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KKR receives all regulatory approvals for the voluntary public tender offer for all outstanding shares of Encavis AG

KKR
  • All offer conditions of the voluntary public takeover offer have been fulfilled
  • KKR-led consortium had secured about 87.41 percent of all outstanding Encavis shares as part of the voluntary takeover offer
  • Shareholders will receive EUR 17.50 in cash consideration for each Encavis share tendered
  • Delisting of Encavis to be carried out as soon as legally and practically possible 

Hamburg, 25 November 2024 – Encavis AG (“Encavis” or the “Company”) has announced that all offer conditions for the voluntary takeover offer by Elbe BidCo AG (“BidCo” or the “Bidder”) have been fulfilled. The Bidder announced the receipt of the last outstanding regulatory approval and that the offer will be settled within the next eight banking days. As part of the voluntary public takeover offer, BidCo had secured about 87.41 percent of all outstanding Encavis shares at an offer price of EUR 17.50 per share, including around 31 percent through binding agreements with existing shareholders of the Company. Following settlement of the offer, the bidder will hold a total of around 87.73 percent of Encavis shares. Already on 14 March 2024, Encavis and BidCo signed an Investment Agreement to enter into a strategic partnership.

The BidCo is a holding company controlled by investment funds, vehicles and accounts advised and managed by KKR. The family company Viessmann Generations Group GmbH & Co. KG (“Viessmann”) is involved as a co-investor in the consortium led by KKR, along with the previous shareholder ABACON CAPITAL (“Abacon”).

The transaction and the strategic partnership with BidCo will enable Encavis to accelerate its growth strategy, expand its portfolio and strengthen its market position as a leading independent power producer in Europe. BidCo aims to support Encavis’ growth across all segments, providing significant financial support to expand its project pipeline, increase capacity and extend its reach in core markets.

Dr Christoph Husmann, Spokesman of the Management Board and Chief Financial Officer (CFO) of Encavis said: “With the completion of the offer, we will be embarking on a new chapter in our company’s history – with strong investors on our side who believe in our potential and will contribute their expertise and resources to the continued growth of Encavis. Together, we will further expand our portfolio of renewable energy production facilities, develop our competencies and strengthen Encavis’ market position in Europe.”

Vincent Policard, Partner and Co-Head of European Infrastructure at KKR, said: “Together with our consortium partners, we are pleased to support Encavis on its growth path with long-term capital and our expertise, thereby contributing to the energy transition. This strategic investment will not only enable Encavis to capitalize even better on emerging opportunities in the renewable energy sector, but also aligns with KKR’s broader mission of fostering a more energy-independent Europe.”

Max Viessmann, CEO of Viessmann: “With our investment in Encavis in collaboration with KKR, we are setting an important milestone in our mission to co-create living spaces for future generations and actively contribute to the global energy transition through entrepreneurial engagement. We look forward to supporting Encavis on its growth path and taking responsibility for a sustainable future together with our partners.”

Tobias Krauss, CEO of Abacon: “Encavis is not only a strategically important project for Abacon, but also a personally important one. On the one hand, our founder Albert Büll has played a key role in the development of Encavis over many years. Secondly, clean energy is one of the most important issues of our time. Encavis has great potential and we are excited to be involved in the company’s future with strong partners.”

With the fulfilment of all offer conditions, the public takeover offer has been successful and the offer price of EUR 17.50 per Encavis share will be instructed for payment to the Encavis shareholders who tendered their shares as part of the public takeover offer. Further information on the settlement and transfer of the tendered shares as part of the public takeover offer is available at www.elbe-offer.com.

Following settlement of the offer, the intention is to delist Encavis from the stock exchange as soon as legally and practically possible, in order to benefit from the financial flexibility and long-term commitment of KKR and Viessmann.

KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 120 dedicated investment professionals. The firm currently oversees approximately USD 77 billion in infrastructure assets globally and has made over 90 infrastructure investments across a range of sub-sectors and geographies. KKR’s infrastructure platform is devised specifically for long-term, capital intensive structural investments.

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About Encavis:

The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the SDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.2 GW of capacity under construction, of which around 900 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating.

Additional information can be found at www.encavis.com

 

About KKR:

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Viessmann Generations Group:

Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose “We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, reduction and capturing.

About ABACON CAPITAL:

ABACON CAPITAL, a family-owned investment firm, champions the sustainable energy transition, pioneering mobility solutions, and groundbreaking deep tech. Our mission centers on uplifting communities, fostering purposeful endeavors, and ensuring profitability, all while advancing societal and environmental well-being. Founded by Albert Büll, a visionary entrepreneur and investor with a legacy in nurturing sustainable enterprises – such as B&L Group in real estate development, Encavis AG in renewable energy production, and noventic in smart metering and energy management – ABACON is built on a foundation of innovation and responsibility.

 

 

Contacts:

Encavis AG
Dr. Oliver Prüfer

Press Officer & Manager Public Relations
Phone: + 49 (0) 40 378 562 133
Email: communications@encavis.com

KKR
Fabian Prietzel
Mobile: + 49 (0) 171 86 01 411
Email: kkr_germany@fgsglobal.com

Viessmann Generations Group
Byung-Hun Park
Vice President Corporate Communications
Mobile: +49 (0) 151 64 911 317
Email: huni@viessmann.com

ABACON CAPITAL
Josef Arweck
Mobile: + 49 (0) 157 34 762 499
Email: arweck@bernstein-group.com

 

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Aliter backs acquisition of secure mobile communications provider

Deal supports scale-up of a leading national provider of Network and ICT managed services to Critical National Infrastructure

 

Aliter has provided further capital to complete the acquisition of Serbus Limited (Serbus) to join the Group platform alongside ITM Communications and Bates IT.

 

Established in 2010, Serbus is recognised as a leader in the provision of best-of breed secure mobile communications, offering top level security, threat protection and compliance, to ensure day to day operations remain productive and uninterrupted, wherever its customers’ employees are working in the world. This includes high-profile government and military environments, as well as within multinational corporations, where protection of employees and intellectual property is key.

 

Serbus currently supports customers across the UK’s Critical National Infrastructure (CNI), working closely with the Ministry of Defence (MOD) and a range of UK Government departments.

 

Based in Hereford in the West Midlands, Serbus now becomes part of the evolving Group in Aliter’s portfolio that currently includes ITM Communications, a leading UK provider of critical network and ICT infrastructure services and Bates IT, the specialist healthcare ICT provider.

Simon Fieldhouse, Group CEO, said, “This deal broadens the group’s existing credentials in supporting Critical National Infrastructure and the defence sector, adding enhanced capabilities and value to our existing customers. It also enables us to advance the launch of a stand-alone dedicated defence practice within the group. The extension of our services portfolio to include secure NCSC approved communications products and solutions provides a tremendous opportunity to extend our security pedigree and broaden our managed services footprint across existing customers in healthcare & UK Gov, whilst expanding into adjacent CNI verticals, such as emergency services, utilities, energy and datacentres.”

 

Serbus’s founders and directors, Sebastian Wiles and Russell Ticehurst, have a UK Special Forces background. Both are remaining with the business and will now work closely with Fieldhouse to drive further growth organically, whilst continuing to pursue a buy and build strategy.

 

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Equistone portfolio company BUKO Traffic & Safety continues UK expansion with acquisition of Hooke Highways

Equistone

BUKO Traffic & Safety (“BUKO”), a leading provider of outsourced traffic and safety management solutions in the Netherlands, the UK and Germany, has acquired Hooke Holdings Limited, parent of operating subsidiary and brand Hooke Highways (“Hooke Highways”), one of the largest providers of traffic management in the South of England. Following BUKO’s acquisition of Scunthorpe-headquartered Road Traffic Solutions (“RTS”) earlier this year, the acquisition of Hooke Highways builds on the company’s growing presence in the UK market.

