Tag Archives: infrastructure

euNetworks closes on €2.1 billion equity recapitalisation

Stonepeak

 

London, UK & New York, USA – 27 August 2024 – euNetworks Group Holdings Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has closed on a €2.1 billion equity recapitalisation. Leading investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario (“IMCO”) and APG Asset Management (“APG”). The equity commitments follow the company’s recent debt refinancing announced in June and together will further euNetworks’ momentum as the company continues to scale and execute against its strategic priorities.

euNetworks builds and invests in city and long haul fibre networks to connect key European data centres and data hubs. The company owns and operates deep fibre networks in 18 cities, as well as a highly differentiated long haul network that spans 45,000 route kilometres across 17 countries. euNetworks leads the data centre connectivity market in Europe, directly connecting more than 542 data centres today, and is well positioned to continue advancing its leadership position in the rapidly evolving connectivity and bandwidth infrastructure space as data centre needs continue to grow.

Kevin Dean, Interim Chief Executive of euNetworks, said, “Our successful debt refinancing and equity recapitalisation underscores the robust value proposition and fundamental infrastructure delivered by euNetworks. We’ve had a fantastic partnership with Stonepeak and IMCO since 2018 along with our other investors, and we extend our gratitude to them for their unwavering support. The combination of Stonepeak, IMCO, APG, Mercer and Aware Super coming together as the new euNetworks represents a very strong opportunity for our customers, our people, our partners and the communities in which we operate. We’re very proud of what we’ve achieved and are excited for the future, continuing to construct and deliver Europe’s future critical infrastructure with our customers and our long-term committed investors.”

Cyrus Gentry, Managing Director at Stonepeak, said, “Since 2018, we have partnered with an industry-leading platform in euNetworks, which is leading the way in sustainably developing the next generation of essential bandwidth infrastructure in Europe. We’d like to thank the entire management team for their significant contributions during this period – particularly Brady Rafuse and Paula Cogan, who have led the business through many phases of its evolution. We look forward to stewarding the next chapter of euNetworks’ growth alongside our new partners.”

Arjan Reinders, Head of Infrastructure Europe at APG, said, “We are impressed by euNetworks’ focus on sustainable growth and providing high quality connectivity solutions to its customers on a pan-European level. We are thrilled to be entering into this partnership, on behalf of our pension fund client ABP and Asset Owner Partners, and we are eager to work closely with the euNetworks team as they continue to develop and further their strategic vision.”

Matthew Mendes, Managing Director, Head of Infrastructure, IMCO, said, “As an investor in euNetworks since 2018, we take great pride in contributing to its growth and working with its high calibre management team to help the company achieve a market leading position in Europe. Alongside our co-shareholders, we look forward to continuing our partnership with euNetworks as they focus on building the next generation of bandwidth network in Europe, connecting more data centres and key sites with fibre, and leading the industry in sustainability practices.”

Mark Hector, Head of Infrastructure at Aware Super, said, “euNetworks’ market-leading characteristics have contributed to its historical growth and we’re excited to partner with our co-shareholders to empower the euNetworks team to capture the strong industry tailwinds arising out of the acceleration in AI innovation and adoption. This is also a strong opportunity for us to further diversify our global digital infrastructure holdings into Europe.”

J.P. Morgan acted as sole financial advisor to euNetworks. Simpson Thacher & Bartlett LLP and Campbell Lutyens acted respectively as legal counsel and financial advisor to Stonepeak. UBS and Baker McKenzie acted respectively as financial and legal advisors to APG. Gowling WLG acted as legal counsel to IMCO.

About euNetworks

euNetworks is a critical bandwidth infrastructure company, owning and operating 18 fibre-based metropolitan networks connected with a high capacity intercity backbone covering 53 cities in 17 countries across Europe. The company leads the market in data centre connectivity, directly connecting over 542 today. euNetworks is also a leading cloud connectivity provider and offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, mobile, data centre and enterprise customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.

The company delivers services with an active commitment to sustainability and is focused on its path to being carbon emissions net zero, environmentally responsible supply chain management and working as a community and industry to collaborate on the environmental challenges ahead. For further information visit eunetworks.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $71.2 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

About APG

As the largest pension provider in the Netherlands, APG manages the pensions of 4.6 million Dutch participants with approximately €577 billion of assets under management (as of June 2024). APG Infrastructure has invested €30 billion over 50 investments in the Americas, Europe and Asia-Pacific, across sectors including energy, telecom, transportation and social infrastructure. With approximately 4,000 employees globally, APG works from Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. For more information, please visit our website: www.apg.nl.

