Press release Archives - DIF Capital Partners

25 July 2024 | Frankfurt

CVC DIF to acquire leading German aviation ground service equipment lessor 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

5 July 2024 | Paris

CVC DIF agrees to sell stake in France LNG Shipping to KKR-backed Ocean Yield

The strategic partnership and investment provided by CVC DIF funds has led to substantial expansion in FLS’ fleet of Liquefied Natural Gas ships

CVC DIF is pleased to announce that it has agreed to sell a 29% economic interest in France LNG Shipping (FLS), which operates state-of-the-art Liquefied Natural Gas (LNG) carrier vessels under long-term charters to tier-one European energy companies.

CVC DIF’s stake in FLS, held through its CIF I and CIF II funds, will be acquired by Ocean Yield AS, a ship-owning company with investments in vessels on long-term charters. Ocean Yield AS is wholly owned by KKR Global Infrastructure Investors IV, a fund managed by KKR.

Over the past five years, CVC DIF and FLS’s management team have partnered with some of the most well-known players in the maritime industry to establish a leading, integrated French LNG ship owning platform. During this period, LNG has proven to be essential to global energy security.

Willem Jansonius, Partner and Head of CIF Investments at CVC DIF, said: “This transaction is a perfect example of CVC DIF’s value-add strategy as FLS is a bigger and better business now than it was in 2019.”

“A key CVC DIF objective is to support growing infrastructure businesses on the back of strong positive sectorial trends and realise attractive returns for our investors. We are proud of the development of the FLS platform and pleased to see a new partner coming in to support its future growth.”

FLS is a 50:50 joint-venture between Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping company, and French company Geogas LNG. Geogas LNG is jointly owned by CVC DIF, Access Capital Partners and Geogas Maritime, a leading French ship-owner that has been active in the market for the past 45 years.

In November 2019, the CIF I fund closed an investment to finance an initial batch of five newbuild LNG vessels through FLS. In 2021 and 2022, the CIF II fund also invested in FLS to finance the acquisition of Gazocean, a French ship management company which has operated LNG vessels for more than 60 years, and the addition of three more vessels.

Closing of the transaction is subject to conditions and is expected to take place in the second half of 2024.

CVC DIF was advised on the transaction by Rothschild & Co (financial), Orrick, Herrington & Sutcliffe (legal, corporate), Watson Farley & Williams (legal, project), FTI Consulting (commercial), DNV (technical & environmental), KPMG (tax), 8Advisory (accounting) and Marsh (insurance).

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.

Press contact:

DIF Capital Partners: press@dif.eu

3 July 2024 | Schiphol

Completion of acquisition DIF Capital Partners by CVC

DIF Capital Partners is pleased to announce that the CVC acquisition of an initial 60% stake in DIF has been completed.[1]

We are delighted to start this next phase of our journey in a joint partnership with CVC. To benefit from the strength of both brand names, our infrastructure business will be renamed CVC DIF going forward. The investment strategies, the composition of the Investment Committees and the branding of the individual investment strategies remain unchanged.

Furthermore, Wim Blaasse, Managing Partner and Head of CVC DIF has announced he will transition to the role of Chair effective on 1 July 2025. From that date, Gijs Voskuyl will be stepping into his position and will head the company as Managing Partner, together with the partner group. Wim Blaasse will remain fully involved in helping drive the business over the next several years, including continuing to chair the investment committees. Gijs joined DIF in 2008 and, alongside Wim, has played an instrumental role in building the DIF platform over the past sixteen years.

Read the press release here.

[1] With an additional 20% to be acquired shortly after 31 December 2026 and the final 20% to be acquired shortly after 31 December 2028.

24 June 2024 | Paris

DIF high speed fibre portfolio company ielo closes EUR 208 million senior debt financing

DIF Capital Partners (via its CIF II fund) and ielo’s founding shareholders are pleased to announce that DIF portfolio company ielo, a leading French high speed fibre provider, has closed a EUR 208 million senior debt financing to refinance its existing debt and support its growth ambitions.

ielo is the sole neutral wholesale provider of high-speed Fibre-to-the-Office (FTTO) infrastructure with a countrywide presence in France. It covers 3,300 municipalities and provides guaranteed high-bandwidth connectivity to a client base of 400+ wholesale customers.

