Tag Archives: infrastructure

DIF Capital Partners sells portfolio of UK PPP assets

DIF

DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) are pleased to announce the sale of their stakes in a portfolio of eight UK PPP assets to Equitix, a UK-based infrastructure fund manager.

The portfolio includes significant stakes in the following operational PPP projects: North Kent Police Headquarters, Worcester Library & History Centre, Yorkshire Housing, Grove Village Housing, Stanhope Housing, Leeds Streetlighting, Newcastle & North Tyneside Streetlighting and Stoke Streetlighting.

Andrew Freeman, Head of Exits, said: “This transaction represents a good result from an efficient process for both DIF III and DIF IV. The sale of these assets continues our strategy of selling optimised assets from our more mature funds.”

DIF was advised by Herbert Smith Freehills (legal).

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield 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 infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

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EQT and Temasek launch O2 Power, a renewable energy platform in India

eqt

  • EQT Infrastructure and Temasek establish O2 Power, a renewable energy platform in India
  • O2 Power will be led by CEO Parag Sharma and have an experienced management team, possessing strong local knowledge and a proven track record of renewable projects in India

Singapore, 22 January 2020 – The EQT Infrastructure IV fund (“EQT” or “EQT Infrastructure”) and Temasek today announced the establishment of O2 Power (or “the Platform”), a renewable energy platform in India. O2 Power will target over four gigawatts of installed capacity across solar and wind and has received total commitments of USD 500 million in equity from EQT and Temasek to be deployed over the coming years.

Headquartered in Gurgaon in the Northern Indian state of Haryana, O2 Power will focus on developing utility scale renewable projects across solar, wind, and hybrid with good quality off-takers via both Greenfield project development and M&A.

The Platform will be led by Parag Sharma as CEO together with an experienced management team consisting of Peeyush Mohit as COO, Nimish Agrwal as Head, Solar and Rakesh Garg as Head, Wind, all with strong local knowledge and proven track records of executing renewable energy projects in India.

The investment in the Platform is in line with EQT’s thematic approach to invest in sustainable solutions, guided by the United Nations’ Sustainable Development Goals (SDGs). The Platform contributes to society by providing households with renewable energy hence addressing the SDG 7 – ensure access to affordable, reliable, sustainable and modern energy for all.

Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, commented: “India presents significant investment opportunities being the second largest renewable energy market in the world and EQT is delighted about teaming up with Temasek and O2 Power. CEO Parag Sharma and his management team have a successful  track record and EQT looks forward to work together in creating a future-proofed renewable energy platform. This is not only EQT Infrastructure’s first investment in India, it is also well in line with our ambitions to contribute to a cleaner future.”

Nagi Hamiyeh, Joint Head, Investment Group at Temasek, added: “We seek opportunities to invest in solutions that contribute to a better and more sustainable world. The partnership with EQT to establish O2 Power is consistent with our focus on sustainable living, and in particular, the development of eco-conscious energy solutions.”

Parag Sharma, CEO of O2 Power, concluded: “We are excited about joining forces with EQT Infrastructure and Temasek. Besides capital from two of the most prominent investors in the world, we are looking forward to leverage their know-how and industry relationships to support the development of the O2 Power platform.”

With this transaction, EQT Infrastructure IV is expected to be 60-65 percent invested.

Contact
Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +65 6595 1831
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
Temasek Media Team, media@temasek.com.sg

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 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 Temasek
Temasek is an investment company with a net portfolio value of S$313 billion (US$231 billion) as at 31 March 2019. Temasek’s Charter roles as an investor, institution and steward, shape its investment stance, ethos and philosophy, to do well, do right and do good. Its investment philosophy is anchored around four key themes – Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages, Emerging Champions.

Temasek actively seeks sustainable solutions to address present and future challenges, as it capture investment and other opportunities that help to bring about a better, smarter and more sustainable world.

Temasek has had an overall corporate credit ratings of Aaa/AAA by rating agencies Moody’s Investors Service and S&P Global Ratings respectively, since inaugural credit ratings in 2004.

Headquartered in Singapore, Temasek has 11 offices around the world: Beijing, Hanoi, Mumbai, Shanghai and Singapore in Asia; and London, New York, San Francisco, Washington D.C., Mexico City, and Sao Paulo outside Asia.