About IMCO

The Investment Management Corporation of Ontario (IMCO) manages $77.4 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario’s broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada’s largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.

About Aware Super

Aware Super is one of Australia’s top-performing and largest profit-for-member super funds with a core objective of delivering the strongest risk-adjusted returns for its 1.1 million members. Our Australian and London-based investment teams currently originate and manage A$180 billion AUM on behalf of our members with a projected growth target of A$250 billion AUM in the next few years. As one of the top 50 institutional investors globally, we typically take an active management approach across alternative assets, including infrastructure, real estate and private equity, and additionally allocate to liquid markets. Returns for our A$18.6 billion infrastructure portfolio are driven by a globally-diversified program which captures global trends in demography, sustainability and technology to achieve a broad universe of assets. For more information, visit www.aware.com.au or follow us on LinkedIn.

Contacts

euNetworks
Hannah Britt
hannah.britt@eunetworks.com
| +44 7717 896 446

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
| +1 (646) 540-5225

APG
Robert Bakker
robert.bakker@apg.nl
| + 31 6 4629 6189

IMCO
Annette Robertson
annette.robertson@imcoinvest.com
| + 1 (437) 233 3971

Aware Super
Sara Bradford
sara.bradford@aware.com.au
| + 61 (04)478405382

 

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Platinum Investment in Tak Fueled by Expected Rise of Fiber

Platinum

The fiber-to-the-home market is expected to grow with the rise in streaming TV and other factors contributing to that growth.

Earlier this year, while explaining Platinum Equity’s investment in broadband provider Tak Communications, Managing Director Krasner is quick to note that Amazon Prime Video’s airing of an NFL playoff game earlier this year – with 23 million viewers – was the most-streamed live event in U.S. history. Also, the NBA is nearing a deal with Amazon that would make the streaming behemoth a broadcast partner.

With providers expected to make more content only available via streaming, viewers are expected to continue following. For an optimal viewing experience, fiber is considered the best option.

Krasner has an anecdote that lands even closer to home to explain fiber preference. He recalled his former house, which had access to fiber.

“I think fiber has proven to be the best way to get the internet at home,” Krasner said. “If you have access to fiber at your house, which I don’t right now, you have to use a cable modem and it stinks.

“My old house had access to AT&T fiber, and I think it was just faster.”

Platinum Equity announced a “significant investment” in TAK Communications, a national provider of communications and broadband infrastructure services, in March. Headquartered in Sioux Falls, S.D., TAK provides fiber and broadband network services, last-mile connectivity and other solutions for the broadband and telecommunications industries.

“TAK has built an impressive business with national scale that today provides full end-to-end capabilities across the network deployment value chain,” Platinum Equity Co-President Jacob Kotzubei said in the release announcing the investment. “Fiber is the backbone of key technologies used to deliver broadband internet and wireless connectivity and we believe that demand for bandwidth will only continue to grow.”

The investment is another example of the firm investing in a founder- or family-owned company as Executive Chairman Micah Mauney established the company in 2004. Mad Engine, L&R Distributors and Arrow International are companies under the Platinum Equity umbrella with similar origin stories.

Mauney said: “I am proud of everything we have built over the last 20 years and am confident Platinum will be an outstanding partner for our next phase of growth. Platinum’s operations expertise is well suited to help us take the next step in delivering the very best customer experience, growing our amazing team members, and strengthening our goal in building America’s best communication services provider for our current and future customers.”

Platinum Equity’s Small Cap team led the TAK investment. The company’s owners and management retained a significant ownership stake in TAK and continue to lead the company.

Kotzubei and Krasner provided other details about the investment.

(Questions and answers have been edited for length and clarity).

Q:  Why did Platinum do this deal?

Kotzubei: Over the last decade the rest of the world has transitioned to a fiber-based infrastructure, but the U.S. is meaningfully behind in its deployment and isn’t expected to reach significant penetration for at least a decade – likely more. Fiber typically outperforms broadband solutions today and have more upside potential. The major telecoms – including AT&T – have all publicly reiterated their commitment to fiber. The business also shows a proven model for M&A growth.

