24 January 2023  |  Toronto

DIF Capital Partners invests in Canadian fiber platform RFNOW

DIF Capital Partners is pleased to announce that it has closed an investment in Canadian internet service provider RFNOW Inc. to fund the further growth of its telecommunications network. RFNOW currently provides enterprise fiber, residential fiber, fixed wireless internet and phone services over its 1,500 km fiber optic network and tower portfolio in Manitoba and Saskatchewan, Canada. DIF made the investment through its CIF III fund.

The company will enhance telecommunications services for residents, businesses, and public services. RFNOW’s high-speed fiber network will increase economic and societal opportunities to local communities in historically underserved areas.

This investment follows prior successfully developed fiber investments by DIF Capital Partners in rural Canada.

“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNOW. “We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”

Willem Jansonius, partner and Head of CIF at DIF Capital Partners commented: “RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology. The management has done a great job in bringing the company to where it is now and we are very much looking forward to growing it further together. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada.”

DIF was advised by Agentis Capital, Davies Ward Phillips & Vineberg LLP, and KPMG in connection with this transaction.

About RFNOW Inc.

Founded in 2000, RFNOW Inc. is an independent internet service provider serving communities across Manitoba and Southeastern Saskatchewan. RFNOW specializes in the development, construction, and operation of fiber and wireless infrastructure. Based in Virden, Manitoba, RFNOW provides internet services to residential and commercial customers in more than 170 communities within 72 municipalities. The company provides high-speed internet and voice services to thousands of residential and business clients over a 1,500 kilometer network of owned fiber and tower portfolio. Today, RFNOW employs over 120 staff members and continues to grow and service more areas in Manitoba and Saskatchewan.

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

About DIF Capital Partners

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

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

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Diederik Heinink, d.heinink@dif.eu

10 January 2023  |  New York

DIF Capital Partners acquires US-based data center provider Tonaquint

DIF Capital Partners is pleased to announce that it has signed an agreement to acquire Tonaquint Data Centers, a leading data center provider in the Mountain West region in the United States, headquartered in St. George, Utah. Tonaquint’s management continues to hold a minority stake. The investment will be done through DIF’s core-plus CIF III fund.

Tonaquint is a colocation and cloud service provider with operations in St. George, Utah and Boise, Idaho. The company offers a comprehensive set of critical infrastructure products and services and is active in a fast-growing segment of the digital industry. The acquisition will enable Tonaquint to continue its growth, enhancing its existing facilities and expanding its service offering.

Tonaquint is mainly focusing on high growth smaller markets, which are not as well serviced by other major data center operators. It serves a well-diversified and growing client base in the technology, healthcare, financial services, and industrial sectors.

DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners, commented: “Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are. Now and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses. That’s exactly why we already started expanding our capabilities and expertise in the sector a few years ago.”

Matt Hamlin, co-founder and CEO of Tonaquint said: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”

Philip Daley, co-founder and COO of Tonaquint added: “Tonaquint’s ability to build and maintain quality data centers and cloud services is now enhanced by DIF’s ability to bring additional capital and expertise in digital infrastructure. We look forward to expanding our footprint and services throughout the United States.”

Bank Street Group LLC served as exclusive financial advisor to Tonaquint in connection with this transaction. Agentis Capital served as an exclusive financial advisor to DIF.

 

About Tonaquint

Tonaquint is a leading data center provider which operates two data center facilities in St. George, Utah and Boise, Idaho. Tonaquint was founded in 2008, and entered into the Boise market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. The company provides data center services to over 250 customers across its two facilities. Tonaquint provides a robust product suite including colocation, cloud services (including secure and compliant hosting for infrastructure), disaster recovery, and backup as a service, as well as ancillary network and managed services. Tonaquint has achieved strong success within its existing markets, leveraging a sales strategy focused on developing local relationships to build to a longstanding customer base.

For more information please visit www.tonaquint.com.

About DIF Capital Partners

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

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

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Diederik Heinink, d.heinink@dif.eu

28 December 2022  |  Paris

DIF Capital Partners and PGGM enter exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur

  • A consortium composed of DIF Capital Partners and PGGM has entered exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur, a leading provider of water services management solutions in France and internationally
  • Saur plays an essential part in the societies it operates in, fueled by its mission to protect and preserve water availability and quality, while minimizing discharge through efficient wastewater recycling
  • The broadened shareholder base adds new resources and expertise to support the continued long-term development of Saur’s pure-play water infrastructure platform

DIF Capital Partners is pleased to announce to have formed a consortium with the Dutch pension fund service provider PGGM (together, “the Consortium”) to enter exclusive negotiations with EQT Infrastructure III and IV funds (together, “EQT Infrastructure”) to acquire 50 percent of its stake in Saur (the “Company”). The Consortium members will each acquire 25 percent of EQT Infrastructure’s shares.