DIF made its first investment in ielo in 2020. Since then the company has accelerated the deployment of its fibre optic infrastructure network from c. 2,000km to 27,000km.

The financing package comprises senior loans provided by a club of senior lenders including NAB, NordLB, EdRAM, LCL, NIBC and LBPAM. There is a further uncommitted accordion facility available to support the business plan by expanding the financing when required.

The successful financing provides further momentum to ielo’s progress in expanding and densifying its neutral wholesale fibre network across France. The transaction is a testament to DIF’s value creation capability and ability to secure competitive financing for critical infrastructure projects.

Willem Jansonius, Partner and Head of CIF at DIF, comments: “ielo is a tremendously successful growth story in high speed fibre. Its outstanding operational performance and customer focus make it an exceptional player in its market. This financing will power the next stage of its development.”

DIF was advised by RBC Capital Markets, Latham & Watkins and Dentons. Lenders were advised by A&O Shearman.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 18 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected early July 2024.

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

About ielo

ielo is an independent French telecoms infrastructure operator specialising in very high-speed fibre optic networks, providing a high-quality solution to the needs of the business and local authority markets.

Now operating in more than 3,300 municipalities, ielo offers a network dedicated to the uses of the business customers of its operator partners and assists local authorities in rolling out their own networks to support their public service missions. ielo’s next-generation infrastructure is designed, deployed and maintained internally to offer the highest level of availability. In 2024, ielo had 330 employees, including 200 technicians, working in 12 Regional Technical Centres to provide a consistent, controlled quality of service.

Press contact:

DIF Capital Partners: press@dif.eu

18 April 2024 | Paris

DIF Capital Partners enters into exclusive negotiations to acquire TDF fibre business

DIF Capital Partners, a leading global infrastructure fund manager, has entered into exclusive negotiations with TDF and La Banque des Territoires to acquire the fibre business of the TDF Group, the operator of infrastructure and digital networks.

TDF Fibre is a French fibre business owned by TDF (79.5%) and Banque des Territoires (20.5%). The company owns four public-initiative networks under concession agreements that are all fully operational: Val d’Oise Fibre, Val de Loire Fibre, Anjou Fibre and Faucigny Glières Fibre, and one wholly-owned network: Yvelines Fibre. Its expertise in operating very high-speed networks with quality of service ranks among the best in France according to recent ARCEP studies.

DIF Capital Partners, via its DIF Infrastructure VII fund, is negotiating to invest in TDF Group’s fibre business by acquiring the entire share capital in (i) TDF Fibre and (ii) Lumière Fibre, a newly incorporated vehicle entirely held by TDF and to which TDF is expected to contribute its engineering, maintenance, fibre roll-out and construction services business units. Following the planned transaction, the TDF Group will continue to support TDF Fibre, particularly in terms of network supervision.

The investment being considered by DIF Capital Partners will enable TDF Fibre to continue to bring its recognized expertise to the benefit of local authorities, individuals and businesses, as well as to pursue development opportunities in existing and new territories.

This transaction, which is being negotiated, will require the implementation of the information and consultation process with the relevant French employee representative bodies, and could be completed by the end of 2024, subject to satisfaction of the customary conditions precedent.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

About TDF

As a transparent and impartial operator, TDF helps digital firms in mainland France and French overseas territories meet their strategic transmission goals. For radio and DTT broadcasting, mobile ultra high-speed broadband coverage and rolling out optical fibre, TDF brings clients in-depth operational expertise, a mix of unique and ground-breaking technology and an exceptionally widespread local presence. In an ever more connected world, over the last four decades or more TDF has enabled telecoms and media companies to connect the French regions and people, backed by its 8,600 sites, everywhere and faster. www.tdf.fr

About Banque des Territoires

Banque des Territoires is one of the entities of the Caisse des Dépôts. Banque des Territoires brings together in-house expertise for local areas. As a one-stop shop for customers, it acts alongside all local stakeholders: local authorities, local public-sector enterprises, social housing bodies, legal professions, businesses and financial players. Banque des Territoires assists them in the implementation of their public interest projects with a continuum of offers : advisory, loans, equity, bank services, consignments and special deposits. It has been set up to serve the interests of all local areas alike, from rural municipalities to large cities, with the ambition of maximizing its impact notably on ecological transformation and social and regional cohesion. The 37 territorial offices of Banque des Territoires ensure the implementation of its action across all metropolitan and overseas territories. www.banquedesterritoires.fr