For more information on Temasek, please visit www.temasek.com.sg

This release was sent by Cision

https://news.cision.com/eqt/r/eqt-and-temasek-launch-o2-power–a-renewable-energy-platform-in-india,c3014442

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DIF Capital Partners to invest in South Australian Schools PPP

DIF

DIF Capital Partners (“DIF”) is pleased to announce that the TESA Education consortium, comprising DIF Infrastructure V, Tetris Capital, Sarah Construction and ISS Facility Services, has reached financial close on the South Australian PPP Schools (“SA Schools”) project in Adelaide, Australia.

The SA Schools project involves the design, build, finance and maintenance of two new schools located ~40km north and south of Adelaide, respectively. Both schools will accommodate 1,500 students and will cater for an additional 100 students with learning difficulties. The schools will include community hubs, performing arts centres, gyms, sporting facilities, libraries and entrepreneurial hubs.

The availability-based project with the AA+ rated South Australian Department of Treasury and Finance has a tenor of 30 years, including a 28-year operational period.

Design and construction works will be undertaken by Sarah Construction and the facilities will be maintained by ISS Facility Services. Both schools are expected to open before the start of the 2022 academic year.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to invest in this new schools project, which will provide modern educational facilities in fast-growing regions of the South Australian community and thereby contribute to the socioeconomic development of the region.”

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield 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 infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

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DIF Capital Partners agrees to sell a portfolio of French PPPs

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has agreed to sell a portfolio of eight operational PPPs in France to 3i European Operational Projects Fund.

The portfolio consists of significant shareholdings in three educational facility projects, one multimodal train station project, one fire station project (consisting of 12 fire stations), two prison projects (consisting of three prison facilities each) and one sewer project. The projects are operational under availability-based and long term contracts, with the exception of the sewer concession project, and are all backed by strong public counterparties. Six of the eight projects were developed and acquired by DIF III as greenfield projects, and have been successfully managed into stable operational projects during DIF’s ownership.

Andrew Freeman, Head of Exits, said: “We are pleased with the sale of the portfolio that was successfully optimized throughout the life of the assets and exited via a competitive portfolio sales process. The sale represents a further underpinning of DIF’s long standing track record in the French infrastructure market and is an attractive exit for DIF III.”

DIF was advised by KPMG (M&A, Tax & Accounting), Allen & Overy (Legal) and Currie & Brown (Technical) and Egis (Technical for the sewer project).

Closing of the transaction is subject to receipt of certain customary project-counterparty approvals and antitrust consent.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield 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 infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

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Ardian and OX2 switch to N149/5.X turbines at Swedish 286 MW Åndberg wind farm

Ardian

In December 2019, Ardian, a leading private investment house, and OX2, a leading Nordic developer, signed an agreement with Nordex to utilize more powerful turbines at the Åndberg windfarm

Hamburg, 10 January 2020 – Ardian and Nordic developer OX2 are relying, for the first time, on Nordex turbines of the 5 MW class for the 286 MW wind farm “Åndberg”. The Nordex Group had already booked this order comprising 53 turbines as order intake in 2019, at that time on the basis that N149/4.0-4.5 turbines of the 4-MW class would be used. In December 2019, the customers and Nordex signed a contract for the use of even more powerful turbines at the wind farm. This makes the Åndberg project the first wind farm using the new N149/5.X turbine, which the Nordex Group introduced in March 2019.

Åndberg is currently being constructed in the province of Härjedalen, near Lillhärdal in western Sweden. The wind farm was sold to Ardian, a leading international private investment company, in February 2019 and forms part of their Nordic sustainable energy investment platform, eNordic. Following its completion in 2021, Åndberg will annually provide clean electricity in excess of 800 GWh, making it one of the largest wind farms in Sweden. Developer OX2 delivers the wind farm through an engineering and construction (EPC) agreement with Ardian.

Simo Santavirta, Head of Asset Management, Ardian Infrastructure, says: “These new turbines are innovative engineering, delivering impressive power, flexibility and efficiency. We are always looking to use the very best technological solutions for our assets and these turbines are a good example of this”.

