Frankfurt 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

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14 August 2023 | Frankfurt

DIF’s portfolio company ruhrfibre signs EUR 120m senior debt financing

DIF Capital Partners (via its DIF CIF III fund) is pleased to announce that its portfolio company ruhrfibre has closed on a senior debt financing in support of the buildout of a large-scale fibre network in Essen (Germany), targeting around 150,000 households.

DIF announced its investment in ruhrfibre in November 2022, alongside project developer metrofibre and the City of 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.

The financing package comprises senior loans totalling EUR 120m that are provided by a club of senior lenders comprising ING, Kommunalkredit Austria and SEB. There is a further uncommitted accordion facility of EUR 40m to expand the financing. The facilities are structured as a green loan with a dedicated green use of proceed for the financing of climate friendly broadband technology, and as such underpin DIF’s strong commitment to promote sustainable infrastructure.

The successful financing provides further momentum to ruhrfibre’s significant progress in bringing fibre to Essen: In June, ruhrfibre started the construction work in the first two roll-out areas in Essen. “With full financing, the project is now significantly picking up speed”, says Christopher Rautenberg, Managing Director at metrofibre and ruhrfibre. “New roll-out areas will follow in the next few months to meet our goal of connecting 150,000 households, businesses, and public institutions to the fiber-optic network.” DIF and ruhrfibre were advised by ING, Hogan Lovells, Arthur D. Little and Riskbridge. The lenders were advised by White & Case.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 17 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 225 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 Capital Partners: press@dif.eu

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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 34^th 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.

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

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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

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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

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.

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29 October 2021 | Frankfurt

DIF Capital Partners and EDF INVEST sell German regulated utility company Thyssengas

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure IV, together with EDF INVEST, are pleased to announce an agreement to sell their joint 100% ownership stake in Thyssengas Holding GmbH (“Thyssengas”), one of the largest German gas Transmission System Operators (“TSO”), to Macquarie Asset Management (“MAM”), via its fund Macquarie Super Core Infrastructure Fund SCSp (“MSCIF”).

Thyssengas is Germany’s second largest gas TSO, headquartered in Dortmund. Using its 4,400-kilometre-long underground transmission system, the company annually transports around six billion cubic metres of natural gas – one-tenth of Germany’s entire consumption. The gas is delivered to more than 1,000 exit points leading to subsequent networks, industrial customers and power stations.

During DIF’s and EDF INVEST’s joint ownership, Thyssengas has seen significant RAB growth and has developed a sizable future capex project pipeline with more than €500 million of planned projects from 2021 to 2027. One of the largest expansion projects during DIF’s and EDF INVEST’s joint ownership of the company has been “ZEELINK”, a pipeline construction project at the German-Belgian border which was commissioned in May 2021, owned together by Thyssengas and Open Grid Europe (OGE) via a joint venture. Despite significant expansion of the grid, the company has managed to maintain a highly reliable network and an outstanding HSE track record. The implementation of a new digital management system for maintenance processes further helped management to deliver operational efficiencies.

Thyssengas is an industry thought leader and works at the forefront of innovation in the TSO space. In particular, the company is a frontrunner for the rollout of hydrogen in Germany and is actively engaged in hydrogen-related initiatives.

The transaction is expected to be finalised in Q1 2022, subject to customary merger control clearance and foreign investment approval requirements.

RBC Capital Markets served as DIF’s and EDF INVEST’s financial advisor, and Linklaters provided legal advice. Furthermore, DIF and EDF INVEST were supported by Ernst & Young, AFRY Management Consulting, and Willis Towers Watson.

About Thyssengas

Thyssengas is one of 16 German gas TSOs. Founded in 1921, when its predecessor company built the first gas transmission system in Germany, Thyssengas can look back on a 100-year history, during which it has developed great expertise. Thyssengas currently employs an engaged and motivated team of around 390 employees, across seven locations in Northern Germany. As a TSO, Thyssengas is certified as an Independent Transmission Operator (ITO) by Bundesnetzagentur (BNetzA), the German Federal Network Agency.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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19 October 2021 | Frankfurt

DIF Capital Partners to become majority shareholder in global solar PV platform ib vogt

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, has reached an agreement to acquire a 51% stake in ib vogt GmbH (“ib vogt”), one of the world’s leading developers in utility-scale PV solar, from its current 100% shareholder (“DVV”).

With a total capacity, built or in construction, of over 2.2 GWp to date combined with a project development pipeline in excess of 40 GWp, ib vogt continues to benefit from strong growth and is a leading global utility scale solar PV development platform. Headquartered in Berlin, Germany, ib vogt has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries. The group works together with numerous partners globally, augmenting its in-house team of over 540 experts who are active in all areas of the solar value chain.

DIF and DVV have entered into this strategic partnership with the aim of accelerating ib vogt’s growth program and asset build out as well as to fast track the transition of the company towards an independent power producer (“IPP”) model that develops, owns, and operates solar and battery storage projects. As part of the agreement, DIF will acquire a 51% stake in ib vogt (excluding certain projects for regulatory reasons) and the shareholders will undertake a capital injection at closing.

