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EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre

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EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre

  • EQT Infrastructure to acquire a 60 percent stake in newly created company which will own and operate the Italian telecom provider Wind Tre’s mobile and fixed network. The transaction gives the new company an enterprise value of EUR 3.4 billion
  • The Company will provide wholesale connectivity services to Wind Tre and other Italian mobile operators, becoming the country’s largest provider of mobile network coverage and capacity, and an essential part of its nation-wide digital infrastructure
  • EQT Infrastructure will invest in the Company’s network and pursue innovative growth opportunities to better serve the Italian digital ecosystem, while executing on its sustainability agenda

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has signed an agreement to acquire a 60 percent stake in a newly created entity (the “Company”), which will own and operate Wind Tre’s mobile and fixed network infrastructure. Wind Tre’s current owner, CK Hutchison, will remain invested alongside EQT Infrastructure and own a 40 percent stake in the Company. The transaction gives the new company an enterprise value of EUR 3.4 billion.

There is a growing need for robust and reliable digital infrastructure all over Europe, accelerated by a surge in mobile data traffic, 5G densification of cell towers, IoT (Internet of Things), and new technologies. The Italian mobile network is in need for investments and expansion over the coming years to meet this increasing demand.

Following the carve-out from the Italian telecommunications provider Wind Tre, the Company will own and operate the country’s largest mobile network and a portfolio of assets, including radio antennas, base stations, transport network and associated contracts. The Company will be the first independent access network in Europe primarily focused on mobile and dedicated to the provision wholesale services to mobile operators through its state-of-the-art network, which at the end of 2022 covered approximately 67 percent of Italy with 5G reception.

EQT Infrastructure will leverage its long track record of developing digital infrastructure companies to support the Company’s strategy. This will primarily consist of developing the Company’s network and service offering, while pursuing additional growth opportunities in areas such as fixed wireless access, IoT and private networks.

Matthias Fackler, Partner and Head of Europe for EQT Infrastructure’s advisory team, said, “EQT Infrastructure is excited to partner with CK Hutchison and the Company’s management team in this bespoke transaction. We are committed to investing in the continued development of Italy’s digital backbone and leveraging the know-how we have developed in this unique transaction to explore similar partnership opportunities globally”.

Benoit Hanssen, incoming CEO of the Company, said “We are excited to partner with EQT Infrastructure to drive the development of one of the first independent multi-tenant radio access network owners and operators globally. We are proud to be one of the first operators in Europe to have designed such an innovative transaction in partnership with an experienced and reputed investment firm.”

The transaction is subject to customary regulatory approvals and is expected to close in six to nine months.

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

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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DIF Capital Partners acquires leading Canadian geothermal company Diverso

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to acquire a majority interest in Diverso Energy Inc. (“Diverso”), a leading developer, owner, and operator of geothermal energy systems in Canada. DIF’s investment will be executed through its DIF Infrastructure VII fund. DIF will acquire a 75% interest directly from the founders who will retain the remaining ownership and continue to lead the company.

Founded in 2015, Diverso offers a geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition will enable Diverso to continue its growth and execute on its growing pipeline of geothermal projects in Canada.

Diverso’s ground source energy systems typically reduce the carbon intensity of a building by 80% by removing traditional gas boilers. The company estimates its developed and pipeline projects will eliminate over 30,000 tons of CO2 annually. Geothermal systems are expected to contribute to Canada’s target to reduce carbon emissions by 40% by 2030 and net-zero by 2050. Supportive regulatory policies such as the clean technology investment tax credit for geothermal, regulations requiring stringent reductions of carbon intensity and improvements to energy efficiency in building design and increasing federal carbon taxes position Diverso strongly to achieve its targets.

This investment will provide immediate and long-term benefits to Diverso Energy and our clients” said Tim Weber, CEO of Diverso. “We are extremely proud of what our team has accomplished since our inception in 2015. With our new partnership and the immediate demand for low carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”

“Diverso provides a technical solution that is sustainable and significantly improves energy efficiency of buildings. We believe geothermal heating and cooling for residential and commercial properties will play an important role in the overall decarbonization of the Canadian economy” said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners. “This investment continues to build upon DIF’s long standing build to core strategy and commitment to reducing greenhouse gases globally. We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tail winds.”