Paul Stormoen, CEO at OX2 says: “We have a long-standing relationship with Nordex and are happy to see them continuing to develop competitive turbines suitable for the growing Nordic market.”

“We are pleased that OX2 has again opted for our wind turbines last year,” says Patxi Landa, CSO of the Nordex Group. “Technologically the N149/5.X is based on the N149/4.0-4.5 turbine type from the Delta4000 series. The N149/5.X can also be flexibly operated in different modes, depending on project requirements – and now in the 5+ MW power range too.”

The Nordex Group – a profile

The Group has installed more than 27 GW of wind energy capacity in over 40 markets and in 2018 generated revenues of EUR 2.5 billion.  The company currently has more than 6,000 employees. The joint manufacturing capacity includes factories in Germany, Spain, Brazil, the United States, India, Argentina and Mexico. The product portfolio is focused on onshore turbines in the 2.4 to 5.X MW class, which are tailor-made for the market requirements of countries with limited space and regions with limited grid capacity.

About OX2

OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2 GW of wind power in the Nordic region. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania, France and Germany. Its head office is located in Stockholm, Sweden. Sales revenue in 2018 amounted to EUR 403 million.
www.ox2.com

About Ardian

Ardian is a world-leading private investment house with assets of US$96bn 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 550 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 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

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. It invests 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 particularly sustainable way. eNordic is based in Sweden and Finland, with local teams operating throughout the Nordics region.
www.enordic.fi

For more information, please contact:

Nordex SE
Felix Losada
Phone: +49 (0)40 / 300 30 – 1141
flosada@nordex-online.com

Contacts for investors:

Nordex SE
Felix Zander
Phone: +49 (0)40 / 300 30 – 1116
fzander@nordex-online.com
Ardian/eNordic
Headland
Carl Leijonhufvud
Phone: +44 20 3805 4827
cleijonhufvud@headlandconsultancy.com

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Ardian Lends its support to two new stations at Orly Airport and Le Bourget RER as part of the Grand Paris Express project

Ardian

Paris, 8 January 2019 – Ardian, a major name in infrastructure and commercial estate investment, has today confirmed its support for the Grand Paris Express artistic and cultural endowment fund. Ardian agreed to contribute one million euros to the production of permanent artistic works in the stations “Orly Airport” and “Le Bourget RER”.

Under the authority of the Société du Grand Paris, the Grand Paris Express is Europe’s biggest transport infrastructure project, involving the construction of four new automated metro lines around Paris and the extension of two existing lines, totalling nearly 200 km of track. The ambitious project will include 68 new stations within the Ile-de-France area. Not just an infrastructure project, Grand Paris is also a cultural adventure on an unprecedented scale. In fact, more than thirty stations are already under construction under the authority, for each station, of an architect and an artist in order to bring an aesthetic, sensitive and poetic dimension to the new stations.

Ardian has decided to support this initiative, with the hope of making the region more attractive, creating a more even balance between the various areas of the city and offering a new transport experience for thousands of users. A major name in core infrastructure and commercial property, Ardian has put its name to this long-term project, which will bring every person closer to their destination and result in faster and more pleasant daily commutes.

The Orly Airport station is designed by the chief architect of Aéroports de Paris, François Tamisier and the Portuguese artist VHILS. With an estimated 95,000 journeys made every day, this station is a veritable economic hub. There are 173,000 jobs located within 1 km from the station, of which 28,000 are connected to the airport.
The Bourget RER station is designed by the duo composed of the architect Elisabeth de Portzamparc and Jeppe Hein, a Danish artist living in Berlin. Connected to RER line B, one of the busiest in the region, the station serves 860,000 passengers every day.

According to Rémi Babinet, President of the Endowment Fund: “This is an opportunity to embark upon an extraordinary adventure as we witness the metamorphosis of our capital. A new scale, new journeys, new momentum and new directions, the future Grand Paris Express metro network will be the driving force behind a rate of change not seen since the 19th century. It is essential that everyone understands the stakes, and we must share it with the public to ensure the project fulfils its full social potential. This project will allow us to work together, communicate, expand and contribute to the emergence of a culture “beyond the ringroad” and write the story of Grand Paris. We are very pleased with this new partnership. By offering dedicated support for the endowment of works, Ardian is participating in the emergence of a new metropolitan identity and the construction of a capital on a revisited scale, better connected, more attractive and more inclusive.”