Headquartered in Paris, France, Saur is a leading innovator and service provider in the global water sector, working alongside thousands of municipalities across the globe to deliver drinking water and collect wastewater for more than 20 million people. In addition, through its Industrial Water division, the Company provides integrated water infrastructure solutions to hundreds of international blue-chip customers. Saur is present in more than 20 countries and enjoys strong market positions with long-term contracts in France, Portugal, Spain, and the Middle East.

Since the acquisition by EQT Infrastructure in 2018, Saur has undergone a successful commercial and operational transformation along with a refocus on core activities and geographical growth. EQT Infrastructure has supported the launch of a new organizational structure, accelerated organic and inorganic growth through the completion of 15 add-on acquisitions, while supporting expansion to Portugal and North America. Moreover, EQT Infrastructure has helped develop the Company’s new Industrial Water division, while implementing an ambitious ESG strategy and digitalization roadmap.

EQT Infrastructure, DIF and PGGM are committed to investing in Saur’s long-term development, providing the necessary resources and expertise to secure stability and continuous growth over the coming years. Saur is set to continue its strategic 2030 agenda focused on reinforcing its core water infrastructure activities in France and Iberia, while accelerating organic and inorganic geographic expansion and further developing its Industrial Water Solution division.

For PGGM Infrastructure Fund this acquisition contributes to the overall ambition of PGGM to invest its client PFZW’s pension capital in such a way that good and stable financial returns are combined with positive social benefits that improve livability. At the end of Q3 2022, PGGM had invested EUR 44.9 billion in Sustainable Development Investments across different asset classes, of which EUR 1.52 billion has been in water-related investments (SDG 6) in different parts of the world.

Delivering returns responsibly is one of the goals of DIF’s investment and asset management strategy, and the envisaged investment in Saur perfectly fits in this approach. DIF already has a strong footprint in water and energy transition investments as part of the more than EUR 15 billion in assets that it manages.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “In times of rising concerns around water scarcity, Saur is a critical pillar in the societies it operates in, providing local municipalities and their citizens with clean drinking water and efficient wastewater treatment. EQT Infrastructure is proud of Saur’s development so far and we now look forward to entering its next phase of growth journey together with our new partners PGGM and DIF Capital Partners”.

Patrick Blethon, Executive Chairman of Saur Group, said, “EQT Infrastructure has been and will continue to be our partner in the construction and execution of the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our corporate project. Welcoming PGGM and DIF Capital Partners onboard alongside EQT Infrastructure represents a great opportunity for Saur to develop faster and stronger.”

Dennis van Alphen, Head of Infrastructure at PGGM, said, “In today’s investment environment it is more and more important that pension capital is invested not just for financial return but to make an active contribution to society’s challenges. The envisaged investment in Saur is a seamless fit with that strategy, providing communities and companies across the world with access to clean water. We are excited to embark on this journey with our partner DIF Capital Partners and EQT Infrastructure.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said, “DIF is very excited to partner with PGGM and EQT Infrastructure in this transaction in the water sector. Saur has a very sizable and largely concession-based position in the French and Iberian Peninsula water sector and has strong growth potential, especially in the industrial water space. DIF firmly believes in Saur’s management team and looks forward to jointly growing the company towards being a sustainable leader in the industry.”

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

EQT Infrastructure was advised by Rothschild & Co. PGGM and DIF were advised by UBS.

About DIF Capital Partners

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

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

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Thijs Verburg, t.verburg@dif.eu

25 November 2022  |  Frankfurt

DIF invests in large scale fibre rollout in Germany

DIF Capital Partners will acquire a majority stake in ruhrfibre, and fund the buildout of a large scale fibre network in Essen (Germany) targeting around 150,000 households. The project marks a shift in Germany, where the number of urban fibre connections is still low and rollout in larger cities to date has not been attracting substantial private investments. Alongside DIF, the company is formed by project developer metrofibre and the City of Essen.