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

About Diverso

Diverso offers a unique geothermal EaaS model for multi-family, office and institutional buildings. Diverso designs, builds, owns and operates the geothermal system allowing clients to leverage the benefits of geothermal without the financial or operating risks associated with the technology. The Diverso ownership team has worked with hundreds of clients many in high density urban environments. Their combination of financial and technical solutions are expediting the transition from fossil fuels to electric buildings.

For more information, please visit www.diversoenergy.com

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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DIF Capital Partners invests in a portfolio of 8 UK student accommodation assets

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed the acquisition of a 100% stake in Ottoway Portfolio Holdings (“Company”), a company that owns and operates a portfolio of eight purpose-built student accommodation (“PBSA”) assets in key UK cities. The company was acquired from a fund advised by Arlington Advisors (“Arlington”), a UK-based investment manager, and Campus Living Villages (“CLV”), one of the world’s leading on-campus student accommodation owner-operators. The investment will be made by DIF Infrastructure VI and CLV will continue operating the portfolio.

The Company comprises a sizable portfolio of PBSA assets, consisting of over 4,500 rooms across seven key cities in England and Wales (London, Birmingham, Leeds, Manchester, Liverpool, Nottingham and Newport). The majority are freehold assets and the portfolio benefits from a number of fixed leases and long-term agreements with universities. The properties have a considerable operational track record with historically high levels of occupancy driven by strong locations, well-priced rooms and close relationships with universities. The UK PBSA sector is expected to continue to experience growth, driven by its favourable demand and supply fundamentals and secure income generation capabilities. The portfolio also benefits from existing institutional financing in the form of a long-dated listed bond.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF, said: “DIF is excited to add a sizable student accommodation portfolio to DIF VI. This operational portfolio benefits from long-term relationships with universities in key UK cities and has demonstrated a strong historical track record. We recognise the important role that PBSA plays for both local and foreign students thus we look forward to working alongside high calibre educational institutions to provide accommodation for their students”.

DIF was advised by CMS, Vercity, Student First Group, Deloitte and Evolution Infrastructure.

Arlington and CLV were advised by Squire Patton Boggs, KPMG, Memery Crystal and Osborne Clark.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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CapMan Infra invests in Dutch IT infrastructure provider Serverius with an ambition to build a northern European data centre platform

CapMan Infra press release
9 May 2023 at 9:00 am EEST

CapMan Infra invests in Dutch IT infrastructure provider Serverius with an ambition to build a northern European data centre platform

Serverius represents the first investment of CapMan Infra in a planned data centre platform providing European-wide connectivity. The platform seeks to expand into the Nordic countries by utilising CapMan Infra’s local market knowledge.

Serverius has three operating data centres in the Netherlands with a total of ~8 MW available power, and advanced inhouse technical IT infrastructure expertise. The company also offers additional IT infrastructure services such as one of the largest Dutch IP networks and interconnectivity from the third largest Dutch internet exchange “SpeedIX”. Serverius was founded in 2008 by its current CEO and owner, Gijs van Gemert, and today employs approximately 30 people.

This investment is the first in a data centre platform that CapMan Infra is looking to build throughout Northern Europe, providing European wide connectivity. With CapMan’s local market presence, the company seeks to expand into the Nordic countries. The company will focus on optimising energy usage, increasing the use of renewable energy and establishing high operating standards for its operations and value chain.

“We are looking forward to start working with the Serverius team on ways to position the company for further growth in this exciting market. This is an important first step of building a larger international platform”, says Harri Halonen, Partner at CapMan Infra. “Together with Serverius we are set to develop the governance, administration and client focus of the business in order to accelerate growth,” Halonen continues.

“We are thrilled to have CapMan on board and welcome their institutional and professional approach to support in the next phase of growth for Serverius. Over the past few years, Serverius has undergone an amazing transformation. This new partnership with CapMan is a logical next step to further optimize our business processes and build a strong northern European platform together. To serve our European customer base in the years to come, our team looks forward to expanding our unique range of data center services. Given the strong collaboration with CapMan, I will continue to invest in our new European platform of the future. I will remain closely involved in the daily business as I have been doing up to now,” says Gijs van Gemert, CEO of Serverius.

The investment is CapMan Nordic Infrastructure II fund’s third investment, following investments in Skarta Energy and Napier.

For more information, please contact:

Harri Halonen, Partner, CapMan Infra, p. +46 768 710 062

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com. 