Krasner: The founder sees a tremendous amount of growth potential in his business, but he knows he needs a financial partner to realize it. He was willing to roll a substantial part of his equity value in the transaction, and I think he really wanted to align with us because of the financial and people horsepower that he believes we can bring to his business.

Q: Who are TAK’s customers?

Krasner: It’s really the telecoms and the cable companies. Comcast and Charter are TAK’s two largest customers, but they will also do work for most of the mid-sized telecom and cable companies, anyone who’s supplying internet services to households around the U.S.

Q: Founder-owned companies are a consistent source of business for Platinum Equity. Why?

Kotzubei: Some of it goes back to (Platinum Equity Founder and CEO) Tom Gores. We relate to them because of how Tom founded Platinum. In the beginning, it was truly a family business, and that ethos remained as the firm has grown. It’s about what we stand for as an organization and why we’re a good partner for these family-owned businesses.

Specifically, we have always valued the things that we think founders value in their businesses, which is an ability to be nimble, not bureaucratic. It’s an ability to make quick decisions, an ability to really focus on the human side of what makes these businesses valuable, helping people feel appreciated. This translates well to founders who care about those kinds of characteristics in a business partner.

Krasner:  What we’re finding to be attractive investment opportunities are family-owned companies that really are not well-managed. From that perspective, they are very much like carveouts from the Fortune 1000. There’s a lot of parallels in founder-owned businesses and carve-outs. They’re not well-managed, maybe for different reasons, but the results are the same. Then there is the second bucket of family-owned businesses, like TAK, that have real growth prospects, but don’t have the capital or the human capital to realize those goals.

Q: How did Platinum become the preferred buyer?

Krasner: Like with similar transactions in the past, I think we won in part because the founder developed a relationship with us. He sees the horsepower that Platinum could bring to his business. He had opportunities to sell it to more strategic buyers, but he’d be selling a hundred percent in that case. He doesn’t want to sell a hundred percent, so he was willing to take less money now so long as he could have a substantial part of the equity going forward. He believes that’s ultimately going to be worth more in a few years than if he just sold out. I hope he’s right.

Q: Will this investment generate M&A activity?

Krasner: There are several regional large players, and TAK is one. There are still small service providers out there that just cannot grow out of their geographic region. The way TAK has grown historically is through small add-ons, and we certainly expect to continue to expand TAK’s geographic presence.

Q: Why is Platinum Equity a good operational fit for these deals?

Kotzubei: These businesses get the benefit of being affiliated with a firm that has 50-plus companies in many sectors around the world. We understand trends, we try to see around corners, which can bring visibility into what’s happening around the globe, what’s happening on these issues of supply chain, issues with inflation. They get that benefit that can help them protect their business or take advantage of opportunities to grow it. The business may be small, but they’re getting the benefit of being part of a really large organization with really large businesses that see everything that’s happening. We like to keep our finger on the pulse of the economy and the supply chain and the capital markets and all these things that as a family business, you probably can’t pay a lot of attention to.

Q: You mentioned other family-owned, Small Cap deals. Any other similarities with previous deals?

Krasner: This is not a Unical or a Tarter Farm & Ranch Equipment, which needed real operational turnarounds. This is more managing growth and maximizing profitability through that growth. I think that’s really what the ops team is going to focus on over the coming year. This is not really a true operationally intensive investment – at least that’s not the intent going in.

Q: What are the downsides here?

Krasner: The growth appears to be on the infrastructure side, the construction side of lane fiber. This would be when a community is growing or a housing development is under construction, or you’re going to build fiber infrastructure so that a whole neighborhood can access fiber to get internet services. This business is new for TAK.

Can they grow this business efficiently? That’s why I say the focus is going to be on profitable growth, not just growth. The risk is that they win work, but they don’t do it in a profitable manner because they don’t have a 30-year history of this type of work.

 

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Bridgepoint announces closing of ECP transaction

Bridgepoint

Further to Bridgepoint’s announcement on 6 September 2023 regarding the agreement to add Energy Capital Partners Holdings LP and affiliated entities (“ECP”) to its platform and updates provided on 2, 19 and 20 October 2023, and 4 March 2024, the Company is pleased to announce today that closing of the transaction has occurred, creating a leading global private asset growth investor focused on the middle market.

The combined group encompasses private equity, infrastructure and credit investing, with a strong presence across Europe, North America and Asia. The transaction accelerates the Enlarged Group’s growth ambitions, creating new opportunities for expansion due to complementary investment strategies and geographic footprints.

