LONDON & MILAN–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of an agreement under which KKR will acquire a 25% stake in Enilive, Eni’s mobility transformation company dedicated to biorefining, biomethane production, smart mobility solutions, and providing services to support people on the move. Closing of the transaction is subject to customary regulatory approvals.

As a leader in the energy transition, Enilive aims to provide progressively decarbonized services and products in support of a sustainability-driven mobility transformation. The company’s cutting-edge technologies and global reach position it at the forefront of the transition to cleaner energy solutions and contribute to Eni’s goal of achieving carbon neutrality by 2050.

Alberto Signori, Partner in KKR’s European Infrastructure team, said: “We are thrilled to strategically partner with Eni on this investment in Enilive, a key player in advancing the energy transition. This aligns with our strategy to support transformative energy projects across Europe. With our global infrastructure platform and local expertise, we’re excited to help Enilive scale its impact in decarbonizing transportation and expand internationally. We look forward to contributing to its continued growth and success.”

Enilive’s Chief Executive Officer, Stefano Ballista, commented: “We are pleased with the entry of a significant partner like KKR into Enilive, who will ensure a strong support to our relevant growth path and in the transition towards an increasingly decarbonized offering for sustainable mobility.”

KKR has been consistently investing in Italy across asset classes since 2005, with a commitment to supporting the country’s economic and social development. Most recently, KKR announced the closing of its acquisition of Telecom Italia’s fixed-line network and incorporation into FiberCop, creating the most extensive Italian broadband network serving around 16 million households and helping to fast-track the digital transition in Italy.

KKR is making the investment in Enilive through its Global Infrastructure Strategy. The firm first established its Global Infrastructure Strategy in 2008 and has since been one of the most active infrastructure investors around the world, currently managing over $73 billion in infrastructure assets.

Financial advisors for KKR on this transaction were Deutsche Bank and Unicredit, with Kirkland & Ellis and Gianni & Origoni serving as legal counsel.

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 Enilive:

Enilive is Eni’s company dedicated to biorefining, biomethane production, smart mobility solutions including Enjoy car sharing, and the distribution of all energy carriers for mobility, through its more than 5,000 Enilive Stations in Europe, where there is a wide range of products including HVOlution biogenic fuel (100% Hydrogenated Vegetable Oil), bio-LPG and biomethane. And where several services are also available to support people on the move, including electric recharging and food services such as Eni Café (the largest cafe chain in Italy) and ALT Stazione del Gusto, a new project in partnership with Accademia Niko Romito. Enilive aims to provide progressively decarbonized services and products for the energy transition, contributing to Eni’s goal of achieving carbon neutrality by 2050 also through industrial assets that include the Venice and Gela biorefineries, in Italy; the St. Bernard Renewables LLC (50% joint venture with PBF Energy) in Louisiana (United States of America); numerous biogas plants being converted to biomethane production in Italy, as well as new projects: in Livorno, where the third Enilive biorefinery in Italy is under construction, in Malaysia and in South Korea. Enilive plans to increase its biorefining capacity to over 5 million tonnes/year by 2030.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023231256/en/

KKR
Italy
Tancredi Group
Giovanni Sanfelice Di Monteforte
giovanni@tancredigroup.com
+447775858152

Cristiano Signorini
cristiano@tancredigroup.com
+447950413690

International
FGS Global
Alastair Elwen/ Jack Shelley
KKR-Lon@FGSGlobal.com
+44 20 7251 3801/ +44 7917 886 576

Enilive
ufficio.stampa@eni.com

Source: KKR

Increased focus on growth via acquisitions and international expansion

Herentals/Ghent, 25 September 2024 – Investment company NPM Capital has agreed to acquire a significant minority interest in the Belgian family-owned company Jeco Energies, a leading industrial energy solutions provider in the Benelux. The participation of NPM Capital will accelerate the growth of Jeco Energies in the coming years through an increased focus on strategic acquisitions and international expansion. NPM Capital will contribute the required experience, expertise and capital in that area.

Jeco Energies is a leading player in the area of temporary as well as permanent solutions for industrial electrical power infrastructure. It rents hardware, including transformer containers built in-house, helping businesses to prevent unforeseen power outages or providing a temporary power solution until a permanent connection to the grid is established. The company also focuses on realising end-to-end projects for industrial energy supply in various sectors and is active in industrial service and automation. The company was established in 2022 as the result of the merger of hardware rental company Gens Rental, EPC contractor DSG, and industrial automation specialist Dymotec. As of today, the business will continue to operate under the name of Jeco Energies. It employs more than 200 people and has doubled its revenues over the last 2 years.