About Serverius

Serverius is an IT infrastructure supplier in the Netherlands with its own carrier, data center colocation, DDoS protection, and S3 Object Storage services. Our users are large internet platforms, European data centers, internet providers, cloud providers, and many more. All kinds of companies use Serverius as their base to deliver high-quality and protected internet infrastructure services to their users.

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DIF Capital Partners invests in leading UK district heating company Pinnacle Power

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to invest in Pinnacle Power Limited, a leading UK district heating platform, to accelerate its growth and fund the development and ownership of city-scale district heating networks across the UK. The transaction will see DIF owning a significant majority in the company, with the management team retaining a minority stake. This is following an agreement with Pinnacle Power’s previous shareholder, Pinnacle Group Limited. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Pinnacle Power is a leading developer and turn-key contractor in the UK district heating market. Founded in 2012 and headquartered in London, the company has a successful track record, having delivered over 100 projects since its inception. Notably, it has developed and is the operator of the £87m Greenwich Peninsula network. With 87MW of heat capacity and servicing 15,700 residential units, this is one of the largest city scale networks in the country.

District heating networks are widely expected to play a crucial role in the UK’s journey to net zero. Today, heat-related activities are the biggest contributor to greenhouse gas emissions in the country, representing 37% of total emissions. District heating networks are a cost effective, low-carbon solution to traditional gas boilers in urban locations. As a result, the country’s district heating market is widely expected to undergo a sustained period of high growth, with substantial capital investment required to meet these net zero ambitions.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We share Pinnacle Power’s view that district heating networks will play a pivotal role in the energy transition story of the UK. We are impressed with what the Pinnacle Power management team has achieved to date and firmly believe in their ability to grow the business, backed by strong regulatory tailwinds. Pinnacle Power represents a compelling investment proposition for DIF, with an opportunity to invest in a build-to-core sustainable energy platform operating in a rapidly growing market.”

Commenting on the transaction, Toby Heysham, CEO of Pinnacle Power, said: “As recognised in the Government’s Energy Security Plan, heat networks will play a critical role in delivering affordable, low-carbon heating, and help hit the UK Government’s legally binding carbon targets. We are excited to be working with DIF to deploy the scale of investment this market needs. We know that the industry needs to deploy at least £60-80bn into low-carbon heat networks to unlock the vast amount of local, wasted heat and deliver that heat into homes and businesses. Many towns and cities have declared climate emergencies but very few have credible solutions to the ‘heat challenge’. This investment offers a clear pathway to achieving decarbonisation, through local investment in locally generated, low-carbon heat.”

Peregrine Lloyd, Group CEO of Pinnacle Group, said: “This agreement is the culmination of a ten-year journey since founding Pinnacle Power. I am incredibly proud of the work our management team has done to grow and nurture Pinnacle Power to see it become one of the country’s leading heat network platforms. The time is now right to hand over the reins to DIF, who will take Pinnacle Power to the next level and enable the scale of investment needed in the energy market. I look forward to following this exciting next phase in Pinnacle Power’s development.”

DIF was advised by AFRY, Deloitte, Evolution Infrastructure and Travers Smith. Pinnacle Power and Pinnacle Group were advised by Eversheds Sutherland and Opus Corporate Finance.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

About Pinnacle Power

Pinnacle Power is a heat network provider in the UK. We provide, build, own and operate services for a large number of heat networks around the country. Pinnacle Power was started in 2012 by Pinnacle Group and management. Since then, it has grown to be one of the leading heat network providers in the country. Pinnacle Power is currently designing and building a number of schemes for local authorities across the UK as well as operating networks and running a heat utility. Pinnacle Power have offices in London, Carlisle, Sheffield and Copenhagen.

For more information, please visit www.pinnaclepower.co.uk

About Pinnacle Group

Pinnacle Group is a community-facing, people-first business that delivers, manages, and maintains communities and places where people live, work, learn and play including a portfolio of 75,000+ mixed tenure homes and, 200+ schools as well as open spaces, public and private buildings, retail, distribution centres and manufacturing.

Formed in 1994, Pinnacle is a trusted service provider to both public and private sectors; employing 3,700+ people and operates across the UK from over 200 delivery locations.