Headquartered in Barendrecht, the Netherlands, BUKO Traffic & Safety employs over 700 people and successfully oversees thousands of projects annually. A leading provider of outsourced traffic and safety management solutions in its home market of the Netherlands, the company consists of the two business units BUKO Infrasupport and BUKO Waakt. Founded in 1991, BUKO Infrasupport specialises in temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage, safety equipment required for roadworks and an innovative range of digital traffic management solutions – BUKO Infrasupport primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks. BUKO Waakt provides temporary remote security solutions with a focus on camera surveillance, intrusion detection systems and access control systems, which are used principally on construction sites.

Since funds advised by Equistone acquired a majority stake in BUKO in February 2023, the company has pursued a growth strategy focused on building its presence in its home market and targeted expansion into neighbouring countries supported by strong market dynamics. In March 2024, BUKO established a foothold in the attractive UK market by acquiring RTS, a temporary traffic and event management solutions specialist operating from seven locations and employing 175 people. With the acquisition of Hooke Highways, BUKO strengthens its position in this key growth market. In October 2024, BUKO also expanded into the German market for the first time with the acquisition of BVT Bremer Verkehrstechnik.

Hooke Highways provides high-quality temporary traffic management services to a diverse customer base. Headquartered in Lower Weare, Somerset, the business operates from six locations in the South of England. The company is being acquired from the Managing Director and major shareholder Michael Montague, who will continue to lead the company’s operations post transaction, and Panoramic Growth Equity (“PGE”), an equity and debt investor which invested into Hooke Highways in 2020. Under Michael and PGE’s ownership, Hooke Highways has achieved strong growth in recent years, driven by new customer wins and consolidation of its existing customer base. The company has 140 employees.

“We are excited to partner with Hooke Highways and strengthen our foothold in the attractive UK market. There is strong synergy between RTS and Hooke Highways in terms of geographic presence, culture and ambitions for the future,” says Robert Emmerich, CEO at BUKO. “Together, we’re committed to deliver an even stronger and versatile service to our customers and expanding our impact across the UK in the years to come,” says Robert Emmerich, CEO at BUKO.

“After successfully entering the UK earlier this year, Hooke Highways represents an important next step towards expanding BUKO’s presence in the UK and realising its ambitions of becoming a leading player in the market,” says Hubert van Wolfswinkel, Partner in Equistone’s Amsterdam office.

The Equistone team includes Hubert van Wolfswinkel, Tanja Berg and Josh Aalbers. BUKO was advised on the transaction by PwC (Financial & Tax) and Ashfords (Legal).

PR Contacts

GERMANY / SWITZERLAND / NETHERLANDS

Munich, Zurich, Amsterdam

  • IWK Communication Partner
  • Ira Wülfing / Florian Bergmann
  • Tel: +49 (0)89 2000 30 30
  • E-Mail IWK

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Arlington Capital Partners Acquires TEAM Technologies

Arlington

A leader in medical device manufacturing, TEAM Tech is focused on optimizing supply chains to ensure better and faster delivery of critical healthcare products

Washington, D.C. – November 25, 2024 – Arlington Capital Partners (“Arlington”), a Washington, D.C.-area private investment firm specializing in government regulated industries, today announced it has acquired TEAM Technologies, Inc (“TEAM Tech”), a leading global manufacturer of essential healthcare products, from Clearlake Capital Group (“Clearlake”).

TEAM Technologies is a leading provider of specialized manufacturing and strategic supply chain solutions to blue-chip healthcare customers. The Company provides a broad array of end-to-end outsourced design and manufacturing services to medical device and pharmaceutical OEMs, with a growing specialty in advanced medical devices that are critical to the healthcare system. Through its comprehensive suite of vertically integrated processes, TEAM Tech enables customers to streamline their supply chains and reduce lead times in delivering critical products. TEAM Tech has approximately 1,000,000 square feet of manufacturing space across nine campuses in the U.S., Mexico, and Singapore.