Press contacts:

DIF Capital Partners: press@dif.eu

TDF: Pauline Mauger. Tel.: 07 70 01 18 27 – pauline.mauger@tdf.fr

Banque des Territoires – Groupe Caisse des Dépôts: Nathalie Police. Tel.: 06 07 58 65 19 – nathalie.police@caissedesdepots.fr

2 April 2024 | Schiphol

DIF Capital Partners opens office in Italy

DIF Capital Partners, a leading global infrastructure fund manager, is pleased to announce the opening of its new office in Italy. The Milan office will be DIF’s twelfth office.

The new office will target investments in Italy as well as allowing DIF to better serve its growing Italian investor base.

DIF’s Milan office will be headed by Roberta Battaglia. Roberta was most recently Head of Infrastructure at Italian sovereign wealth fund CDP Equity. While at CDP Equity, Roberta was responsible for the origination, transaction execution and portfolio management of assets operating in the infrastructure sector. In this role she also led the acquisition of Autostrade per l’Italia, Italy’s largest motorway network.

Prior to this, Roberta spent ten years in the investment team at Antin Infrastructure Partners in Paris. While there, she oversaw numerous European investments in – and management of – the telecom, transport and energy sectors. Before that, Roberta worked at Deutsche Bank – first in the Milan Corporate Finance team and later in the EMEA Infrastructure sector team in London.

Wim Blaasse, CEO at DIF Capital Partners, says: “We are delighted that Roberta is joining the DIF team to lead this latest step in the expansion of our global network. Italy is a highly attractive market with an increasing number of interesting investment opportunities across our key target sectors. Having a local team, on the ground, will really enhance our sourcing and management capabilities on the ground.”

“We’ve also expanded our investor base amongst Italian institutions so this new office will enable our investor relations team to better serve our existing and future investors in the region.”

Roberta Battaglia says: “I’m incredibly excited to be heading up DIF’s new Italian office in Milan. DIF has a reputation as one of the best mid-market infrastructure players in Europe and I look forward to working with my new colleagues to accelerate our expansion in Italy.”

“Italy is major beneficiary of the EU’s National Recovery and Resilience Plan (PNRR) – worth almost EUR 200 billion of investments in the energy and digital transitions. With the PNRR set to continue until 2026, the injection of money into Italy’s infrastructure will trigger further investment from private investors, making Italy a very active market.”

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

Press contact:

DIF Capital Partners: press@dif.eu

11 March 2024 | London

DIF Capital Partners sells UK onshore wind farm project to TfL Pension Fund

DIF Capital Partners is pleased to announce that DIF Infrastructure IV (DIF IV) has signed an agreement to sell a UK onshore wind farm project to the Transport for London Pension Fund. Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

The Wadlow wind farm project, located close to Cambridge, has an installed capacity of 26MW and comprises 13 Vestas V90 2MW turbines. The wind farm has been operational since September 2012 and was acquired by DIF IV in 2016.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “We are very pleased with the successful exit of this project. Our proactive approach to divestments helps to deliver attractive risk-adjusted returns for our investors, with this sale further demonstrating the strong track record of our investment strategies.”

“The success of this investment since 2016 demonstrates how financing the energy transition can deliver strong returns for our investors as well as drive the transition to net zero. DIF will be continuing to look for investment opportunities in the UK renewables sector in the coming years.”

DIF IV was advised on the transaction by PKF Francis Clark (financial), Osborne Clarke (legal) and Natural Power (technical).

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

Press contact:

DIF Capital Partners: press@dif.eu

5 March 2024 | Schiphol

DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

Press contact:

DIF Capital Partners: press@dif.eu

DIF Capital Partners raises EUR 6.8 billion

28 February 2024 | London

DIF Capital Partners sells US toll road Northwest Parkway

DIF Capital Partners (DIF) is pleased to announce that it has signed an agreement to sell its 33.3% stake in Northwest Parkway to VINCI Highways, subsidiary of VINCI Concessions, part of the VINCI group, global concession operator and construction company headquartered in France and listed on the Paris Stock Exchange. DIF is selling its stake in the toll road alongside its co-shareholders HICL Infrastructure PLC and funds managed by Northleaf Capital Partners in a joint sale for 100% of the equity interest in the project.