For more information, please visit www.pinnaclegroup.co.uk

 

Contacts:

DIF Capital Partners:

Diederik Heinink, d.heinink@dif.eu

Pinnacle Power:

enquires@pinnaclepower.co.uk

Pinnacle Group:

Aisling Jamieson-Ewers, +44 (0)75 5281 0514 / Mia Dexter, M: +44 (0)73 1137 0065

PinnaclePress@headlandconsultancy.com

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DIF Capital Partners agrees to acquire majority interest in US-based solar platform Green Street Power Partners

DIF

DIF Capital Partners is pleased to announce that it has agreed to acquire a majority equity interest in US-based Green Street Power Partners (“Green Street”), a leading developer, financier, owner, and operator of distributed generation solar projects for various private and public clients across the US. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Since its inception in 2014, Green Street has experienced rapid year-over-year growth driven by its experienced executive management team and extensive network of industry relationships. Headquartered in Stamford, Connecticut, Green Street has developed a 300+ MW portfolio of operational and under-construction projects throughout the country.

Green Street has over 2 GW of solar projects in its pipeline in both existing and new markets, which it will look to execute over the near-to medium-term. Green Street is well positioned to accomplish its development goals, utilizing its vertically integrated capabilities across development, legal, project financing, engineering, and project and asset management functions.

In addition to existing and upcoming renewable energy goals, execution of the growing development pipeline is further supported by the recently passed Inflation Reduction Act, providing a long-term runway of supportive renewable energy legislation long awaited by developers, sponsors, and market participants alike.

In 2023, Green Street’s projects nationwide will produce over 275 million kWh of energy, displacing over 200 thousand tons of CO2.

The transaction is subject to customary conditions and approvals and is expected to close in early Q2 2023.

“Green Street is very excited to be partnering with DIF. As a leader in distributed generation in the US, the partnership will enable Green Street to continue its growth efforts and execute on its 2 gigawatts and growing of pipeline,” said Jason Kuflik, President of Green Street. “We are excited about what we will be able to accomplish together. As a leading global infrastructure fund, we could not have picked a better partner.”

Green Street was advised by Scotiabank and its legal counsel Orrick, Herrington & Sutcliffe LLP in connection with this transaction.

“The partnership with Green Street will further grow DIF’s North American renewable portfolio and marks our first distributed solar generation platform in the North American market”, said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners . “DIF is excited to work with the Green Street team to continue developing and operating distributed solar projects across the US to further advance the global clean energy transition, one of DIF’s responsibilities as a leading infrastructure investor. Supported by strong thematic tailwinds in the US, we see this as an excellent opportunity to support a strong team in their goals to become a leading distributed generation developer and asset owner.”

DIF was advised by Macquarie Capital and its legal counsel Stoel Rives LLP in connection with this transaction.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sectors.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu.

About Green Street Power Partners

Founded in 2014, Green Street is a national developer, financier, owner, and operator of solar energy systems benefiting businesses and communities across the country. Green Street specializes in structured finance for solar assets, securing sponsor and tax equity alongside project-level debt financing to realize the highest value for its clients.

Green Street’s proven dependability, experience within the industry, and established portfolio of 300+ MW of operational and under-construction projects, underpin its success as one of the leading solar developers and owners in the country.

Green Street strives to continue this growth while staying committed to corporate social and environmental responsibility, as we sustain our environment for future generations through solar power. We view this responsibility as a fundamental part of our business, and we consistently work to inspire these values in our employees, partners, and customers. Green Street currently has 58 employees and is headquartered in Stamford, CT with a legal office in Tallahassee, FL.

For more information, please visit www.gspp.com.

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IK Partners to invest in Veldeman

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IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to invest in Veldeman Group (“the Company”), a Belgian designer and producer of temporary infrastructures which it rents out and sells to a broad range of industries globally. IK is investing from its dedicated pool of Development Capital and is acquiring its stake from the existing management team and a group of individual investors. Management will be reinvesting alongside IK. Financial terms of the transaction are not disclosed.

Headquartered in Bree, Belgium, Veldeman was founded in 1950 and the current management team has a total of 120 years of combined industry experience. The Company provides customised solutions of modular, demountable infrastructures and related customer services. Its offering includes rental and sale solutions for a multitude of markets, including the Industrial, Retail and high-end Events sectors. The Company is well-known for its innovative capabilities and offering of turn-key solutions, with the option for customers to access a broad range of additional services, including, for example, add-ons for services such as electricity, climate-control, ventilation, VIP spaces and decorations. This high level of customisation and broad suite of products and services allows Veldeman to differentiate itself from its main competitors.