Bridgepoint remains confident in the transaction’s ability to improve the Group’s earnings quality and margin profile, while offering shareholders increased strategic diversification and the potential for enhanced earnings growth.

 

Raoul Hughes, Chief Executive of Bridgepoint, said:

“The addition of ECP is a transformational step for Bridgepoint and ECP, combining two complementary businesses to form a more global, better diversified middle-market private assets investment platform. This partnership strengthens our scale, strategic development and earnings quality, while broadening our growth potential. Bridgepoint is committed to delivering the benefits of the transaction by enhancing growth opportunities and offering a broader product mix to our combined investors. ECP has an exceptional leadership team and together with our new colleagues, we look forward to the exciting opportunities ahead.”

Doug Kimmelman, founder of ECP, said:

“We’re immensely excited and proud to join forces with Bridgepoint as we look to accelerate growth for both businesses and maintain best-in-class service for our clients.  Our platforms are complementary as are our geographic footprints, and at a critical time for energy security and the global energy transition, we believe ECP’s long-standing history and expertise in the space will drive opportunities across the combined platform, including those that can now be unlocked with Bridgepoint’s differentiated viewpoint and network. Our firms share a culture of collaboration, ethical integrity and investment excellence. We look forward to working together.”

 

As indicated in the circular published on 2 October 2023 (the “Circular”), (i) entities affiliated with the Blue Owl Sellers have elected to exchange 22,814,631 OP Units for newly issued Bridgepoint Shares; and (ii) certain Awards granted in accordance with the ECP Employee Equity Terms vested immediately on grant, and consequently 4,288,937 Bridgepoint Shares shall be issued in settlement of such Awards. Accordingly, an application has been made for 27,103,568 newly issued Bridgepoint Shares to be admitted to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, with admission expected to occur on 22 August 2024.

For the purposes of UKLR 7.3.3, the Company confirms that completion of the transaction has taken place and, except as disclosed, there has been no material change affecting any matter contained in the Circular.

Capitalised terms not otherwise defined in this announcement have the meaning given to them in the Circular.

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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FibreMax signs Memorandum of Understanding with UK’s largest port operator

NPM Capital

NPM investment FibreMax, a company specialised in the development and production of extremely strong wound fibre cables, and Associated British Ports (ABP), the largest port operator in the United Kingdom, have signed a Memorandum of Understanding (MoU). This agreement aims to explore development opportunities at ABP’s Port of Swansea in South Wales together with emerging opportunities for the Floating Offshore Wind (FLOW) sector in the Celtic Sea.

FibreMax signs Memorandum of Understanding with UK’s largest port operator

 

FibreMax is renowned for its innovative, patented parallel wound (PWT) technology for synthetic cables. These cables are not only lighter than steel cables but also last five times as long. This technology will allow FibreMax to provide a cutting-edge mooring system solution for floating offshore wind turbines. With the Celtic Sea, located north-east of Ireland, poised to become a major site for green energy generation from floating offshore wind (FLOW) turbines, the region will be a strong driver of demand for the offshore wind supply chain.

 

The collaboration between FibreMax and ABP is expected to create up to 90 full-time jobs via a new bespoke dockside facility. The project will be a major driver of sustainable green energy solutions as well as economic growth for the region as a whole.

 

More information is available at the FibreMax website.

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Waterland Private Equity and Lebara Group announce strategic partnership

Waterland

London, 12 August 2024 – Waterland Private Equity is pleased to announce the acquisition of Lebara Group B.V. (“Lebara”), a leading Mobile Virtual Network Operator (“MVNO”) providing high-quality telecommunications services to over four million customers across the UK, Netherlands, Germany, France, and Denmark.

Founded in 2001, Lebara has become one of the most successful MVNOs in Europe, continually expanding its offering and geographic footprint. Today, it is recognized as a leading challenger brand in its European mobile telecommunications markets, providing over four million customers with a great value alternative to the established category players, as well as exceptional customer satisfaction.

The transaction marks a buyout by Waterland Private Equity from the main existing owners Alchemy and Triton Partners. Waterland has been in discussion with the sellers and their advisors since January 2024 exploring strategies for Lebara’s seamless transition and continued growth.