“As the last five years have demonstrated, global supply chains are not nearly as fortified as they need to be, particularly in medical device manufacturing,” said Matt Altman, a Managing Partner at Arlington Capital Partners. “TEAM Tech is not only focused on providing the world’s leading healthcare OEMs with holistic solutions for all their design and manufacturing needs, but also on strengthening our healthcare supply chains to improve the delivery of these critical goods to end users.” Added Gordon Auduong, an Arlington Principal, “As one of the leading end-to-end providers in this sector, we look forward to working with TEAM Tech’s management team and building on its strong foundation to continue adding capabilities and customers, both through organic investment and strategic acquisitions.”

“The medical device manufacturing industry is incredibly complex, but we feel fortunate to partner with Arlington in our next chapter,” said Marshall White, CEO of TEAM Tech. “I have gotten to know Matt and the Arlington team well over the past several years and believe that with their 25 years of experience in this highly regulated sector they are best positioned to help us build on the successes we have achieved and accelerate our growth, both organically and through strategic acquisitions, to take our business to the next level.”

Arlington has an extensive track record of building leading companies in the highly regulated healthcare sector, focusing on businesses that save lives, improve the delivery of products and services, and reduce costs for patients and providers. Recent investments include Afton Scientific, AVS Bio, Millstone Medical Outsourcing, Riverpoint Medical and Grand River Aseptic Manufacturing.

Harris Williams served as financial advisor and Goodwin Procter LLP served as legal advisor to Arlington Capital Partners. R.W. Baird acted as financial advisor to TEAM Technologies. Kirkland & Ellis LLP and Massumi + Consoli provided legal counsel to TEAM Technologies and Clearlake.

 

About Arlington Capital Partners

Arlington Capital Partners is a Washington, D.C.-area private investment firm specializing in government-regulated industries. The firm partners with founders and management teams to build strategically important businesses in the healthcare, government services & technology, and aerospace & defense sectors. Since its inception in 1999, Arlington has invested in over 175 companies and is currently investing out of its $3.8 billion Fund VI. For more information, visit Arlington’s website at www.arlingtoncap.com and follow Arlington on LinkedIn.

 

About TEAM Tech

Headquartered in Morristown, TN, TEAM Technologies is a specialized end-to-end outsourced manufacturer of mission-critical medical devices. The Company has an extensive array of advanced and vertically integrated manufacturing solutions servicing top medical device and pharmaceutical OEMs. With its deep industry experience and reputation for the highest quality standards, TEAM Technologies leverages seamless, turnkey processes and innovation to drastically simplify its customers’ supply chains. For more information, visit teamtech.com.

Contact

Kelsey Clute

kclute@arlingtoncap.com

 

Ryan Fitzgibbons and Meredith Bishop

Pro-arlington@prosek.com

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EQT to sell Melita, the digital infrastructure owner and operator in Malta

eqt

EQT to sell Melita to Goldman Sachs Alternatives

Under EQT’s ownership, Melita strengthened its position as a leading digital infrastructure owner and operator through strategic investments in its network and customer experience, while building a successful international Internet of Things (IoT) connectivity business

Today, Melita is the only operator in Malta providing both nationwide Gigabit fixed and nationwide 5G mobile services, and is well-positioned to expand its footprint in the fast-growing IoT connectivity sector

EQT is pleased to announce that the EQT Infrastructure IV fund (“EQT”) has signed an agreement to sell Melita (“the Company”) to Goldman Sachs Alternatives.

Founded in 1992, Melita is today a leading digital infrastructure owner and operator in Malta with a fully invested fiber-powered fixed network as well as a nationwide 5G mobile network with its own towers, backhaul and small cell footprint. With the largest data center in Malta, Melita delivers a full suite of digital services, including Gigabit broadband and 5G mobile connectivity, premium TV offerings, and data center solutions to households and businesses across the country.