Sustainable future
’We are impressed by the strong growth realised by the company in recent years’, says Hiram Claus, investment director and head of Belgium for NPM Capital. ‘This investment is in line with NPM’s strategy of investing in sustainable businesses. Jeco’s engineered power solutions contribute to the electrification of industrial processes. Their unique expertise and position in the value chain, in combination with the structural demand for expansion of the electrical power grid, make Jeco Energies a powerful player in a rapidly growing market’.

Jeco’s founder and majority shareholder Jef van den Brande welcomes the participation of NPM Capital and sees it as an important step in the further development of Jeco Energies. ‘The expertise and professionalism of NPM will play an important role in the further development of our organisation within the various niches that we are active in. I am convinced that the synergy between our innovative way of working and the strategic support provided by NPM will enable us to propel Jeco Energies to new heights, locally as well as internationally’, he explains.

‘Same business values’
As part of the agreement, as of 1 October, Jan Van Nuffel will join the management team of Jeco Energies as Group CEO. Over the last three years, Van Nuffel was already involved as non-executive director. He gained extensive experience in previous management positions at construction companies Square Group, Group Verelst and Koninklijke BAM Group. Bob Zegers and the entire management team remain closely involved in the further development of the group.

Van Nuffel is looking forward to working together with NPM: ‘This partnership will further strengthen our operational clout and organic growth, including the accelerated expansion of our rental fleet, and certainly also via further external growth through acquisitions reinforcing our existing business lines. In NPM, we have found a partner with the same business values as Jeco: fostering sustainable growth and caring about our employees. It goes without saying that the expertise and technical excellence of all our Jeco colleagues play a vital role in the continued success of our organisation.’

Completion of the proposed transaction is subject to customary regulatory approval.

About NPM Capital
NPM is an independent investment partner that helps medium-sized and large companies with a head office in the Benelux to achieve their ambitions and build the businesses of the future. With offices in Ghent and Amsterdam, NPM focuses on family-owned enterprises and companies with a strong and dedicated management team. Its current portfolio consists of 24 companies, comprising both majority and minority participations, within themes that have an impact on the world’s future: Sustainable Future, Everything is Digital, Feeding the World, and Healthy Life & Learning. Earlier this year, NPM announced an investment in Belgian IT company Tech Tribes.

About Jeco Energies
Jeco Energies is a leading player in the area of low-voltage, medium-voltage, and high-voltage solutions for temporary as well as permanent industrial energy supply. With four business lines (energy, rental, automation and service), it enables its clients to focus on their core activities by providing them with end-to-end integrated sustainable energy solutions. Jeco Energies operates from seven sites in Belgium, the Netherlands and South Africa, serving clients in over 50 countries globally with a team of over 200 employees.

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For more information, please feel free to contact Koolhoven & Partners: npmcapital@koolhovenenpartners.nl or +31 804 017 175

Establishes QB Energy to Own and Operate the Piceance Assets

Existing Quantum Portfolio Company KODA Resources to Own and Operate the Uinta Assets

HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) — Quantum Capital Group (“Quantum”) and Caerus Oil and Gas (“Caerus”) today announced the closing of a transaction under which Quantum, via two separate portfolio companies, has acquired Caerus’ oil and gas operations for approximately $1.8 billion, including the assumption of asset-backed securities and other liabilities. Caerus is owned by a private investor group including Oaktree Capital Management (“Oaktree”), The Anschutz Corporation, and Old Ironsides Energy (collectively, the “Caerus Investor Group”).

QB Energy is acquiring the producing upstream assets, gathering and compression midstream assets, approximately 600,000 acres, and all other assets owned by Caerus in the Piceance Basin (the “Piceance Assets”). QB Energy is a newly formed Quantum portfolio company established in partnership with Roger Biemans, a seasoned energy entrepreneur who has built and sold multiple portfolio companies with Quantum over the past 18 years. Mr. Biemans will serve as President and CEO of QB Energy. KODA Resources (“KODA”) is acquiring the producing upstream assets, gathering and compression midstream assets, approximately 160,000 acres, and all other assets owned by Caerus in the Uinta Basin (the “Uinta Assets”, and together with the Piceance Assets, the “Assets”). KODA is an existing Quantum portfolio company led by President and CEO Osman Apaydin and Executive Chairman Kurt Doerr.

“As an active private energy investor, we recognize the important role of expanding access to clean and reliable energy in key markets across the United States,” said Tom Field, Partner at Quantum. “This transaction represents a unique opportunity for Quantum to invest in substantial natural gas production alongside large, contiguous acreage positions containing sizable hydrocarbon resources with significant value creation potential. We believe that KODA and QB Energy are well positioned to steward the next phase of development and operation of the Assets to serve responsibly natural gas demand centers in the western U.S. while generating attractive returns for our investors.”