With DIF, through its DIF CIF III fund, as funding partner, ruhrfibre commits to a large scale fibre rollout throughout Essen. The project is a game changer to the city in the industrial Ruhr-area in terms of its economic advancement and will accelerate Essen’s development into a smart city.

Currently, Germany ranks 34th in terms of fibre penetration with only four OECD countries having a lower rate. This is not just the situation in German rural areas, but also in urban areas like Essen, where currently only 5% of households have a fibre connection.

In Essen, ruhrfibre will develop, construct and operate an urban fibre-to-the-home network that is primarily focusing on connecting private households, as well as public and business customers to high-speed internet. Over the next few years, the company will roll out a network of more than 1,000 km of fibre in the city.

“We firmly believe in the importance of an improved digital infrastructure in the beating heart of the Ruhr-region and helping Essen to become a smart city. For us, it’s an investment that perfectly fits in our CIF fund strategy, which focuses on small to mid-market infrastructure investments, of which the digital infrastructure space is a priority sector,” says Willem Jansonius, partner and head of investments of CIF at DIF Capital Partners.

The completion of the acquisition is subject to antitrust approval.

Earlier this week, DIF announced the expansion of its digital infrastructure team in Europe.

About DIF Capital Partners

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

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

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Diederik Heinink, d.heinink@dif.eu

9 November 2022  |  London

DIF invests EUR 150 million in Nordic solar developer Alight

DIF Capital Partners will acquire a majority stake in Stockholm-headquartered Alight, a leading developer of subsidy-free solar projects in the Nordics. The agreement includes an investment of EUR 150 million and a secondary buy-out of a number of existing shareholders. With the capital raised, Alight will accelerate the buildout of its near term pipeline of solar projects.

The company will do so by building out and retaining ownership of projects going forward and aiding the transition into an independent power producer. Alight built its foundation in the Nordic solar market by offering solar power purchase agreements (PPAs) to major commercial and industrial (C&I) power users, and has developed several of Sweden’s largest solar parks in addition to delivering multiple onsite solar solutions. The investment will enable Alight to accelerate its build-out of new solar projects in the Nordics and more broadly across Europe.

Commenting on the investment, Alight CEO Dr Harald Overholm said: “I am proud of Alight’s journey so far and this investment will accelerate our leadership in the subsidy-free solar build-out. Our delivery of solar-as-a-service to major power users makes us a natural partner to companies of all sizes and industries. We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition. Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial. Solar remains the cheapest and quickest energy source to scale, so building more to deliver energy security and reduce emissions is crucial.”

Nine years on from its founding in 2013, Alight is now a leader in Europe’s commercial solar roll-out through its subsidy-free approach to solar PPAs. In its native Nordics, Alight has over 1 GW pipeline of projects under development, much of which will be built out within the next 24 months. Alight also has an additional 170 MW pipeline under development across Europe.

Commenting on their investment in Alight, Gijs Voskuyl, Partner of DIF and Head of Investments for DIF Infrastructure VII, said: “We have been impressed by Alight’s track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts. We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight’s team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions.”

Having set an initial target to build 1 GW of solar assets by 2025, Alight now aims to have 5 GW of PPA-backed solar projects delivered across the Nordics and Europe by 2030. Alight’s PPAs protect major power users from price surges by offering fixed prices on 10-20 year contracts. Alight is also leading the Swedish market roll out of co-located battery storage, a key component of ensuring that grid stability copes with the solar roll-out.

In October this year, Alight announced Sweden’s largest co-located solar-plus-storage plant to be completed in December at a 12 MW solar park in Linköping. Alight developed and operates Sweden’s largest operational solar park, an 18 MW asset developed for Martin & Servera in Skurup. The company aims to bring forward co-location storage on future projects and retrofit existing assets to include storage.

Alight was advised by Newsec Infra (financial) and Mannheimer Swartling (legal adviser). DIF was advised by Augusta & Co (financial) and DLA Piper (legal).