Veldeman has approximately 80 full-time employees complemented by an extensive network of subcontractors who serve customers in 60 locations out of its sites in Belgium, the USA and Chile. However, production takes place at the Company’s headquarters to ensure the highest level of quality control, increased reactivity and the ability to develop innovative solutions; all of which are overseen by the engineering team. The Company is led by CEO Andy Moors who has been with the company since 2005.

Under the existing management team, Veldeman has gone from strength-to-strength and with the support of IK, it hopes to further improve digitalisation and operational efficiencies; expand into adjacent niches; increase the number of value-added services to become a comprehensive rental provider; and execute a targeted M&A strategy to accelerate growth in the rental offering through internationalisation.

Andy Moors, CEO of Veldeman, said: “We are thrilled at the thought of a partnership between Veldeman and IK Partners as we feel that its significant experience in the Industrials sector and well-established track record in international expansion through buy and build will help us realise our ambitions. We are confident that, together, we can further develop the Company and its offering to provide best-in-class service for our large and loyal customer base. We look forward to working with the team at IK to continue nurturing a dynamic and exciting environment for our employees and are excited to see where this partnership will take us.”

Frances Houweling, Partner at IK Partners and Advisor to the IK Small Cap III Fund, said: “Veldeman is a leading provider of high-end temporary structures with ample opportunity for international growth. The fragmented nature of the market offers significant buy-and-build potential which will allow the Company to both further develop its offering and expand into adjacent markets and territories. We have been impressed by the Company’s journey to date and look forward to working with Andy and the team at Veldeman to help unlock significant additional value.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports 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.ikpartners.com

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About Veldeman

Founded in 1950 and from 1970 further developed by Georges Veldeman as a tent rental service and headquartered in Bree, Belgium, Veldeman is a leading provider of temporary infrastructures for a broad range of industries globally. Veldeman has 80 full-time employees spread across three offices in Europe and the Americas, serving customers in 60 different locations. For more information, visit https://veldemangroup.com/

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IK Partners to acquire Ipsum from Aliter Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III Fund has signed an agreement to acquire Ipsum Group Limited (“Ipsum” or “the Company”) from Aliter Capital (“Aliter”). IK will be investing alongside the existing management team. Financial terms of the transaction are not disclosed.

Headquartered in Chorley, United Kingdom and founded in 2017, Ipsum is a leading provider of specialist infrastructure services to highly critical assets within the UK power and water markets. The Company has approximately 570 employees spread across its 14 hubs, providing 24/7 coverage nationally and serving over 1,400 clients across the UK, including regulated public sector bodies, government-backed organisations and private customers.

Ipsum provides a range of asset maintenance, upgrade and repair services to owners of power and water infrastructure. These include low and high voltage component inspection; switchgear and transformer upgrades; overhead line maintenance and jointing; smart grid maintenance; wet well cleaning; drainage and desilting; sewer relining, patching and repairs; and CCTV surveillance and heat mapping.

Through the efforts of its existing owners and the current management team, the Company has enjoyed significant growth since its formation. With the support of IK, the business will continue to focus on both organic and acquisitive growth in markets which have compelling long-term growth dynamics and invest in its people, asset base and technology offering to scale its proposition further.

Tom Salmon, Partner at IK Partners and Advisor to the IK Small Cap III Fund, said: “Ipsum is an excellent business that operates in a market that presents significant opportunity for further growth. Richard Thomas and his team have built a business with strong customer centricity and a reputation for quality and reliability, which is supporting UK infrastructure players on their journey towards energy transition, sustainability and a low carbon agenda. We have been very impressed with the business’ development to date and look forward to supporting the team to grow the business both organically and via further acquisition.”

Richard Thomas, CEO of Ipsum, said: “We strongly feel that a partnership with IK will help us develop further and achieve growth by scaling and refining operations, while continuing to pursue a successful M&A strategy. For the past six years, we have been ably supported by Aliter Capital and we thank them for all their efforts. We look forward to working with the team at IK and are excited to see where this partnership will take us.”

