth under Ancala’s ownership”

Claes Scheibe, Managing Director of Hector Rail AB, added: “With the support from EQT, Hector Rail has grown by adding a range of new freight services across the Scandinavian and German rail network, and supported the growth of the European economy through the transportation of essential goods and materials. We continue to see strong demand for our services and look forward to entering the next phase of growth together with our new owners.”

Stig Kyster-Hansen, Managing Director of Hector Rail GmbH, further commented: “Under EQT’s ownership, we have in a short period of time been able to build a strong and scalable platform in Germany. We see great potential for further growth in this market and look forward to continuing our journey together with Ancala”

Deutsche Bank AG acted as financial advisor and Advokatfirman Vinge KB as legal advisors to EQT Infrastructure.

Contact
Masoud Homayoun, Partner and Investment Advisor to EQT Infrastructure, +46 73 402 1081
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 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 Twitter and LinkedIn

About Hector Rail
Hector Rail Group is an independent rail freight operator, providing traction and related services across Scandinavia and Germany. We offer environmentally friendly transportation solutions on rail, to industrial companies, forwarders, and other rail operators. The Group consists of Hector Rail AB, Sweden’s largest private rail freight company, and Hector Rail GmbH, a German operator servicing both international traffic to Scandinavia and the domestic German market

More info: www.hectorrail.com

About Ancala Partners
Ancala Partners LLP is an independent infrastructure investment manager focused on delivering enhanced returns from mid-market infrastructure investments across Europe. Ancala adopts a proactive approach to the origination and asset management of investments to create value for its investors.

More info: www.ancala.com

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Altor enters partnership with the entrepreneurs of Eleda

Altor

ltor Fund V (“Altor”) has signed definitive agreements to invest in a majority stake in Eleda Infra Services Group (“Eleda”) to support the entrepreneurs and management on the continued growth journey to create a leading infrastructure services group. As part of the transaction, Eleda acquires and partners with the entrepreneurs of Järfälla VA- & Byggentreprenad AB (“JVAB”). In addition, Eleda acquires ONE Nordic (“ONE”) from Altor Fund III. Management of the respective companies will remain as significant shareholders of the combined group and continue in their respective operational management roles.

The new, larger, Eleda will be an expansive infrastructure services group focusing on small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. JVAB strengthens Eleda’s geographical coverage in the Stockholm area and has strong expertise in water works. One Nordic broadens Eleda’s capabilities into electricity transmission infrastructure services and projects focusing on electricity distribution and renewable energy (wind and hydro power). The companies have an impressive history of strong growth and a proven ability to gain additional market shares in fast-growing areas of the market. The new Eleda group had a combined turnover of ca SEK 6 billion in 2019.

“We are enthusiastic and confident that Altor’s experience of building great companies will contribute to our continued strong growth and further support our ambition to always be the partner of choice for both public and private customers within infrastructure services. The timing of this transaction in the current market turmoil is a testament to our attractive and resilient business model, and we are proud to remain as significant shareholders in the combined group”, say Johan Halvardsson and Peter Condrup, representing the management consortium in Eleda.

“ONE Nordic is stronger than ever today”, says Jonas Arvidsson, CEO of ONE Nordic. “During Altor’s ownership period, ONE Nordic has had the opportunity to expand from electricity distribution into services and projects in renewable energy, and we now look forward to a continued growth journey as part of the larger Eleda group, with whom we already have several overlapping clients and hope to expand that further”.

“We are impressed with the businesses that the entrepreneurs have built and are truly excited to partner with them for the next phase of development. It is particularly exciting to be able to contribute ONE into the combination, adding new capabilities that will result in commercial benefits for both companies. We are highly committed to extend the strong track record of the companies to date and continue to build a leading infrastructure services company in the Nordics” says Bengt Maunsbach, Partner at Altor.

“In Eleda, I see a successful entrepreneurial, decentralized organization with local decision-making and responsibility, but with the resources and methods of a large corporation”, says Torbjörn Torell, current Chairman of ONE Nordic and incoming Chairman of Eleda. “I am glad for the opportunity to continue to work alongside Altor and look forward to working with the exceptional entrepreneurs of Eleda.”

The transaction is subject to customary regulatory approvals.