Lebara’s strategic positioning as a value-focused challenger brand in the mobile SIM markets presents significant growth opportunities as consumers across Europe increasingly seek high-quality services at competitive prices. Lebara’s strong track record across its five markets demonstrates its ability to grow and adapt, making it a prime candidate for further expansion in partnership with Waterland.

Waterland has 25 years of experience in partnering with companies across Europe and brings extensive experience in the telecommunications sector through investments over that time. With this acquisition, Waterland aims to support Lebara’s growth ambitions in each of its markets.

“We are thrilled to partner with Lebara and its talented management team. Lebara has built a strong brand and loyal customer base by providing high-quality mobile telecommunications services at competitive prices. We look forward to working closely with the management team to continue on Lebara’s growth journey together, leveraging our expertise in the telecommunications sector.”, says Wendy McMillan, Partner at Waterland Private Equity.

Stephen Shurrock, CEO of Lebara, also shared his thoughts on the new partnership: “We are excited to join forces with Waterland Private Equity. Their extensive experience and successful track record in the telecommunications industry make the Waterland team an ideal partner for us. This partnership will provide us with the resources and strategic support needed to accelerate our growth and enhance our service offerings, ultimately benefiting our customers across all our markets. It has also been our pleasure to work with Alchemy and Triton over the last few years. They have been hugely supportive of the Lebara turnaround, and have invested in the company to achieve significant growth. Lebara now has the latest digital platform, a focus on customer experience and strong team to continue its growth story.”

As with all deals and transactions of this nature, this partnership is subject to necessary regulatory approvals before the acquisition can be completed.

Press Contact:
Ellie Hallam
Phone: +44 7502 409118
E-mail: ellie@wearehollr.com

ABOUT LEBARA
Lebara Group B.V. is a Mobile Virtual Network Operator (MVNO) offering high-quality, cost-effective telecommunications services. Serving over 4 million customers across the UK, Netherlands, Germany, France, and Denmark, and operating brand license agreements in a further 5 markets around the world, Lebara is the smarter choice for value-conscious consumers.

ABOUT ALCHEMY
Alchemy is a leading European corporate special situations investor. The Partners, Thomas Boszko, Ian Cash, Alex Dupée, Alex Leicester, John Rowland, Dominic Slade and Toby Westcott, have worked together for 12 years and lead a team of 25 investment professionals including experienced Senior Advisers and Portfolio Consultants.

Alchemy is focused on the mid-market and is a specialist in acquiring control of businesses through debt and equity. The firm has invested over £3bn since 2006 across more than 80 companies, spanning a broad range of sectors including financial services, hospitality and housebuilding.

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

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TIM: Agreement signed with Ardian and Daphne 3 to sell the residual stake in INWIT

Ardian

Expected in the fourth quarter proceeds of approximately €250 million, not included in 2024 guidance.

TIM, Impulse I (a consortium led by Ardian) and Daphne 3, have reached an agreement for the sale of TIM’s remaining 10% stake in the share capital of the holding company Daphne 3, which holds 29.9% of the share capital of Infrastrutture Wireless Italiane (“INWIT”).

The agreement is based on a valuation of INWIT share price of €10.43 and corresponds to proceeds to TIM, not included in the 2024 guidance, of approximately EUR 250 million, taking into consideration the existing net debt at Daphne 3 level. Terms and conditions of the transaction are in line with the practice of public M&A deals of comparable nature, including certain customary protections applicable after signing.

The closing of the transaction is subject to certain conditions and is expected to take place in the 4th quarter of 2024.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

 

ABOUT TIM

TIM offers fixed and mobile telephony services and products for communication and entertainment for individuals and households and supports small and medium-sized enterprises in their path towards digitalisation with a portfolio tailored to their needs.
Cloud, IoT and Cybersecurity technologies are at the heart of TIM Enterprise’s End-to-End solutions for companies and the public institutions that support the country’s digital transformation by making use of the largest data centre network in Italy, the expertise of Group companies such as Noovle, Olivetti and Telsy, and partnerships with leading industrial groups.
TIM Group develops 4G and 5G mobile network and fibre network infrastructure, that makes available to the entire market, both through a widespread national presence and intentionally through Sparkle. In Brazil, TIM Brasil is a major player in the South American communications market and a leader in 4G and 5G coverage.
The Group also support projects of high social interest via TIM Foundation in Italy and Instituto TIM in Brazil.