 

About Alight
Alight is a leading Nordic solar developer and Independent Power Producer, co-founded in 2013 by Dr Harald Overholm, Richard Nicolin and Wilhelm Lowenhielm to usher in a new era of solar power to businesses seeking to go greener. With an entirely subsidy-free business model, Alight develops and operates solar projects, onsite and offsite, across Europe. By 2030 Alight is set to have an installed capacity of at least 5 GW backed with solar PPA contracts. Alight is the leading solar PPA provider in the Nordics – with customers including Swedbank, Nolato, Kingspan and Toyota – and is developing more than 1 GW of PPA-based projects across Sweden, with a further 170 MW under development across the rest of Europe. In 2021, Alight joined the United Nations Global Compact as part of its support of the UN Sustainable Development Goals.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

 

Contact: Diederik Heinink, d.heinink@dif.eu

1 November 2022  |  Schiphol

DIF appoints three partners

DIF Capital Partners is pleased to announce the appointment of three partners, Zaina Ahmed-Karim, Tom Goossens and Vincent Liu.

The promotion of Tom and Vincent from managing director to partner is in response to their personal contributions to the strong development of the firm. Tom and Vincent, who joined DIF in 2014 and 2016 respectively, have been leading several landmark investments over the years and have played a key role in further building the presence of DIF in their respective markets. Tom has been covering the UK, Ireland and Scandinavia, Vincent North America.

Zaina joined DIF on the 1st of September to succeed Robert Doekes as CFO. She will be responsible for finance and investor reporting, as well as tax, treasury, IT and operations. Zaina was previously CFO of Dasym, an investment management boutique firm. Prior to that, she spent 25 years at EY, of which 13 years as senior audit partner in the Financial Services group. She is a qualified chartered accountant and holds a Master’s degree in both Business Economics and Accountancy from the VU Amsterdam University, the Netherlands.

Robert Doekes retired as a partner after 13 years in his role as CFO. DIF is pleased to be able to continue to benefit from his experience and knowledge, given that he will stay active for DIF in several projects and advisory roles.

Managing partner Wim Blaasse said, “”We are very pleased to welcome Zaina, Tom and Vincent as partners of DIF. Zaina has now officially taken over the role of Robert as CFO. I’m confident her longstanding background and experience will be of great added value to DIF. At the same time, her appointment will further increase the diversity of our senior leadership team. We would like to express deep gratitude to Robert for his commitment and contribution to building a strong investment platform over the last 13 years. Tom and Vincent have already contributed substantially to where we are today and I am confident they will continue to play a crucial role in achieving the future success of the company.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

20 October 2022  |  Frankfurt

DIF partners with Deutsche Bahn on public transport concession in Germany

DIF Capital Partners is pleased to announce that it has signed a sale and lease back agreement regarding the acquisition of 29 new-build and electrical multiple-unit trains with DB Regio AG, a subsidiary of Deutsche Bahn AG. The investment will be made through DIF Infrastructure VI fund. MEAG acted as exclusive arranger for the senior debt financing.

DB Regio will sell 29 multiple-unit trains (Coradia Stream HC series), manufactured by Alstom Transport Deutschland, to DIF and lease them via an initial 15-year term to operate the “Kinzigtal” concession. This will connect the German cities Frankfurt am Main, Hanau, Fulda, Bebra as well as Wächtersbach.

Gijs Voskuyl, Partner and Head of Investments for the DIF VI strategy : “DIF is pleased to partner with Deutsche Bahn and our project lender MEAG on this project. Our investment is a component of a wider plan to extend and modernise the public transport services around Frankfurt. The aim is to make it more attractive, by contributing to the customer satisfaction as well as to increase sustainability of – especially – commuter transport from the suburbs to the city center.”

Benjamin Hemming, Head of Infrastructure Debt at MEAG, adds: “We are very pleased to make an important contribution to the modernisation of public transport in Germany with our exclusive debt arrangement for the Kinzigtal network. The new trains which will operate on the line will not only make commuting by train more convenient, but will also contribute to reducing emissions. With this innovative private placement we enable our institutional clients to participate in a long-term and sustainable financing at attractive terms.”

DIF was advised by Herbert Smith Freehills (legal), railistics (technical and commercial), Mazars (model audit and tax), ReedSmith and Loyens & Loeff (tax), Euro transaction Solutions (insurance) and Northrail (transaction structuring as well as long term asset management provider).

(Picture: © Alstom Advanced Design & Styling)

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

5 October 2022  |  Paris

DIF Capital Partners invests in leading global renewable energy platform Qair

Qair, a fast growing renewable energy platform company, and DIF Capital Partners, a leading global independent investment manager, are pleased to announce that they have signed a partnership agreement whereby DIF, through DIF Infrastructure VII, will invest in the company to accelerate its growth and portfolio build out.