Since EQT acquired Melita in 2019, the Company has made substantial investment in its infrastructure and enhanced its operations and service offering. For example, it has successfully developed Generative AI tools to support customers with billing, sales and technical queries which had a positive impact on customer satisfaction. The Company has also expanded internationally, establishing its presence in the rapidly growing IoT connectivity market via its proprietary platform and agile, customer-centric go-to-market approach.

Sustainability has been a core focus for Melita, becoming the first EQT portfolio company to have its near-term targets validated by the Science Based Targets initiative. The Company is investing in solar farms to produce renewable energy and has already replaced almost half of its car fleet with electric vehicles. It also established the Melita Foundation which supports impactful community initiatives.

Ulrich Köllensperger, Partner in the EQT Value-Add Infrastructure Advisory team, said: “Building on EQT’s long track record of investing in digital infrastructure, we supported Melita through strategic investments including in its 5G coverage and an upgrade of its fiber-powered network. We are proud of the rapid progress of Melita’s IoT business which, in just a few years since inception, has grown significantly and through add-on acquisitions, established a promising new business line with a pan-European reach. We believe the Company is well-positioned for further growth and would like to thank Harald and the entire team for their dedication and wish them continued success.”

Harald Rösch, CEO of Melita, said: “Thanks to EQT’s support, the past five years have been transformational, enabling us to make substantial progress across all aspects of our business and becoming the first operator in the European Union to deploy both a nationwide Gigabit broadband network and a nationwide 5G network. This transaction reflects the achievements of our entire team and the loyalty of our customers. With Goldman Sachs Alternatives’ support and expertise, we are excited to continue our journey sustainably, investing in our infrastructure, enhancing our services in Malta and driving further innovation.”

The transaction is subject to conditions including regulatory approvals.

EQT was advised by UBS (financial), Milbank and Camilleri Preziosi (legal).

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating 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, X, YouTube and Instagram

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Polaris Private Equity enters partnership with Salfarm and FaunaPharma

Polaris

We are excited to announce that Polaris has signed an agreement to acquire a majority stake in Salfarm, a Danish Animal Pharma player, with the aim of establishing a leading player in the Nordic Animal Health market. Shortly after the transaction, Salfarm has, in collaboration with Polaris, acquired the Finnish veterinary pharma player, FaunaPharma, strengthening Salfarm’s presence in Finland.

Salfarm was founded in 1979 and has grown to become a leading Danish player within animal pharmaceuticals with a presence throughout the Nordics delivering a +10% annual growth rate over a ten-year period. Headquartered in Kolding, Denmark, Salfarm owns subsidiaries in Sweden, Norway, and as of recently Finland, following the acquisition of FaunaPharma.

“We are very impressed by the journey that Salfarm has undergone. Today, Salfarm is a leading Danish player within animal pharmaceuticals, recognized by both suppliers and customers as a key partner and market expert in the Nordic region. Building on the strong team at Salfarm and their deep competencies and relationships, the ambition is to strengthen and grow Salfarm’s position outside of Denmark and establish a leading player in the Nordic market. The acquisition of FaunaPharma has been a first step on this journey,” says Simon Damkjær Wille, Partner at Polaris.

Please see the following press release:

English
Danish

For further information, please contact:
Simon Damkjær Wille, Partner
Phone: +45 4220 9639
Mail: sw@polarisequity.dk

Camilla Ringsted, Associate Director
Phone: +45 2968 6909
Mail: cri@polarisequity.dk

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IK Partners to acquire DRIESCHER

IK Partners

IK Partners (“IK”) is pleased to announce that the IK X Fund has signed an agreement to acquire Driescher GmbH (Moosburg and Eisleben) (“DRIESCHER” or “the Group”), a leading German manufacturer of high-tech medium and low voltage switches and switchgears. IK is acquiring its stake in DRIESCHER from the family shareholders, who will all be reinvesting. As part of the transaction, the co-founders and co-shareholders of the Czech subsidary, DRIBO, spol. s r.o. (“DRIBO”), will be selling their shares and reinvesting into the Group. Financial terms of the transaction are not disclosed.