Pierre Emmanuel Becherand, Managing Director of the Endowment Fund, adds: “We are delighted with this first partnership dedicated to the production of two station works which inaugurates a new phase in the deployment of artists & architects working together. We hope to capitalise on this momentum by involving private enterprise in the realisation of the cultural and artistic Grand Paris Express.”

Mathias Burghardt, Member of the Ardian Executive Committee and Head of the Infrastructure business declares: “We are very proud to be part of this world-class project. “With the increasing urbanisation of the Ile-de-France area, improving transport is a priority. As a company based in the heart of the regions, it was only natural for us to get involved with the Grand Paris Express. It is also an opportunity to work with world-famous architects and artists, and our collaboration will make it possible to add a touch of culture to people’s daily lives.”

Stéphanie Bensimon, Head of Ardian Real Estate, concludes: “It made sense for us to support this project which serves some of the region’s largest business centres. As an investor in commercial property across the Paris area, we want to help improve the movement and experience of thousands of people as they make their way to work”.

ABOUT ARDIAN

Ardian is one of the world’s largest private investment managers with €96 billion in managed/advised assets in Europe, America and Asia. The company, which is owned mainly by its employees, has always placed company spirit at the heart of its approach and offers top class performance to its international investors.

By committing to a policy of sharing its value creation with all stakeholders, Ardian supports the growth of companies and economies around the globe.

Built on the core values of excellence, trust and company spirit, Ardian has an international network of 640 employees across fifteen offices in Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco), South America (Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages the assets of its 1,000 clients via five investment divisions: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian

www.ardian.com
Founded in 2005, Ardian Infrastructure is one of Europe’s largest infrastructure investment funds. The team has developed a long-term industrial investment strategy in a number of sectors including transport (railway, road and airports), energy (gas, electricity and renewables) and other public service infrastructures (health and environment), working closely with local public and private companies.

Launched in 2015, Ardian Real Estate invests in high-potential commercial property in continental Europe. Some of its landmark deals include the purchase of the building that was home to the Europe 1 radio at Rue François 1er in the 8th arrondissement of Paris, and the Rio Building at 2 Place Rio de Janeiro.

 

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Sun Capital Partners Affiliate Completes Acquisition of Cotton Holdings, Inc., a Global Leader in Infrastructure Support Services

Sun Capital

Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on investing in market-leading companies, today announced that an affiliate has completed the acquisition of Cotton Holdings, Inc. (“Cotton” or “The Company,”) a leading infrastructure support services company for public and private entities throughout the United States and internationally. Terms of the private transaction were not disclosed.

Cotton is a leading infrastructure support services company with subsidiaries that conduct business under the Cotton Global Disaster Solutions, Cotton Roofing, Cotton Logistics, Cotton Culinary, and OneLodge brands. Headquartered in Houston, Texas, with an International Logistics Center and regional offices throughout North America, Cotton provides property restoration and recovery, construction, roofing, consulting, temporary workforce housing and culinary services to public and private entities worldwide. Cotton is a leader in the $20 billion U.S. commercial restoration market.

“We are very excited to partner with Pete Bell and Cotton, a founder-owned market leader in a very dynamic industry,” said Marc Leder, Co-CEO of Sun Capital. “Over the past 20 years, Pete and his team have built a stellar reputation and strong customer base, but there remain exciting growth prospects for continued expansion as the commercial disaster restoration market continues to evolve. We are confident that Sun Capital’s deep operational expertise can help Cotton continue to gain market share.”

Cotton has been instrumental in providing its clients turnkey recovery and restoration solutions stemming from the world’s most damaging catastrophes of the past two decades by promoting efficiency, transparency, cost savings, and consistent quality.

“Commercial restoration is a very attractive industry,” said Jordan Wadsworth, Managing Director at Sun Capital. “It is recession resistant, as organizations must respond when disaster strikes, and is also very fragmented, presenting great opportunities for expansion in new markets through acquisitions. These are great conditions for Sun Capital to apply our expertise and help Cotton continue its remarkable growth trajectory.”