Qair is an independent power producer that develops, owns, and operates multi-technology renewable energy projects. The platform is focused on a wide range of technologies including onshore and offshore wind, utility scale solar, energy from waste, hydroelectricity, (battery) storage, hydrogen production, as well as tidal energy. Qair is a global player with a presence in 20 countries. The majority of its activities are based in France, Poland, Germany, Italy, Spain and Brazil. The company has 550 employees and is headquartered in Paris, France.

Qair has an operational portfolio of c. 1 GW, which is mainly comprised of (onshore) wind (c. 75%) and solar projects, as well as a development pipeline of 25 GW. The company benefits from strong development capabilities and foresees to add around 4 GW of renewable projects over the next five years.

Louis Blanchard, CEO of Qair: “With my partners Jean Marc Bouchet and RGreen, and the broader Qair team, we are happy to welcome DIF Capital Partners and join forces to pursue the development of our group’s strategy. We are confident that with the entrepreneurial spirit that drives us both, DIF will offer us the best support in our mission to accelerate the energy transition, especially within the current complex energy market.”

Gijs Voskuyl, Partner at DIF and Head of Investments for DIF Infrastructure VII adds: “DIF is delighted to partner with Qair and its management team and support them in their next phase of growth. We believe the company has built up an excellent track record and an impressive pipeline across a wide range of renewable energy sectors and countries and is very well positioned to play a leading role in the continuous decarbonization of the global economy”.

Qair was advised by August Debouzy, PSP Avocats, NM Advisory, 8 Advisory, PwC, Niddam-Drouas and Drooms. DIF was advised by Astris Finance, KPMG, H3P, Clifford Chance, UL, DNV, Baringa and Marsh.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

22 September 2022  |  Paris

DIF Capital Partners acquires a majority stake in French EV charging operator Bump

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core-plus Infrastructure Fund III has closed the acquisition of a 55% stake in Bump SAS (“Bump” or the “Company”), a Paris-headquartered Charge Point Operator (“CPO”) that designs, installs, operates and owns Electric Vehicle (“EV”) charging infrastructure.

The Company has a unique positioning by securing mid to long term contracts primarily with EV fleet operators, both in fleet depots and in third party car parks mostly in Paris and Lyon. Founding shareholders include the management team, as well as Otoqi, a mobility services platform, and Firalp, a building contractor specialized in electrical & digital networks. All founding shareholders will remain invested in the Company.

Since inception Bump managed to develop a fast growing existing EV charging infrastructure base, with an expected portfolio of over 1,700 charge points installed or signed by the end of 2022. DIF’s investment will support the Company in significantly growing the portfolio of charge points with the ambition to be one of France’s market leaders in the fast growing B2B segment.

France is a key target market for DIF and is served locally by its 13-person strong team in Paris. The investment in Bump is DIF’s second investment in the sector after the acquisition of a majority stake in Plugit Oy, a leading Finnish EV charging infrastructure company, last year.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are impressed by the management team of Bump and what the Company has realised to date. We are excited to invest alongside the existing shareholders to speed up the rollout of charging infrastructure across France, which is expected to become the second largest EV charging market in Europe”.

François Oudot, CEO of Bump, adds: “We are excited about this opportunity to accelerate our growth and tap the booming French EV market. Partnering with DIF will enable us to secure long term financial resources and benefit from their experience in supporting large capex roll out programs”.

Bump was advised by Celsius Avocats (legal), Finergreen (M&A) and E-Cube (commercial). DIF was advised by Gide (legal and tax), H3P (M&A), Boston Consulting Group (commercial), DNV (technical), Marsh (insurance) and PwC (finance and model audit).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

5 September 2022  |  Sydney

DIF Capital Partners to acquire Rail First, Australia’s leading rail freight leasing company

DIF Capital Partners (“DIF”), through its DIF Core-plus Infrastructure Fund III (“CIF III”), and Amber Infrastructure Group are pleased to announce they have signed an agreement to jointly acquire Rail First (the “Company”), the leading Australian rail freight leasing company, on a 50-50 basis, from Anchorage Capital Partners.