“Natural gas plays an increasingly important role in our energy grid, offering a rare combination of sustainability, reliability, and affordability that can allow us to meet rising power needs,” said Chuck Davidson, Partner at Quantum. “The Caerus assets provide access to some of the largest natural gas resources in the western markets, which have experienced repeated, localized energy shortages in recent years. Alongside our partners at KODA and QB Energy, we expect to continue optimizing these operations, driving significant value for our investors while helping bring reliable, affordable, low-carbon energy to more end users.”

Roger Biemans, CEO of QB Energy, stated: “The Piceance Assets represent the largest single asset base atop the second largest gas resource in the continental U.S. QB Energy is acquiring a shallow-decline production base with several decades of repeatable drilling inventory and intends to employ a number of Caerus’ existing capable workforce to ensure continuity in both the field and local communities.”

As a long-time investor and operator in Colorado’s energy sector, I am honored to have the opportunity to lead QB Energy as we launch this platform during a pivotal time for the U.S. energy economy,” continued Mr. Biemans. “These strategically located, world-class assets provide tremendous development potential in a natural gas market experiencing both significant demand growth and supply constraints. I look forward to working with the Quantum and Caerus teams to support a seamless transition and unlock new value for our customers, employees, partners, and Quantum’s investors.”

“KODA has spent years decoding subsurface intricacies of the Uinta gas window, and we believe we are uniquely qualified to assume operatorship and further develop this high-quality production base adjacent to our existing acreage,” said Osman Apaydin, CEO of KODA Resources. “This transaction ushers in the next chapter of the KODA/Quantum partnership, and we are thrilled to be joined by many members of the existing Caerus team.”

Dave Keyte, Founder and CEO of Caerus, added: “It has been an honor to lead this team and work with our investment partners for the past 15 years to establish Caerus as one of the country’s premier natural gas suppliers. Caerus was the first company to fully adopt sandless fracks in the basin. We used that technique in more than 500 wells across Colorado and Utah to significantly reduce truck and rail traffic and improve well results to reach record productivity levels in the basin. We also completed the largest water treatment facility in the western U.S in order to recycle 100% of our produced water for fracking purposes, greatly reducing the need for fresh water and further reducing truck traffic. I am proud to transition Caerus’ entire team and these assets to a new group of owners who I know bring the right development and management capabilities to responsibly maximize their output over the long term. We wish them well.”

“On behalf of the Caerus Investor Group, we are very pleased to complete the sale of Caerus to Quantum,” said Jordon Kruse, Co-Portfolio Manager of Oaktree’s Special Situations Strategy. “We want to thank Dave Keyte and his tremendous team for their tireless work and operational discipline in consolidating a world-class basin at deep value. We wish that entire team continued success as they work with QB Energy, KODA, and Quantum to build upon Caerus’ track record as a leading supplier of natural gas to the western U.S.”

Vinson & Elkins LLP provided legal advice to Quantum, QB Energy, and KODA. Caerus retained Jefferies and Evercore as financial advisors, Davis Graham & Stubbs and Latham & Watkins as legal counsel, and Bank of America as capital markets advisor.

About Quantum Capital Group
Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

Contacts

Quantum Capital Group
Kate Thompson / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Cogentrix Platform Consists of 11 Natural Gas-Fired Power Plants, Comprising 5.3 Gigawatts of Efficient and Reliable Capacity Across Key U.S. Markets

HOUSTON – August 5, 2024 – Quantum Capital Group and its affiliates (“Quantum”) today announced that it has entered into an agreement to acquire Cogentrix Energy (“Cogentrix” or the “Company”), a premier U.S. independent power producer, from funds managed by Carlyle (NASDAQ: CG) for a total consideration of approximately $3 billion. The Cogentrix platform is comprised of 5.3 gigawatts of efficient and flexible natural gas-fired power plants, located throughout PJM, ERCOT, and ISO-NE, which support the reliability, resiliency, and affordability of the U.S. electricity market.

Headquartered in Charlotte, North Carolina, Cogentrix has a multi-decade track record of successfully acquiring, developing, constructing, operating, and optimizing conventional and renewable power generation assets throughout the U.S. Following transaction close, the Company will continue to be led by current CEO John Ragan and the existing Cogentrix management team.

“We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything,” said Wil VanLoh, Founder and CEO of Quantum. “This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide.”

Michael MacDougall, Partner at Quantum, said: “We are thrilled to partner with the Cogentrix team. Having stewarded more than 18 gigawatts of assets over its 40+ year history, the Company is a proven leader in building, managing, and optimizing power generation assets of all technology types. We expect to meaningfully grow the Cogentrix platform, with a focus on gas-fired power generation, renewables, and battery storage. Our goal is to deliver clean, reliable, and affordable power to customers.”

Matt O’Connor, a Partner within Carlyle’s Global Infrastructure team, added: “This is a win-win transaction for everyone involved as Cogentrix begins its next chapter of growth with Quantum. We are proud of the significant transformation Cogentrix has achieved under our ownership. We wish John and his team continued success as they expand their platform and seize numerous opportunities in the rapidly evolving U.S. power sector.”