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

TIM

Press office https://www.gruppotim.it/media

+39 06 36882610

 

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Novacap Announces Partnership with CTG

Novacap

Novacap, a leading North American private equity firm, announced today that it has entered into a partnership with Communications Tower Group I LLC (“CTG”). CTG is the third portfolio company within Novacap’s Digital Infrastructure platform.

Headquartered in Charlotte, NC, and founded in 2015, CTG is a leading developer and operator of communication tower infrastructure in the U.S.

“This partnership highlights our commitment to investing in core telecommunications assets. We take great pride in backing the CTG team in their ambitions to develop telecommunications infrastructure in the U.S.,” says Ted Mocarski, Senior Partner, Head of Digital Infrastructure at Novacap.

“We are excited and pleased to announce our partnership with Novacap. This collaboration will bolster our ongoing mission to build, own, and manage critical wireless infrastructure assets throughout the United States, while also facilitating the deployment of 5G and eventual 6G networks,” says Ricardo Loor, CEO and Co-Founder at CTG.

Choate Hall & Stewart LLP served as legal advisor to Novacap. Taft Stettinius & Hollister LLP served as legal advisor to CTG.

About CTG

Founded in 2015, Communications Tower Group I LLC’s (CTG) team leverages over 120 years of combined experience in the wireless telecom industry to deliver high-value asset development. The CTG team has been involved in thousands of wireless infrastructure projects and has the ability to develop some of the most prized vertical assets in its class. For more details, please visit: https://ctowergroup.com.

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market companies in four core sectors, Technologies, Industries, Financial Services and Digital Infrastructure. Novacap combines deep sector specific expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. Novacap has over C$8 billion of assets under management and more than 110 employees, including 65-plus investment professionals, across offices in Montreal, Toronto and New York. For more information on Novacap, please visit: https://novacap.ca.

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ArcLight Announces Operating Focused Renewables Initiative and New Wind Investment

Searchlight Capital
  • SkyVest Renewables created with a highly experienced team and advisory board to operate and optimize renewables assets
  • Initial $500 million capital commitment for new investments and brownfield development
  • Acquisition of 160 MW operating wind farm indicative of strategy and value-add focus

BOSTON, July 29, 2024 /PRNewswire/ — ArcLight Capital Partners (together with its affiliates, “ArcLight“) today announced the launch of operating focused renewables investment initiative SkyVest Renewables (“SkyVest“) and concurrent acquisition of a 160 MW operating wind farm.

SkyVest, formed by ArcLight to operate and optimize acquired assets, builds on ArcLight’s deep history in renewables since 2001 and brings together an experienced and tenured team to provide transformational management and operational best practices for ArcLight’s investments in wind and solar infrastructure.

SkyVest Logo
SkyVest Logo

ArcLight is providing an initial $500 million capital commitment to the initiative, and as part of this, concurrently closing on the acquisition of a 160 MW operating wind farm located in the Midland Basin in Texas that reached commercial operations in 2020. SkyVest will leverage its internal expertise and ArcLight’s resources to drive a value-enhancing operational and commercialization strategy.

ArcLight and SkyVest will target operating utility-scale wind and solar assets in North America. Through the implementation of operational, technical, commercial, financial and redevelopment best practices, assets managed by SkyVest will have the potential to generate significant near-term cash flow while protecting against downside risk. SkyVest will also augment ArcLight’s existing dedicated in-house operations resources in asset management, data analytics, and project risk management.

“ArcLight has a deep history of investing in renewables dating back to our first fund, focused on bringing operating excellence, innovation, power expertise, and brownfield development skills to drive value and mitigate risk,” said Dan Revers, Managing Partner of ArcLight. “SkyVest augments our existing in-house capabilities to implement these value-added levers. We see a growing opportunity to capitalize on this strategy with a continued disciplined and highly selective investment approach.”

SkyVest is led by a group of experienced and tenured executives including President Michael Murphy, previously the SVP and CIO of Clearway Energy, and CFO Michael Current, previously the SVP of Finance of JERA Americas. The executive team is complemented by an accomplished team of senior advisors and board members including Mark Albenze, former CEO Global Service at Siemens-Gamesa; Tom Kiernan, former CEO of American Clean Power/AWEA; and Scott Hall, former CEO of Great River Hydro.

“I am excited to partner with ArcLight, which I view as one of the leading domestic renewable infrastructure investors,” said Mr. Murphy. “ArcLight has a multi-decade history of making renewable infrastructure investments, driven by a value-added approach and operational resources that I believe are imperative to driving value and mitigating risk in the renewables market today.”