Rail First offers leasing solutions for rolling stock such as locomotives, as well as intermodal and hopper wagons. The Company’s leasing offering is supported by a growing locomotive and wagon maintenance operation. Rail First has a blue-chip customer base, reflecting a meaningful proportion of Australia’s haulage task, with a well-diversified underling product mix. Typical leases are for 3-5 years, aligning with the underlying haulage contracts. The strength of the Company’s resilient business model was demonstrated during COVID-19, when major intermodal volumes remained steady. Rail First has strong barriers to entry and is expected to benefit from several long-term tailwinds, including the Inland Rail project between Melbourne and Brisbane once operational. Rail First will drive the transition towards lower emission intensity transport offerings, with a proven ESG track record and several long-term initiatives in place.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, said “DIF is delighted to invest in Rail First, as it provides unique access to Australia’s attractive rail leasing market. The Company is well positioned to partner and grow with its customers. We look forward working together with the Company’s experienced management team to offer more environmentally friendly leasing solutions to the Australian rail market.”

Mark Kirkpatrick, CEO of Rail First, added: “We are excited to partner with DIF, given their successful track record of rail and infrastructure investments, globally and in Australia. Their prior experience combined with significant capital commitment to fund our continued growth places Rail First in a strong position to grow alongside our customers.”

The transaction is subject to approval by Australia’s Foreign Investment Review Board. The transaction is expected to close by end-October 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

10 August 2022  |  New York

DIF CIF II portfolio company Joink has signed an agreement to acquire CTI

DIF Capital Partners is pleased to announce that its DIF CIF II portfolio company Joink, LLC, has entered into a definitive agreement to acquire 100% of Computer Techniques, Inc. (CTI). This acquisition will provide additional management and capital resources to support the current CTI team and significantly increase the speed of CTI’s fiber-to-the-home deployment in Central Illinois. The acquisition is subject to regulatory approval.

CTI co-founders Adam Vocks and Billy Williams founded the company in 1998. Over the years the company has transformed from a computer sales and service business into a facilities-based provider that now exclusively services its connectivity customers with fiber optics. The CTI network passes over 12,000 homes across Christian County and Montgomery County, supported by staff from its offices in Taylorville and Hillsboro in Illinois. CTI provides internet, voice, and video to residential customers and internet, voice, and private transport data solutions to business customers.

“We are very pleased to see Joink executing on the growth plan and adding new markets in Illinois, through the acquisition of CTI,” stated Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy. “The strategic rationale of the CTI acquisition is fully aligned with our fiber-to-the-home roll out strategy to ensure that the residents in Indiana and Illinois have reliable high-speed internet access. This highly complementary acquisition by Joink will allow it to serve customers better and continue to further bridge the digital divide.”

“We look forward to integrating CTI’s operations and team led by Bobbie Dean, CTI’s CEO, who will be part of the senior leadership team of Joink, after the transaction closes. Central Illinois had a great day today as we announce our plans to accelerate the expansion of CTI’s fiber network.” stated Josh Zuerner, President and CEO of Joink. “We recognize the importance of high-quality broadband and look forward to providing a best-in-class fiber-optic connectivity experience to end users in Illinois and Indiana.”

Pinpoint Capital Advisors served as financial advisor to CTI. Agentis Capital served as financial advisor to Joink and DIF.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

4 August 2022  |  Frankfurt

DIF Capital Partners divests its 45% equity stake in German hospital PPP UKSH

DIF Capital Partners (“DIF”), through its fund DIF Infrastructure III, is pleased to announce that the closing of the divestment of its indirect 45% ownership stake in the University Hospital Schleswig Holstein’s (“UKSH”) PPP project to current co-shareholder Invesis took place today. The UKSH PPP focuses on the construction, renovation and maintenance of one of Europe’s largest centres for medical care at its locations in Kiel and Lübeck in Germany.

DIF originally invested in the UKSH PPP project in 2014, alongside current co-shareholders Invesis and VAMED Deutschland Holding GmbH (“VAMED”). DIF is proud to have been part of this landmark PPP project in Germany, which is delivering state of the art hospital facilities to one of the largest hospitals in Europe. The opening of the newly constructed facilities in Lübeck and Kiel in 2019 marked an important milestone in the Project and shows the parties’ track record in successfully delivering complex infrastructure projects.

Herbert Smith Freehills provided legal advice and Reed Smith provided tax advice to DIF.

About UKSH

The University Hospital Schleswig-Holstein with locations in Kiel and Lübeck in Northern Germany is one of the largest medical care centres in Europe. With currently 14,000 employees in over 89 clinics and institutes, UKSH is the largest employer and training provider in the German State Schleswig-Holstein.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.