The Northwest Parkway toll road project (NWP) is a ca. 14km US toll road located in Denver, Colorado. Originally constructed in 2003, NWP comprises the northwest quadrant of the Denver Metropolitan area beltway. Among other purposes, the road serves as a vital connection between Northwest Denver and the Denver International Airport. The road was acquired by DIF in 2017, via its DIF Infrastructure IV (DIF IV) fund and co-investors, alongside consortium members.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “This successful exit represents a material transaction for DIF IV, after actively managing it through covid times back to normality, generating strong yield and now realising attractive returns for our investors.”

Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

DIF was advised on the transaction by Evercore (financial), Kirkland & Ellis (legal), C&M (traffic & revenue), KPMG (accounting & tax) and Arup (technical).

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with over EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

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

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

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

Press contacts:
DIF Capital Partners: press@dif.eu

30 November 2023 | Toronto

DIF investee company Tonaquint acquires EdgeX Data Centers in Oklahoma City

Premier data centre solutions provider expands geographic footprint.

DIF Capital Partners’ (DIF) investee company Tonaquint Data Centers (Tonaquint) has acquired EdgeX Data Centers (EdgeX), adding a further site to its portfolio of data centres in the United States.

Tonaquint is a specialised data centre provider offering cloud, colocation, backup, disaster recovery and network-as-a-service solutions to mid-market organisations through its facilities in the Mountain West and Southwest regions of the United States.

This acquisition adds another data centre to Tonaquint’s existing platform in Boise, Idaho and St. George, Utah, and enables Tonaquint to extend its robust portfolio into the rapidly growing Oklahoma City market, and adjacent markets. Tonaquint was acquired by DIF in December 2022.

The EdgeX facility is a purpose-built Tier III data centre, comprising 65,000 square feet in total, including two 10,000 square foot data halls, situated on a highly secure 4-acre campus. The facility has the ability to deliver water-chilled cooling for high density workloads.

Tonaquint plans to commission a minimum of 2.5 MW of critical IT load, via a phased approach, in the first year of operations. With an expansion capability of up to 12MW, the EdgeX facility holds significant future upside.

Strategically located near Will Rogers World Airport, the EdgeX facility utilizes the same electrical grid that powers the airport and is designed to withstand tornado-force winds of up to 310 mph, positioning it to provide 100% uptime.

As part of the transaction, Terry Morrison, Co-Founder and CTO of EdgeX, will join Tonaquint as COO and CTO.

Willem Jansonius, Partner at DIF and Tonaquint board member said: “This acquisition is a great step towards further building out the Tonaquint platform and expanding into underserved markets. We welcome Terry Morrison to join the strong management team at Tonaquint. Data centres form an important part of DIF’s investment strategy. We believe the investment offers substantial opportunities for value enhancement in the coming years, combined with reliable cash flows from high-quality contracts.”

Matt Hamlin, CEO of Tonaquint said: “Working with the EdgeX team has been an absolute pleasure. This transaction will enable Tonaquint to accelerate its growth and expand the service offering to our clients.”

John Parsons, Co-Founder of EdgeX said: “We are thrilled to be able to bring EdgeX together with Tonaquint and are excited about continuing to work with them to extend the capabilities of the Tonaquint platform into the very vibrant Oklahoma City market.”

About DIF Capital Partners

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

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

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

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

About Tonaquint

Tonaquint was founded in 2008 in St. George, UT, and entered the Boise, ID, market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. Tonaquint provides a comprehensive set of data center solutions to a diverse and growing client base in the technology, healthcare, financial services, and industrial sectors, in high growth and emerging markets. In December 2022, DIF Capital Partners acquired Tonaquint, to enable Tonaquint to continue its growth. To learn more and get connected, visit tonaquint.com.

About EdgeX

EdgeX was founded in 2021, after acquiring a facility originally built by Devon Energy. EdgeX provides resilient facilities for businesses with demanding uptime, scalable compute, storage, and content distribution requirements, across the financial services, digital content distribution, and insurance verticals. For more information, please visit https://edgexdc.com/about-us.