Established over 85 years ago, DRIESCHER is a leading provider of critical grid components and a reliable partner to many large municipal utilities, industrial customers and railway operators. The Group offers a comprehensive portfolio of products and services, necessary for the expansion of energy grids and the modernisation of existing infrastructure.

DRIESCHER excels in providing SF6-free, air-insulated components designed to enhance protection and safety, serving as essential infrastructure for managing power flows and voltage conversion within energy grids. With a reputation for innovation and deep engineering expertise, the Group offers tailored solutions to meet a wide range of customer needs.

As a trusted partner to many organisations, DRIESCHER plays an important role in advancing the energy transition by improving grid reliability, expanding capacity, supporting the integration of renewable energy and fostering the shift towards broader electrification. Today, the Group has approximately 500 employees, based across four production sites in Germany and the Czech Republic.

With the support of IK, DRIESCHER aims to strengthen its core business by: engaging both existing and new customers; driving continuous product innovation; expanding operations in Germany and entering into other international markets; as well as enhancing aftersales services. The Group may also consider value-accretive bolt-on acquisitions.

Doris and Christoph Driescher, Family Shareholders of DRIESCHER, commented: “With a history of over 85 years, we take pride in the legacy built by our grandfathers, our fathers and the dedicated employees of DRIESCHER. Together with the management team, we are thrilled to partner with IK as DRIESCHER enters the next stage of its development. IK has convinced us with its expertise, values, cultural alignment and vision for the future of our Group, making this the right step to initiate the succession for DRIESCHER.”

Frank Hegenbart and Thomas Lehner, Managing Directors at DRIESCHER, added: “Our leadership team is very much looking forward to the partnership with IK. We are confident that, with the experience of our employees and the support of IK’s team, we will continue our path of sustainable growth with technologically leading products and excellent service for our steadily growing customer base.”

Dalibor Bartoš and Tamara Ottichová, Managing Directors at DRIBO, commented: “DRIBO and DRIESCHER have a joint history of almost 30 years and this new partnership represents a significant milestone in the Group’s development. We are looking forward to working with the team at IK to accelerate future growth.”

Anders Petersson, Managing Partner at IK Partners and Advisor to the IK X Fund,said: “DRIESCHER has established itself as a leading supplier of critical components of energy grids and is well-positioned for growth, driven by long-term market trends that include the need to modernise aging electrical grid infrastructure, enable the integration of new renewable energy sources and expand capacity to meet the rising demand for electricity. We would like to extend our sincere thanks to the family shareholders of DRIESCHER for choosing IK to be the Group’s new partner. We value the confidence placed in us and are very much looking forward to working with the management team in this next phase of DRIESCHER’s growth.”

For further questions, please contact:

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

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EQT Exeter To Acquire More Than One Million Square Feet of Class A Bulk Distribution Buildings in the Napa Valley Region of California

Bulk distribution buildings offer premier access to Northern California’s major metros and Western U.S., and are purpose-built to meet the needs of both logistics operators and specialized food and beverage tenants

Properties offer ample leasing opportunities and are well-positioned to attract top-tier tenants, with the potential to incorporate temperature-controlled enhancements that meet a variety of specialized operational needs

With the close of this transaction, EQT Exeter has acquired more than 60 million square feet of logistics properties for a total transaction volume of $8 billion over the last 12 months

 

EQT Exeter, a leading global real estate investment manager, is pleased to announce that the EQT Exeter Industrial Value Fund VI (“EQT Exeter”) has acquired two state-of-the-art bulk distribution buildings (collectively “the Properties”), located in the heart of Napa Valley’s iconic “Wine Country.” The Properties reflect EQT Exeter’s commitment to acquiring and enhancing high-caliber industrial buildings in top-tier logistics hubs.