Greig Brown, Partner at Aliter Capital, said: “We are extremely proud of the progress and growth that has been achieved with the team at Ipsum since our initial investment in 2017. The business has effectively executed several important acquisitions during this period, solidifying its position as a market leader in infrastructure services in the UK. This is the third successful exit from our first fund, further evidencing our ability to build great businesses and we believe an excellent outcome for all parties involved. We’d like to thank Richard and his team for all their hard work and wish them the very best of luck for the future.”

Completion of the transaction is subject to legal and regulatory approvals.

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports 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.ikpartners.com

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About Ipsum Group

Founded in 2017 in Chorley, UK, Ipsum Group is a leading provider of specialist utility and infrastructure support services. Ipsum works in partnership with its customers across both regulated and non-regulated environments to optimise asset performance, supporting the security, resiliency and longevity of their critical networks. For more information, visit https://ipsum.co.uk

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About Aliter Capital

Aliter was founded by a group of seasoned support services entrepreneurs and investors – Billy Allan, Greig Brown, Andy Galloway and Andrew Busby – and focuses on small and mid-sized businesses in the UK support services sector, a market valued at over £300 billion. Its approach differs from traditional private equity models by making only a limited number of selective portfolio investments to deliver dedicated hands-on support. https://www.alitercap.com/

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For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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EQT Value-Add Infrastructure to acquire SK Shieldus, a leading South Korean integrated security operator

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  • SK Shieldus provides central monitoring and dispatch services to 680,000 commercial customers, and market leading cyber security consulting and monitoring services
  • SK Shieldus, which marks EQT Value-Add Infrastructure’s first investment in South Korea, leverages digital and connected infrastructure to deliver services that make Korean society safer from both physical and cyber threats
  • SK Shieldus will be able to leverage EQT’s sector experience within physical and cyber security, and strong digitalization capabilities to enable more tailored and digitized security service offerings for its customers

EQT is pleased to announce that EQT Infrastructure VI (“EQT Value-Add Infrastructure”) has agreed to acquire SK Shieldus Co Ltd (“SK Shieldus” or the “Company”) from SK Square, an affiliate of South Korea’s second largest conglomerate SK Group, and Macquarie Asset Management’s Infrastructure business (“Macquarie”). Following the closing of the transaction, EQT Value-Add Infrastructure will own 68 percent in SK Shieldus, while its current shareholder, SK Square will remain as a minority shareholder with 32 percent.

Headquartered in Pangyo, South Korea, SK Shieldus is a scaled integrated physical security operator providing digital security infrastructure across 680,000 commercial customer sites and more than 100 central monitoring and dispatch centers across South Korea. The Company also provides a “closed loop offering”, covering both physical and cyber protection to strategic customer locations.

SK Shieldus is supported by strong secular tailwinds in South Korea, such as an aging population, increased digitization of traditional on-location guard services, and an increased focus on cyber security. The Company acts as a de facto extension of Korean public police and security services and is an embedded part of the country’s security network. The country’s security market is protected by high barriers of entry and stringent regulation requirements which require operators to have a dense network of dispatch and monitoring capabilities to deliver high-quality service to customers.

SK Shieldus is expected to leverage EQT’s strong sector expertise within physical and cyber security, and strong digitalization capabilities to enable more tailored and digitized security service offerings for each customer segment, with the ambition to make South Korea more safe in both physical and digital domains. Moreover, EQT Value-Add Infrastructure plans to decarbonize the Company’s vehicle fleet in favor of increased electrification and phasing out of fossil fuel. The Company will be supported by a new Board of Directors, with a combination of EQT’s Industrial Advisors, with backgrounds in leading security companies in Europe and North America, as well as prominent Korean business leaders.

Sang Jun Suh, Managing Director and Head of South Korea for EQT’s Infrastructure Advisory Team, said, “SK Shieldus marks EQT Value-Add Infrastructure’s first investment in Korea and comes just weeks after EQT opened a new office here in Seoul. The company is a clear leader in both the Korean physical and cyber security markets and EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitized security solutions and invest in the decarbonization of its vehicle fleet.”

Park Jung-ho, Vice Chairman of SK Square, said, “Our joint management deal will provide us an opportunity to upgrade the global competitiveness of the Korean security industry. With the support from EQT, SK Square will further enhance the shareholder value, based on its first full-cycle investment performance since the launch of the company.”

The transaction is subject to customary conditions and approvals, including approval under the Foreign Investment Promotion Act. It is expected to close in Q3 2023.