“We are pleased to have supported Cogentrix’s efforts to establish decarbonization objectives for its fleet of natural gas-fired power generation assets while continuing to support grid reliability, a critical balance required to effectuate the energy transition,” said Pooja Goyal, CIO of Global Infrastructure at Carlyle. “This successful transaction is a testament to the deep sector expertise of our energy and infrastructure platform at Carlyle. We look forward to continuing our investment activities in this rapidly growing area, including partnering with our management teams on growth opportunities and deploying capital in new investments.”

“We are grateful for Carlyle’s partnership, which has provided us with the tools and capabilities to capture a growing opportunity set within the U.S. power market,” said John Ragan, CEO of Cogentrix. “As we look to the future, we are confident Quantum’s deep knowledge of the energy markets, successful track record of business building, and risk management capabilities will drive significant long-term value for our customers, employees, investors, and other stakeholders.”

Guggenheim served as Quantum’s financial advisor while King & Spalding and Vinson & Elkins provided legal advice to Quantum. Lazard served as Carlyle’s financial advisor and Latham & Watkins as legal advisor.

The transaction is subject to customary regulatory approvals and is expected to close between the fourth quarter of 2024 and the first quarter of 2025.

About Quantum Capital Group

Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

About Cogentrix

Founded in 1983, Cogentrix is a leading independent power producer with a long track record of successfully acquiring, developing, constructing, operating and improving power generation assets across the United States. Further information is available at www.cogentrix.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts

Quantum Capital Group

Kate Thompson / Erik Carlson / Madeline Jones

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

Carlyle

Brittany Berliner

(212) 813-4839

Brittany.Berliner@carlyle.com

InfraRed Capital Partners (“InfraRed”) is pleased to announce, on behalf of one of its Value-add strategies, an investment in Voltan Energy (“Voltan”), a decentralised energy company based in Finland. Voltan installs and operates ground-source heat pumps in multi-dwelling units and other large buildings, with a growing presence across Finland and ambitions for international expansion. InfraRed has acquired a majority position for an undisclosed amount, with a growth equity allocation of up to €75m being made available.

Founded in 2020, Voltan partners with local housing associations and developers to install their Heat-as-a-Service (“HaaS”) technology, using geothermal heat pumps to provide customers with reliable, clean and cost-effective heating and cooling throughout the year, without the upfront costs of installation.

There is a growing focus on decentralised heating and cooling systems, as part of global efforts to adopt new technologies to help meet net zero targets. In Finland, with its ambition to reach net zero by 2035, the government wants to shift heating and cooling systems towards the use of non-combustion technologies such as heat pumps. Ground-source heat pumps provide a sustainable, competitive alternative to other heating sources such as district heating, which typically rely on combustion technologies.

Voltan currently operates across 10 sites in Finland, with an additional 35 contracted, and with a significant identified pipeline. This market expansion reflects the growing demand for stable and competitive energy pricing and sustainable energy. Centred on domestic expansion initially, Voltan intends to scale operations internationally to address similar needs in other European countries.

In addition to its green credentials and high growth potential, Voltan’s business model exhibits the attractive infrastructure characteristics that InfraRed focuses on, such as long-term contracted revenues linked to inflation. This investment is firmly aligned to InfraRed’s Value-add approach to invest in early stage companies with long-term growth potential, supported by strong underlying fundamentals, and with high-quality management teams.

Stephane Kofman, Head of Value-Add Funds, InfraRed Capital Partners, commented:

“Voltan has successfully established a strong initial footprint and reached a critical step from which our growth capital and expertise can help accelerate its development and ambition. There is a clear need for Voltan’s compelling and differentiated business proposition in Finland and beyond, delivering sustainable heating and cooling to those living and working in urban environments. The management team is highly motivated, with deep expertise in the sector and a clear understanding of the market opportunity. As an active asset manager, we look forward to working closely with them to add value and deliver on Voltan’s potential.”

Miikka Lemmetty, Chief Executive Officer, Voltan Energy, said:

“We are delighted to partner with InfraRed to help us meet the strong demand for competitively priced, clean energy solutions. Their team has significant experience in growing companies, and we look forward to working closely with them on the next phase of our development.”

ENDS

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn+ of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating [2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period [3]. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $13bn+ equity under management (USD) – Uses 5-year average FX as at 31st December 2023 at GBP/USD of 1.2881, EUR/USD of 1.1226, EUM is USD 13.433m.

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

[3] In the 2023 Principles for Responsible Investment (“PRI”) assessment, InfraRed achieved a 5 star rating for the Policy Governance and Strategy and Infrastructure and a 4 star rating for the newly created Confidence Building Measures. Please find InfraRed’s report available for download on our website here: https://www.ircp.com/sustainability/