“In Sun Capital we found a partner with not only the right financial resources, but the right operational know-how and proven ability to work successfully with founder-owned businesses,” said Pete Bell, Co-Founder and CEO of Cotton Holdings. “Cotton has experienced tremendous growth in our markets over the past two decades. By partnering with Sun Capital, we’ll maintain that momentum through both organic expansion and strategic acquisitions, and ensure that we continue to enhance our services to anticipate our customers’ ever-evolving needs.”

Sun Capital has strong experience working with founder-operated businesses, including, Horizon Services, Admiral Petroleum Company & Lemmen Oil Company, Demilec Inc., Gem Shopping Network, Timothy’s World Coffee, and Windsor Fashions.

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EQT Infrastructure enters into a Scheme Implementation Agreement with Metlifecare

eqt

  • Asia Pacific Village Group Limited (“APVG”), an entity owned by EQT Infrastructure IV fund and managed by EQT Fund Management S.à r.l. (“EQT Infrastructure IV”) has entered into a Scheme Implementation Agreement (“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement (“Scheme”), subject to certain conditions.
  • Transaction consideration of NZ$7.00 per share (“Offer Price”), giving a total consideration of approximately NZ$1.5 billion (“Consideration”).
  • Offer Price represents a premium of 38% to Metlifecare’s closing share price of NZ$5.08 per share on 19 November 2019, the closing price prior to the announcement of EQT Infrastructure IV initial indicative non-binding offer, and represents a 1.0x P / NTA[1].
  • APVG has entered into a voting deed with Metlifecare’s largest shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of Metlifecare’s shares.
  • Certain other Metlifecare shareholders collectively representing approximately 22% of the register have indicated to EQT Infrastructure IV their current intention to vote in favor of the Scheme, in the absence of a superior proposal.

Auckland, New Zealand. APVG, an entity owned by EQT Infrastructure IV has entered into a Scheme Implementation Agreement (“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement (“Scheme”), subject to certain conditions.

APVG has entered into a voting deed with Metlifecare’s largest shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of Metlifecare’s shares.  Under the voting deed NZSF has agreed, among other things, to vote in favour of the Scheme subject to certain terms and conditions.  A copy of that voting deed has been released to the market through the substantial product holder notice issued by APVG and EQT Infrastructure IV.

In addition, Metlifecare shareholders collectively representing approximately 22% of the register have indicated to EQT Infrastructure IV their current intention to vote in favour of the Scheme, in the absence of a superior proposal.

Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

EQT is a differentiated global investment organization that invests in good companies across the world with a mission to help them develop into great and sustainable companies. By providing access to ownership skills and operational expertise, EQT helps acquired companies grow and prosper. Development and growth are at the core of the value creation, with digitalization and sustainability being key future-proofing drivers. Portfolio companies owned by the funds of EQT have, on average, increased sales by 12%, the number of employees by 10% and profitability by 11% per annum during the funds’ ownership.

Fabian Gröne, Partner at EQT Partners and Investment Advisor to EQT Infrastructure IV, said: “We are delighted about the opportunity to partner with Metlifecare and are fully committed to supporting Metlifecare and its management team to embark on this exciting journey to develop and operate high-quality retirement villages and continue to provide the exceptional care to New Zealanders which Metlifecare is known for.”

EQT Infrastructure IV will be funding the Consideration and has total committed capital of EUR 9 billion.

The transaction will be implemented by a scheme of arrangement, a court-supervised process under which a meeting of shareholders will be held to vote on the transaction.

Scheme Implementation Agreement

The Scheme is subject to customary conditions including shareholder approval, High Court approval and Overseas Investment Office consent and no Material Adverse Change (as defined in the SIA). It is currently contemplated that the Scheme will be implemented in May 2020.

The Scheme also contains customary exclusivity provisions in favour of APVG, including “no shop, no talk and no due diligence” restrictions. These restrictions are subject to exclusions which permit the Metlifecare Board to engage on a competing proposal which is (or is reasonably capable of becoming) a superior proposal, subject to prior notifications being made to EQT Infrastructure IV and to EQT Infrastructure IV’s right to match any such proposal.

EQT Infrastructure IV is being advised by Goldman Sachs and Bell Gully.