EQT Value-Add Infrastructure was advised by Standard Chartered (financial), Kim & Chang (legal), PwC (financial, tax and technology) and BCG (commercial).

With this transaction, EQT Infrastructure VI is expected to be 5-10 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

Contact
APAC media inquiries: daniel.ketema@eqtpartners.com, +65 9628 7576, mavis.ma@eqtpartners.com, +852 9280 9663
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About SK Shieldus
SK Shieldus is a corporation merged between ADT Caps, the physical security company launched as Korea Security Service in 1971, and SK Infosec, the cyber security company launched in 2000. The combined company delivers a leading package of security services to Korean customers across Physical Security, Cyber Security and Converged Security.

More info: www.skshieldus.co

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EQT Active Core Infrastructure announces first investment to acquire Radius Global Infrastructure

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  • Radius owns and acquires critical digital infrastructure properties globally
  • Transaction highlights EQT’s active ownership approach by acquiring an attractive, stable core infrastructure asset portfolio within a growing platform targeting a substantial market opportunity
  • EQT Active Core Infrastructure and PSP Investments to further accelerate Radius’ growth and future success

EQT is pleased to announce that the EQT Active Core Infrastructure fund (“EQT Active Core Infrastructure”) together with Public Sector Pension Investment Board (“PSP”) has agreed to acquire Radius Global Infrastructure (“Radius” or the “Company”) (NASDAQ:RADI). Under the terms of the agreement, Radius shareholders will receive $15.00 per share in cash in a transaction valued at a total enterprise value of approximately $3.0 billion.

Radius owns and acquires critical digital infrastructure, including ground, tower, rooftop and in-building cell sites, in over 20 countries across North and South America, Europe, and Australia. Radius’ portfolio of approximately 9,000 leases across nearly 7,000 sites serves more than 200 customers. The Company achieved $157.6 million in Annualized In-Place Rents as of the end of 2022.

We believe Radius is well positioned to benefit from the market’s growing need for critical digital infrastructure, accelerated by growing global mobile network data traffic, 5G densification of cell networks, IoT and new technologies. Radius’ sites serve as a critical element for cell tower and telecom companies and the Company is poised to benefit from these tailwinds while generating value for stakeholders within the value chain.

EQT and PSP will support the Company’s expansion efforts by leveraging their global scale and significant experience with digital infrastructure assets to expand Radius’ portfolio, including to new markets. Radius will be the first investment signed by EQT Active Core Infrastructure.

Alex Greenbaum, Partner within EQT Active Core Infrastructure’s Advisory Team, said, “Radius is one of the market leaders in the aggregation of digital infrastructure sites and we believe it will benefit from long-term tailwinds supported by growing demand for data. This acquisition aligns directly with EQT Active Core Infrastructure’s investment criteria and thematic approach to investing – Radius’ strong cash flows, sticky customer base, geographically diverse portfolio and inflation protection make the Company a strong fit for the fund. We look forward to partnering with the entire Radius team as they continue their strong growth trajectory.”

Bill Berkman, CEO of Radius, said, “This transaction is both an exciting next step for Radius and a great outcome for shareholders as it provides compelling value. We are excited to partner with EQT for the next phase of growth. EQT’s global presence and hands-on approach will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities. With EQT and PSP’s support, we will continue to be a strong and collaborative partner for our tenants as we continue to grow Radius as the premier global aggregator and owner of digital infrastructure-oriented real property assets. I want to thank the incredible Radius team for their commitment and success in building the platform we have today.”

The transaction is expected to close in the third quarter of 2023, subject to customary conditions and approvals, as well as certain other conditions related to Radius’ indebtedness and available cash. The agreement to acquire Radius is the first transaction signed by EQT Active Core Infrastructure, which means that the fund has started charging management fees (which, in this fund, are based on net invested capital).

Morgan Stanley & Co. LLC served as financial advisor and Simpson Thacher & Bartlett LLP as legal advisor to EQT Active Core Infrastructure. Evercore served as financial advisor and Weil, Gotshall & Manges LLP as legal advisor to PSP Investments.