For more information, please contact:
Johan Halvardsson, Eleda Group CEO, +46 70 545 95 01
Emilie Condrup Maisor, Head of Communications and ESG, Eleda, +46 70 828 04 66
Jonas Arvidsson, CEO of ONE Nordic, +46 70 304 09 70
Bengt Maunsbach, Partner at Altor, +46 867 89 115
Tor Krusell, Head of Communications at Altor, +46 705 43 87 47

About Eleda Infra Services Group
Eleda Infra Services Group is an expansive group focusing small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. The Group operates through regional companies across southern and western Sweden. The group currently includes Akeab, KEWAB, Mark & Energibyggarna and Salboheds Bygg & Anläggningstjänster. Eleda Group’s corporate culture is marked by a strong entrepreneurial spirit, and the companies work independently in complementary geographical areas with the goal of being a leading player in their respective regional markets. Eleda Group, which has its headquarters in Stockholm, has around 800 employees and sales of approximately SEK 3.1 billion in 2019. Eleda Group is currently owned by management and a broad group of key individuals in the group. For further information please visit www.eleda.se/en

About ONE Nordic
ONE Nordic is one of Sweden’s leading suppliers of technical services in electricity transmission infrastructure and renewable energy production. With a nationwide organization and local knowledge, ONE Nordic delivers high quality services and solutions to energy producers, distributors and energy users. ONE Nordic is headquartered in Malmö and has around 1,000 employees and sales of approximately SEK 2.1 billion in 2019. ONE Nordic has been owned by Altor Fund III since 2011. For further information please visit www.one-nordic.se

About JVAB
Järfälla VA- & Byggentreprenad AB is focusing on civil engineering and transmission infrastructure in the Stockholm region. JVAB has around 150 employees and sales of approximately SEK 0.7 billion in 2019. The majority of JVAB is owned by the founding family, who will reinvest a significant portion in the combined Group. For further information please visit www.jvab.se

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace. For further information please visit www.altor.com

Author: Katarina Karlsson
Date: 2020.05.11
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Waterlogic closes on long-term investment from strong institutional partners to accelerate growth ambition

Castik Capital

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the closing of the acquisition of a significant minority stake in the company by four strong institutional investors – BCI, Neuberger Berman, StepStone, and Skandia.

Following January’s announcement of British Columbia Investment Management Corporation (BCI) entering into an agreement to acquire a significant minority stake in Waterlogic from Funds managed by Castik Capital and the Waterlogic management team, Waterlogic and Castik Capital complete the transaction and include three additional partners.

BCI, with C$153.4 billion in assets under management (as of March 31, 2019), is a leading provider of investment management services to British Columbia’s public sector and one of Canada’s largest asset managers. Joining BCI as minority shareholders in Waterlogic are:

  • Neuberger Berman, a private, independent, employee-owned investment management firm that manages equities, fixed income and private equity portfolios for global institutional investors, advisors and high-net-worth individuals;
  • StepStone, a global private markets firm providing customised investment and advisory solutions to some of the most sophisticated investors in the world; and
  • Skandia, a mutual life insurance company with SEK 692 billion under management as of 31 December 2019, provides pension, banking and insurance services to the population of Sweden.

Jeremy Ben-David, Founder and Group CEO of Waterlogic, said: “This is a very pleasing result and a testament to Waterlogic’s businesses resilience, especially considering the unprecedented economic downturn and turbulent times we currently find ourselves in. The acquisition provides further access to capital in support of Waterlogic’s growth ambition to become the global leader in the fast-growing market for bottle-less workplace hydration. We look forward to continuing our journey with Castik Capital and the new shareholders in this next exciting phase of our growth.” 

Waterlogic has a direct presence in 17 countries including the UK, USA, Canada, Chile, Australia and Western Europe, and an extensive independent global distribution network reaching over 50 countries around the world. The company is responsible for hydrating nearly 50 million consumers daily and contributes to the reduction of 23.8 billion single-use plastic bottles around the world each year.

Waterlogic aims to build on its capabilities and customer base in both established and new geographic markets in pursuit of its mission to offer healthy drinking water solutions and contribute to the reduction of plastic pollution globally with a range of freestanding and countertop dispensers, Billi integrated dispensers and Purezza, the company’s specialty restaurant and hospitality solution.

Inspired by innovation, Waterlogic has embraced superior FirewallTM and BioCote® technologies to create cutting-edge, highly certified products focused on delivering the safest, best-tasting water to all businesses in the most sustainable way. The company’s approach to Environmental, Social and Governance (ESG) supports the growing demand from organisations looking to reduce the plastic pollution and high CO2 emissions associated with bottled water, and supports Waterlogic’s long-term growth, relevancy and financial standing in the marketplace.

Waterlogic has annualised revenues of c. $400M and c. 550k water dispensers on rental and service contracts across 17 direct markets and employs over 3,000 people worldwide. Waterlogic was advised on the transaction by Goldman Sachs International, Skadden (legal), PwC (financial and commercial), Deloitte (tax), L.E.K. (commercial), and EY (Luxembourg legal).

Media Contact

Rosanna Turner, Group Marketing Communications Manager
rosanna.turner@waterlogic.com

 

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and solutions designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the most sustainable way. Founded in 1992, Waterlogic was one of the first companies to introduce mains-fed dispensers to customers worldwide and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service. Waterlogic has its own subsidiaries in 17 countries and its leading markets are the U.S., Australia and Western Europe, in particular the UK and Germany. In addition, Waterlogic’s extensive and expanding independent global distribution network reaches over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. More information can be found at www.waterlogic.com.

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