With this transaction, EQT Infrastructure IV is expected to be 55-60 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), subject to shareholder and Court approval.

Contact
International media inquiries: EQT Press Office press@eqtpartners.com +46 8 506 55 334
New Zealand media inquiries: David Lewis david@thompsonlewis.co.nz +64 21 976 119
Australian media inquiries: Jim Kelly jim@domestiqueconsulting.com.au +61 412 549 083

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

EQT has extensive experience and an excellent track record in the healthcare sector and is one of the largest private equity investors in the healthcare sector in Europe with an unparalleled network of advisors within the EQT Network. Some of EQT’s notable investments in the sector include Charleston, a buy-and-build strategy in the German nursing home care market, and I-MED, a leading diagnostic imaging provider in Australia.

More info: www.eqtgroup.com
Follow EQT on Twitter and Linkedin

About Metlifecare
Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

More info: www.metlifecare.co.nz

[1] Net Tangible Assets (“NTA”) of NZ$6.96 per share as of 30 June 2019.

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KKR to Acquire Significant Stake in Canada’s Coastal GasLink Pipeline Project

KKR

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)–Dec. 26, 2019– KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire, alongside Alberta Investment Management Corporation (AIMCo), a 65 percent equity interest in the Coastal GasLink Pipeline Project (Coastal GasLink or the Project) from TC Energy Corporation.

Coastal GasLink involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of natural gas pipeline and associated facilities. Once completed, the pipeline will have an initial capacity of 2.1 billion cubic feet per day and connect abundant Western Canadian Sedimentary Basin natural gas supply from the Dawson Creek, B.C. area to the LNG Canada liquefaction and export facility being constructed in Kitimat, B.C. By displacing coal and diesel-fueled generation with cleaner burning natural gas, LNG Canada expects to reduce global GHG emissions by up to 60-90 million tonnes per year, equivalent to 20-40 coal plants being shut down.

All necessary regulatory permits have been received for the Project and construction activities have commenced. Coastal GasLink is backed by 25 year Transportation Service Agreements with the five LNG Canada owners.

“We are excited to partner with TC Energy, a world class infrastructure developer, on this critical project,” said Brandon Freiman, Member and Head of North American Infrastructure at KKR. “Coastal GasLink represents our third investment in infrastructure supporting Canada’s natural gas industry. We believe the export of Canadian natural gas to global markets will deliver significant benefits for the Canadian economy and local communities in Western Canada, and enable meaningful progress toward reducing global emissions.”

KKR is making the investment primarily through a separately managed infrastructure account in partnership with the National Pension Service of Korea (NPS).

HSBC Securities (Canada) Inc. and TD Securities Inc. are serving as financial advisors to KKR, and Osler, Hoskin & Harcourt LLP is acting as KKR’s legal counsel.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About NPS

NPS is a public pension fund in South Korea with assets under management of KRW 714.3 trillion ($620 billion) as at September 30, 2019. Established in 1988, the purpose of the fund is to maximize investment return while maintaining long-term fiscal stability to stabilize and promote public livelihood and welfare in Korea. With a distinct risk-return profile from traditional asset classes, alternative investments portfolio of NPS has contributed to generating sustainable returns for the total portfolio. NPS is headquartered in Korea and has 3 overseas offices in New York, London, and Singapore. For more information about NPS, please visit fund.nps.or.kr.

Source: KKR

Media:
KKR
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

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DIF Capital Partners closes acquisition of Cerro Grande wind farm in Uruguay

DIF

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the 100% acquisition of the 50 MW Cerro Grande wind farm in Uruguay from Enercon and eab New Energy.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by Enercon under a long-term agreement and asset management services continue to be delivered by SEG Heliotec.

Following the recent opening of its Latin American office in Santiago (Chile), this marks DIF’s first investment in Uruguay and fits well within DIF’s mandate as the investment is in an operational wind project with long-term contracted off-take.

Daniel Aninat, Managing Director and head of DIF’s South American operations added: “We are very pleased to acquire our first renewable energy project in South America. The transaction is the result of our strong relationship with Enercon and we believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (financial), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax) and Mazars (model audit). Enercon was advised by Ficus Capital.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield 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 infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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, Investor Relations & Business Development
Email: t.verburg@dif.eu

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