Press contacts:

DIF Capital Partners: press@dif.eu

Tonaquint: jsa_tonaquint@jsa.net

21 November 2023 | Schiphol

DIF Capital Partners to acquire a majority interest in Novar, leading Dutch developer of green energy systems

DIF Capital Partners (via its DIF Infrastructure VI fund) has signed an agreement to acquire 60% of Novar, the leading developer of large-scale sustainable energy systems in the Netherlands.

The transaction marks the start of a long-term collaboration to deliver sustainable and innovative renewable energy solutions. As part of the investment, DIF will provide growth capital to among others support the expansion of Novar’s utility-scale solar, rooftop solar and Battery Energy Storage Systems (BESS) portfolio.

Headquartered in Groningen, Novar owns and operates 440MW of utility-scale solar PV, rooftop solar and BESS projects. It has a development project pipeline of more than 15GW. Novar is a front-runner in integrated energy solutions, currently developing the largest private grid project in the Netherlands, which will provide grid connection for several of its large-scale solar and BESS projects, as well as the first Dutch solar thermal and green hydrogen projects.

The company operates a fully integrated Independent Power Producer model, providing operation & maintenance, technical & commercial asset management and consultancy & flex services to its own portfolio and to third parties.

Gijs Voskuyl, Partner at DIF, said: “The investment in Novar presents an opportunity for DIF to support the Dutch solar energy market leader with a long track record of successfully delivering ground-mounted and rooftop projects. Its existing 440MW contracted portfolio offers a robust investment proposition and with the extensive pipeline in solar and storage projects, we can continue to invest in energy transition investment opportunities going forward. We’re looking forward to working with Novar’s management team to continue to jointly grow the company in the years ahead.”

Gerben Smit, CEO of Novar Holding, expressed his enthusiasm, stating, “Thanks to this strategic partnership, Novar has the opportunity to shape further growth, expand internationally and achieve the target of 4GW of operating capacity by 2030.”

DIF was advised by KPMG (financial advisor), McKinsey (commercial advisor), Arup (technical advisor) and NautaDutilh (legal advisor). Novar was advised by Voltiq (financial advisor), Eversheds Sutherland and Hogan Lovells (legal advisors).

The transaction is subject to regulatory and other approvals and is expected to close in the fourth quarter of 2023.

About Novar Holding:

Novar Holding, formerly Solarfields, was founded in 2014 and specializes in the development of large-scale sustainable energy systems. For more information, please visit www.novar.nl.

About DIF Capital Partners

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

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

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

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

Press contacts:

DIF Capital Partners: press@dif.eu

Novar: David de Jong, david.dejong@novar.nl, +31 6 27971111

20 November 2023 | Sydney

DIF Capital Partners achieves full tenor refinancing on Bay Village -Karratha Accommodation Project

DIF Capital Partners (via its DIF V fund) is pleased to announce that it has successfully refinanced the Bay Village – Karratha Accommodation Facility, securing full tenor financing for the remainder of the availability based ~12-year concession, eliminating refinancing risk and providing future certainty for global energy company Woodside.

The value accretive refinancing delivers outperformance to investors and consists of a full tenor, low-cost, fully hedged senior debt facility from lead underwriter MUFG, leveraging DIF’s strong local relationship and taking advantage of the asset’s robust operational performance.

Bay Village, located in Karratha, Western Australia, comprises a 604-bed fly-in-fly-out (FIFO) facility purpose-built to accommodate employees and contractors engaged in Woodside’s North-West Shelf and Pluto energy projects. The facility offers a range of amenities, including a gym, outdoor swimming pool, recreational spaces, dining areas, multi-use sports courts, extensive food offerings, and social initiatives to promote the health, wellbeing and comfort of its residents.

Bay Village plays a pivotal role in supporting and bolstering Woodside’s energy projects in Australia, aligning with the global energy transition, and supporting neighbouring nations in emission reduction efforts.

The successful refinancing underscores DIF’s value creation capability, ability to secure competitive financing for critical infrastructure projects and track record of providing substantial value to our investors.

DIF Capital Partners was advised by Tetris Capital, Corrs Chambers Westgarth and Advisian. MUFG was advised by Allens.

About DIF Capital Partners

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

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

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

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

Press contact: press@dif.eu