Spanning over one million square feet, the Properties combine best-in-class building specifications with a premier location, offering seamless connectivity to the major metros of San Francisco, Sacramento, and San Jose, as well as the entirety of the western United States. Purposefully designed to support Northern California’s thriving food and beverage industry, these bulk distribution properties offer unparalleled proximity to the region’s consumer base and production hubs, and feature advanced building and site designs that accommodate both traditional logistics users and specialized operators. Notably, one of the buildings boasts direct rail access, an exceptional feature for real estate of this caliber. EQT Exeter is poised to collaborate with top-tier tenants to implement bespoke enhancements, ensuring the facilities meet the evolving demands for temperature-controlled spaces.

The Properties are currently home to a leading food and beverage operator occupying 337,000 square feet under a lease exceeding 10 years of lease term—a clear testament to the buildings’ strategic value and quality. This established tenancy underscores the alignment between EQT Exeter’s rigorous standards and the needs of industry leaders.

EQT Exeter’s local office, well-positioned to serve Napa Valley and the broader Northern California market, will leverage deep area relationships to ensure these Properties remain central to the region’s industrial ecosystem.

“EQT Exeter is committed to delivering spaces that not only meet the complex needs of today’s industrial and logistics users, but anticipate the evolving demands and growth ambitions of a variety of tenants, ” said Jeremy Hamaoui, Northern California Investment and Leasing Officer at EQT Exeter. “This acquisition reflects our ongoing strategy of investing behind high-quality properties in attractive markets while maintaining a tenant-focused approach to asset management.”

EQT Exeter was advised by Ryan Sitov of JLL.

Contact

EQT Press Office, press@eqtpartners.com

 

About

About EQT Exeter

EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

Follow EQT Exeter on LinkedIn

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CVC DIF acquires a portfolio of US regulated water and wastewater utilities

CVC Capital Partners
  • CVC DIF creates a leading mid-market regulated water and wastewater utility platform in the US Southwest
  • The transaction includes 18 water and wastewater utilities from JW Water and Robson Communities, serving over 50,000 customers

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that it has acquired, through two transactions, 18 water and wastewater utilities serving over 50,000 customers in Arizona.

CVC DIF has acquired JW Water Holdings (JW Water), a regulated water and wastewater utility platform serving approximately 9,000 customers across ten utilities in Arizona. Concurrent with the acquisition of JW Water, CVC DIF also acquired a portfolio of eight regulated water and wastewater utilities, which were originally developed or purchased by real estate developer Ed Robson (Robson). The eight utilities, now serving over 41,000 customers in Robson’s master-planned communities in Arizona, trace their roots back to Pima Utility, founded in 1972. The investments in JW Water and the Robson utilities were made through DIF Infrastructure VII.

Established in 2013, JW Water has a demonstrated track record of acquiring and making necessary investments to improve the operations and reliability of small and medium-sized water and wastewater utilities in Arizona.

With the addition of the Robson utilities, JW Water will become a leading mid-market regulated water and wastewater utility platform serving over 50,000 customers. Going forward, JW Water is well positioned to invest in essential infrastructure needed to provide safe and reliable drinking water and wastewater utility service to its customers.

“The acquisition of JW Water, together with the acquisition of the eight Robson utilities, represents a significant investment in infrastructure that is critical to the health and well-being of the communities they serve. We are committed to making the necessary investments to ensure the utilities continue to provide safe and dependable service to customers,” said Gijs Voskuyl, Managing Partner at CVC DIF. “We also believe this investment is emblematic of CVC DIF’s focus on high quality infrastructure assets that provide stable long-term cash flows with the opportunity for additional growth and long-term value creation.”