Contact
US inquiries:
Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com

International inquiries:
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Future will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

In connection with the proposed transaction, Radius will file with the Securities and Exchange Commission (the “SEC”) a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Radius intends to mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS AND SHAREHOLDERS OF RADIUS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Shareholders will be able to obtain free copies of the proxy statement and other documents containing important information about the Company once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. The proxy statement and other documents (when available) can also be obtained free of charge from Radius by directing a request to Radius’ Investor Relations at investorrelations@radiusglobal.com or by calling 1-484-278-2667.

PARTICIPANTS IN SOLICITATION

Radius and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Radius’ shareholders in connection with the proposed transaction. Information about the directors and executive officers of Radius is set forth in Radius’ SEC filings and on Radius’ website. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

FORWARD-LOOKING STATEMENTS AND DISCLAIMERS

Certain matters discussed in this press release, including the attachments, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, EQT claims the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of Radius’ business, financial condition, liquidity, capital expenditures, results of operations, plans and objectives, macroeconomic conditions and EQT’s proposed transaction with Radius and PSP. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe,” “expect,” “anticipate,” “estimate,” “outlook,” “plan,” “continue,” “intend,” “should,” “may”, “will,” or similar expressions, their negative or other variations or comparable terminology.

Forward-looking statements are subject to significant risks and uncertainties and are based on beliefs, assumptions and expectations based upon Radius’ historical performance and on Radius’ current plans, estimates and expectations in light of information available to Radius. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law EQT is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are subject to various risks and uncertainties and assumptions relating to Radius’ operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Actual results may differ materially from those set forth in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Certain important factors could cause Radius’ actual results to differ materially from those expressed in or contemplated by the forward-looking statements are summarized below. Other factors besides those summarized could also adversely affect Radius. Radius operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for management to predict all such risks and uncertainties or how they may affect Radius. In addition, Radius cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Important other factors that could cause Radius’ actual results to differ materially from those expressed in or contemplated by the forward-looking statements include, but are not limited to: EQT’s proposed transaction with Radius and PSP may not be completed in a timely manner or at all, including the risk that any required antitrust and foreign direct investment approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect Radius’ or the expected benefits of the proposed transaction or that the approval of Radius’ shareholders is not obtained; the failure to realize the anticipated benefits of the proposed transaction; the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required antitrust and foreign direct investment approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals) and to satisfy conditions related to there being no event of default under certain of Radius’ existing debt facilities and Radius having a specified minimum cash balance at closing; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances that would require Radius to pay a termination fee or other expenses; the effect of the announcement or pendency of the proposed transaction on Radius’ ability to retain and hire key personnel, Radius’ ability to maintain the relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from Radius’ ongoing business operations; the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the extent that wireless carriers (mobile network operators, or “MNOs”) or tower companies consolidate their operations, exit the wireless communications business or share site infrastructure to a significant degree; the extent that new technologies reduce demand for wireless infrastructure; competition for assets; whether the tenant leases for the wireless communication tower, antennae or other digital communications infrastructure located on Radius’ real property interests are renewed with similar rates or at all; the extent of unexpected lease cancellations, given that most of the tenant leases associated with Radius’ assets may be terminated upon limited notice by the MNO or tower company and unexpected lease cancellations could materially impact cash flow from operations; economic, political, cultural, and regulatory risks and other risks to Radius’ operations outside the U.S., including risks associated with fluctuations in foreign currency exchange rates and local inflation rates; the effect of the Electronic Communications Code in the United Kingdom, which may limit the amount of lease income Radius generates in the United Kingdom; the extent that Radius continues to grow at an accelerated rate, which may prevent Radius from achieving profitability or positive cash flow at a company level (as determined in accordance with GAAP) for the foreseeable future, particularly given Radius’ history of net losses and negative net cash flow; the fact that Radius has incurred a significant amount of debt and may in the future incur additional indebtedness; the extent that the terms of Radius’ debt agreements limit its flexibility in operating its business; and the other factors, risks and uncertainties described in Radius’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in its subsequent filings under the Exchange Act.

About EQT
EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $230.5 billion of net assets under management as at March 31, 2022. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong.

For more information, visit www.investpsp.com or follow us on Twitter and LinkedIn. 

About Radius Global Infrastructure
Radius Global Infrastructure, Inc., through its various subsidiaries, is a multinational owner and acquiror of triple net rental streams and real properties leased to wireless operators, wired operators, wireless tower companies, and other digital infrastructure operators as part of their infrastructure required to deliver a wide range of services.

More info: www.radiusglobal.com/

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