“As the renewables sector continues to grow and mature, the operational and commercial requirements are changing, which in turn creates the opportunity to apply a value-add skill set compared to the ‘growth-at-all-cost’ orientation of the past,” said Carter Ward, Partner at ArcLight. “Similar to ArcLight’s prior operating renewable investments – including Leeward, TerraGen and Great River Hydro – we believe SkyVest has the resources required in today’s market to become one of the leading operators of wind and solar assets in the U.S.”

About ArcLight
Founded in 2001, ArcLight is a leading value added, infrastructure investment firm with strategic partnerships and investments across the power, renewables, strategic gas, battery storage, and transformative infrastructure sectors. ArcLight has a long track record of investing across the electrification infrastructure asset value chain to help support reliability, security and sustainable infrastructure. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in house strategic, technical, operational, and commercial specialists, as well as the firm’s ~1,900-person asset management partner. Since 2001, ArcLight’s funds have invested in infrastructure and related businesses with nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

About SkyVest
SkyVest is a strategic management team formed and owned by ArcLight to manage and operate utility-scale renewable wind and solar infrastructure. SkyVest will focus on operating wind and solar assets that, through operational, technical, commercial and brownfield development best practices and innovation, have the potential to generate near-term cash flow and mitigate risk. SkyVest also leverages ArcLight’s dedicated portfolio operations resources in asset management, data market analytics, and project risk management to help meet the growing need for renewable infrastructure, access to affordable power, reliability, and sustainability. For more information, visit www.skyvest.com.

SOURCE ArcLight Capital Partners

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CVC DIF to acquire leading German aviation ground service equipment lessor HiSERV

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HiSERV

  • HiSERV owns a fleet of more than 5,000 vehicles across 30 European airports
  • CVC DIF backing will support further growth in the wider European market

CVC DIF, the infrastructure strategy of leading global private markets manager CVC (via its CIF III fund), has agreed the acquisition of HiSERV, the German market leader in aviation ground service equipment (GSE) leasing from AVECO Holding.

HiSERV engages in GSE leasing and maintenance and repair services through its network of workshops across European airports. It serves a blue chip customer base of independent ground handlers, airlines and airport operators. The company owns and services a fleet of over 5,000 units varying from motorised pushback tractors and belt loaders to non-motorised dollies and baggage carts. HiSERV is headquartered in Berlin, Germany, and serves over 60 customers across more than 30 European airports.

HiSERV will be acquired from AVECO Holding, a German family holding predominantly active in facility services. In 2017, the current CEO of HiSERV Roland Ückert spun HiSERV out of WISAG Aviation Service, a leading multinational ground handler and airport service provider, with a view to establish a superior GSE leasing offering to the broader market.

The company has shown significant growth on the back of strong post-covid aviation sector recovery and a focus on delivering high-quality equipment and services to its customers. Now that HiSERV continues as a stand-alone company backed by CVC DIF, a next phase of growth lies ahead as a pan-European GSE platform.

“HiSERV has been revolutionising the GSE leasing market since 2017 by delivering premium quality at fair and transparent prices. I am thankful for the support provided by AVECO Holding in building up the company over the years and am very excited about the next chapter of growth with CVC DIF, where we can continue to enable to serve our customers to be competitive in ground handling on a pan-European level. There are significant growth opportunities for HiSERV ahead and we are keen to be supported by CVC DIF in the next phase,” said Roland Ückert, CEO of HiSERV.

Willem Jansonius, Partner and Head of CIF Investments at CVC DIF, commented: “We are impressed by HiSERV’s strong growth and relentless focus on delivering high-quality GSE and services to its customers across Europe. GSE is essential infrastructure for the aviation industry and the further electrification of the fleet will positively contribute to the energy transition of the wider industry. HiSERV is a strong platform to expand market share in the growing GSE leasing market both organically and inorganically and we look forward to working closely with Roland and his team.”

Michael C. Wisser, CEO at AVECO Holding, added: “I am proud of HiSERV’s growth path, driven by a strong team of dedicated people and their unwavering focus on customer excellence. The company is now ready for its next phase of growth to make its high-quality services available throughout the whole of Europe and CVC DIF is the perfect partner to make this happen.”

The transaction is subject to customary regulatory approvals and expected to close in Q3 2024.