“We are delighted to partner with DVV and the ib vogt team, who have proven to be one of the leading solar development platforms globally. The development, construction and operation of solar energy and battery storage plays a vital role in the decarbonisation of electricity markets across the world and we believe ib vogt is well placed to play a major role in this,” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to support the company and the highly experienced management team in the next phase of its growth, realising ib vogt’s impressive pipeline and continuing the transformation from a developer into a global IPP.”

“The partnership with DIF will have an energising effect for the company. We are delighted to be working with the DIF team. Our sector – and the company – are growing rapidly. The partnership represents an important and transformative next step in our evolution. It will help the company to reach new heights, accelerating the conversion of the tremendous pipeline potential that we have built up, and thereby creating a leading and value-adding IPP platform,” said Anton Milner, CEO of ib vogt.

“Our industry is pivotal in the fight against climate change. Together with DIF we have an opportunity to significantly increase the company’s contribution and impact in addressing this key global challenge. We are excited about our partnership and taking the company to the next level,” added Dagmar Vogt, founder and shareholder of ib vogt.

DVV was advised by Marathon Capital, Ikarus Capital as well as Hogan Lovells International LLP and AU VON POCHHAMMER Rechtsanwälte. DIF was advised by Evercore, Schenck Energy and Ashurst.

The transaction is subject to receipt of usual and customary regulatory approvals and consents for transactions of this nature. Closing is expected to take place during Q4 2021.

About ib vogt

ib vogt is firmly committed to supporting the decarbonisation of the global electricity sector. As an integrated developer, ib vogt specialises in the development, design, engineering, financing, EPC, operation, maintenance, and asset management of solar power plants, offering high-quality turnkey solutions to asset owners. The company currently has multiple hundred-MWp projects under construction with a multi-GWp international project pipeline.

About DIF Capital Partners

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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1 June 2021 | Frankfurt

DIF Capital Partners invests in 108 MW onshore wind project portfolio in Poland

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure Fund VI has acquired 100% of four onshore wind projects in Poland, with a total capacity of 108 MW. DIF acquired the projects from German wind project developer Sabowind. As the projects are ready to build, DIF will invest throughout the construction of the projects.

The wind projects, which will be equipped with 54 Vestas V100 / V90 turbines, will be constructed under a turbine supply agreement by Vestas and under a tailored EPC contract by Sabowind. The projects are located across Poland. Construction commenced upon closing of the transaction and the projects are expected to become operational by Q3 2022 (two projects) and Q1 2023 (two projects). Once commissioned, Sabowind will be responsible for the technical and commercial management. The projects benefit from contracts-for-difference with the Polish state, providing fixed price tariffs for the power offtake for a period of 15 years.

The total production is estimated to be c. 300 GWh per year, which is the equivalent to the annual power consumption of around 75,000 households; thereby avoiding around c. 100,000 tonnes of CO2 emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.

Christopher Mansfield, Partner at DIF Capital Partners, said: “DIF is delighted to enter into its second onshore wind transaction in the Polish renewables market and to support Poland’s ongoing energy transition. The projects fit well within the investment strategy of DIF Infrastructure Fund VI and with the earlier acquired Polish projects form an attractive wind portfolio with a total capacity of 171 MW, which is expected to be fully operational within the next 24 months. The transaction once again underlines DIF’s strong position in and commitment to the renewable energy market.”

DIF was advised by DNB (financial), Allen & Overy (legal), PwC (tax and accounting) and DNV (technical).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

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

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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10 August 2020 | Frankfurt

DIF Capital Partners to acquire a stake in European railcar leasing company Touax Rail

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund II (“CIF II”), is pleased to announce that it has signed an agreement to acquire a 49% stake from the Touax Group in Touax Rail Limited (“Touax Rail” or the “Company”), a leading European rail freight leasing company, via a capital increase of €81.9 million. The investment by CIF II will enable Touax Rail to accelerate the development of its long-term leasing activities of freight wagons.

Touax Rail is offering tailor-made and environmentally friendly solutions for leasing rail equipment such as intermodal, car carrying, hopper, box and tank wagons. Services offered comprise leasing, sale and maintenance of freight railcars. The Company has a fleet size of c. 6,930 owned platforms and c. 4,080 managed platforms. Touax Rail is fully certified to manage and maintain wagons used on the mainline railway tracks in Europe.

The transaction will strengthen the position of Touax Rail by increasing its capacity to grow and finance the needs of its customers. The capital increase will be primarily used to buy out minority shareholders and to finance the acquisition of new wagons.

Fabrice Walewski, CEO of Touax Group, said: “We are very delighted to have DIF Capital Partners as partner to accompany the development of our long-term leasing activities of freight wagons. With this transaction, Touax Rail will strengthen its position in the market.”

Carl Jobst von Hoersten, partner and head of DIF Germany added: “This transaction is a unique investment providing exclusive access to the attractive railcar market. Touax Rail is a well-established, asset heavy railcar platform with a robust and resilient business model which is well-positioned for growth. We look forward working together with Touax Rail’s highly experienced management team to further grow the platform.”

The transaction is subject to approval by the German antitrust authorities. Parties expect to close the transaction by the end of September.

About Touax Group

Touax Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis throughout the world, for its own account and on behalf of third party investors. With €1.2 billion under management, Touax Group is one of the European leaders in the operational leasing of this type of equipment. For more information: www.touax.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 145 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Thijs Verburg, IR & BD; t.verburg@dif.eu.