“We are excited by the investment and long-term benefits the acquisition by CVC DIF will bring to the customers and communities served by the 18 utilities JW Water will now manage,” said Jason Williamson, CEO of JW Water, and industry veteran in the regulated water and wastewater sector in Arizona. “We are immensely proud of what we have accomplished to date, serving the communities in which we operate, and look forward to the next stage of investment, growth and stewardship supported by CVC DIF.”

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Texas Tower Secures New Leases Totaling 182,600 square feet

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Six prominent firms join Texas Tower’s robust tenant roster, bringing building to 94% leased

Co-developer and global real estate firm, Hines, and the global real estate group of CDPQ, Ivanhoé Cambridge, today announced that Texas Tower is now 94% leased. Sable Offshore Corp, Moelis & Company, Sheppard Mullin, Squarepoint Capital and two confidential tenants have signed leases totaling 182,600 square feet at the 47-story, one-million-square-foot, Class AA office tower in downtown Houston.

“A couple years back, we started to formalize the concept of magnet office; identifying the intersection of exceptional design, location, and unparalleled amenities, attracting tenants who demand a workplace that elevates both their brand and employee experience,” said John Mooz, Senior Managing Director at Hines. “There is a clear delineation with the most discerning tenants seeking an unparalleled work environment. The unique combination of world-class amenities—including access to green space and sky atriums saturated with natural light—creates a dynamic space that better fosters collaboration and innovation.”

“Texas Tower underscores our strategic investment focus on the evolving office market in the United States,” said Michael Caracciolo, Managing Director, Real Estate, United States at Ivanhoé Cambridge. “Its prime location, exceptional sustainability credentials, and hospitality-centric services continue to attract top-tier tenants. Texas Tower exemplifies our commitment to the future of work, offering tenants scalable solutions through activated common areas, furnished suites, and flexible workspaces.”

Houston-based independent upstream company Sable Offshore Corp has secured 46,000 square feet on levels 28 and 29, with the lease beginning in the third quarter of 2025. Lease negotiations were facilitated by tenant brokers Kevin Kushner, William Padon, and Sydnee Hilburn with CBRE, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Moelis & Company, a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, has leased 30,400 square feet on level 22. The lease is set to commence in the fourth quarter of 2025. Cushman and Wakefield handled lease negotiations, with David Guion and Chris Oliver representing the tenant and Michael Anderson representing the landlord.

Sheppard Mullin, a full-service AmLaw 50 law firm with more than 1,100 attorneys in 16 offices around the globe, has leased 29,800 square feet on level 25 with occupancy beginning in the fourth quarter of 2025. Kevin Kushner, William Padon and Sydnee Hilburn with CBRE represented the tenant in lease negotiations, while Michael Anderson with Cushman and Wakefield acted as the landlord’s broker.

A confidential tenant has secured 8,300 square feet on level 39, with the lease set to commence in the fourth quarter of 2025. Kevin Saxe with CBRE represented the tenant in lease negotiations, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Squarepoint Capital, a privately held quantitative investment management firm, will take 8,200 square feet on level 18. The lease is scheduled to start in the third quarter of 2025. Lease negotiations were facilitated by Nick Bockhorn with CBRE as the tenant’s broker, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Texas Tower’s current tenants include Hines, Vinson and Elkins, Clifford Chance, McGuireWoods and DLA Piper law firms. Other confirmed tenants include Cheniere Energy, Inc., Chicago Title, Charter Title Company, Morgan Stanley, a trading company and a confidential tenant. Additionally, The Square at Texas Tower now stands over 98% occupied.

For more information, including leasing details, visit texastower.com

About Hines

Hines is a leading global real estate investment manager. We own and operate $93.0 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 67-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.

¹ Includes both the global Hines organization and RIA AUM as of June 30, 2024.

About Ivanhoé Cambridge

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. CDPQ holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies around the world. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information:  cdpq.com / ivanhoecambridge.com

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