 

About HiSERV

HiSERV is the German market leader in ground service equipment (GSE) leasing with a strong European foothold. Since 2017, HiSERV provides customers with the best possible fleet design at airports to optimize, and thus save, elementary resources in the long term. This is done by offering premium quality, great flexibility, and smart GSE at a fair and transparent price. The large fleet of over 5,000 units are an essential part to the aviation infrastructure.

For more information, please visit: www.hiserv.aero

About CVC DIF

CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c.€18 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 240 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 29 offices across five continents.

For more information, please visit www.dif.eu or follow us on LinkedIn.

About AVECO Holding

AVECO Holding is a non-listed stock corporation. It unites the business areas of WISAG with WISAG Facility Service as a full-service provider for real estate services, WISAG Industry Service as a specialist for support services for industry and WISAG Aviation Service as a full-service provider for ground handling services. AVECO Holding is family-owned and located in Germany.

For more information, please visit: www.aveco.de

 

Press contacts:

For CVC DIF

Renate Klöters

press@dif.eu

For AVECO Holding

Jana Lorena Eggert

jana.eggert@wisag.de

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EQT to sell its stake in fiber-to-the-home network Fiberklaar

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EQT, which co-founded Fiberklaar in 2021, has agreed to sell its stake to co-shareholder Proximus

Since 2021, Fiberklaar has successfully become the leading independent fiber-to-the-home provider in the Flemish region of Belgium

Today, Fiberklaar has many active construction projects across Flanders and is well on track to bring fiber to households throughout the region

EQT is pleased to announce that the EQT Infrastructure V fund (“EQT”) has signed an agreement to sell its majority stake in Fiberklaar (the “Company”) to its co-shareholder Proximus, Belgium’s largest telecom operator, for a purchase price of EUR 246 million.

Headquartered in Ghent, Fiberklaar is Flanders’ leading independent fiber-to-the-home provider, rolling out a large-scale, open access network to households and small businesses. Today, Fiberklaar has many active construction projects across Flanders and is well on track to bring fiber to households throughout the region. Fiberklaar was founded as a joint venture in 2021 by EQT and Proximus, marking EQT’s first partnership with a national telecoms incumbent.

Applying its experience in developing strong fiber companies in Europe and North America, EQT, alongside Proximus, has supported Fiberklaar in creating an efficient rollout engine to build a fiber network accessible to all operators. Since its formation, Fiberklaar has played an instrumental role in accelerating fiber deployment in the Flemish region, driving digital inclusion in Belgium which continues to lag other European countries in terms of fiber coverage.

Having achieved significant milestones during its ownership, EQT’s exit is a natural next step for Fiberklaar. The Company now begins a new chapter in its journey to increase access to high-speed connectivity solutions in Belgium, while playing a role in Proximus’ possible future cooperation agreements to roll-out fiber in Flanders.

Ulrich Köllensperger, Partner within the EQT Value-Add Infrastructure Advisory team, said: “Private capital has a huge role to play in supporting companies solving connectivity gaps and modernizing digital infrastructure. We are pleased to have helped Fiberklaar scale so quickly together with Proximus, drawing on our vast experience of multiple fiber-to-the-home rollout projects across geographies. We thank the entire Fiberklaar team for their contribution and look forward to following the Company’s journey as it continues to foster digital inclusion and contribute to the prosperity of the Flemish Region.”

Guillaume Boutin, CEO Proximus, said: “Over the past three years, Fiberklaar, with full support of EQT Infrastructure and Proximus, has transformed from a start-up into a strong deployment engine. Becoming the only shareholder of Fiberklaar will allow us to work more closely together and further increase the efficiency and quality of the fiber roll-out in Flanders, while capturing the value generated by synergies.”

Jo van Gorp, CEO Fiberklaar, said: “I am very grateful to EQT for their great cooperation and support and look forward to the next phase of our partnership with our sole shareholder Proximus. Fiberklaar has played an instrumental role in accelerating fiber deployment in the Flemish region, driving digital inclusion in Belgium which continues to lag other European countries in terms of fiber coverage. We have achieved many impressive milestones over the last years with our most valued employees, construction partners and suppliers. With the valuable experience and know-how of the Proximus Group and the good relations with our stakeholders, Fiberklaar is well positioned to continue its mission to further roll out its high-quality and future-proof fiber network open to all.”

The closing of the transaction is expected in the coming days.

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 133 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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