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

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 May 2022  |  New York

DIF Capital Partners makes strategic investment in US wireless digital infrastructure platform Airtower Networks

DIF Capital Partners (“DIF”) and Airtower Networks (“Airtower”), a leading developer, owner, and operator of wireless digital infrastructure, are pleased to announce that they have reached agreement for DIF to be Airtower’s growth capital partner and support the management team in achieving its strategic vision in building a nation-wide platform. This transaction will be the first investment in the DIF CIF III fund.

DIF is a leading global independent fund manager that invests in a broad range of greenfield and operational infrastructure companies and assets worldwide. The investment will enable Airtower to rapidly expand its cutting-edge wireless network solutions to customers.

Airtower designs, builds, owns, and operates a full suite of network solutions and managed services that enable in-building wireless and smart building connectivity. The timing of this investment coincides with the increasing market demand for high-quality wireless service within the vast number of buildings that require improved coverage and capacity. Airtower’s vision is to become the nation’s largest in-building neutral host 5G and wireless network provider. The company will achieve this by delivering innovative solutions that help building owners, property developers, enterprises, and mobile network operators manage their wireless infrastructure investments, while also helping them to produce an attractive return on their investment. With clients ranging from the largest commercial real estate developers to the most technologically advanced government and private organizations, Airtower consistently provides leading edge customized solutions to meet each client’s wireless needs.

“DIF believes that the ongoing trend of cloud migration, where companies store their data and interact with their customers, vendors, and partners in the cloud, will further increase the need for high-speed wireless internet connections. Similarly in the residential and office space, ubiquitous 5G is essential for the new generation of smart buildings. DIF is excited to partner with a well-established in-building wireless company such as Airtower and its experienced management team” said Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy.

“Airtower has experienced record-breaking growth over the past couple of years in terms of revenue, new bookings, networks deployed, and profitability. DIF is a world class infrastructure investment fund manager, and we’ve greatly enjoyed getting to know the DIF team. We are looking forward to partnering with DIF to continue scaling the business” said Oliver Valente, Airtower’s Chief Executive Officer.

“We’re excited about the injection of investment capital and sector expertise provided by DIF. The additional resources and broad support will give Airtower the capability to rapidly scale the success we’ve had providing innovative wireless and smart building solutions for commercial real estate and cellular carriers” said Manny Dureja, Airtower’s Founder and President.

Greenhill & Co served as financial advisor and DLA Piper acted as legal counsel to Airtower. Bank Street Group served as exclusive financial advisor and White & Case acted as legal counsel to DIF.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine 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 II 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 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 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.

 

9 November 2021  |  New York

DIF Capital Partners to invest in US fiber platform Joink

DIF Capital Partners (“DIF”), via DIF CIF II (the “Fund”), is pleased to announce that it has reached an agreement with Joink, LLC (“Joink” or the “Company”) to be its growth capital partner, opening the door to significantly more investment and growth. Joink is a telecommunications infrastructure company that currently provides enterprise fiber, residential fiber, and fixed wireless services in Western Indiana and Eastern Illinois. Subject to regulatory approval, the partnership with DIF will allow Joink to expand its fiber optic network to residential and enterprise customers at a much faster pace.

Joink started providing internet service to residents and businesses in Eastern Illinois and Western Indiana in 2001 using fixed wireless. Since 2014, the Company has expanded to serve thousands of end users in West Central Indiana with fiber, including priority infrastructure for education, healthcare, enterprise, and other telecommunications carriers. It has always been Joink’s intention to further extend its fiber to the single-family home and multi-dwelling unit offerings. Joink currently has 88 employees and growing.

“DIF believes the future fiber-to-the-home roll out is critical to ensure that residents in Indiana and Illinois have reliable high-speed internet access through Joink’s fiber network. DIF is excited to partner with a well-established fiber and fixed wireless company such as Joink and its experienced management team. Joink’s approach to investing in residential fiber infrastructure fits DIF’s ambition to invest in the US fiber industry. In addition to creating local jobs, this investment helps bridge the digital divide in online education, remote employment opportunities, telemedicine and other prospects afforded by broadband access” said Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy.

“We are grateful for the support in growing our business from our team members and their families, our customers, vendors, long-term investors and financing partners, permitting authorities, state and local government, and the communities in which we live and work,” says Josh Zuerner, Joink President and CEO. “That support has enabled us to attract the investment from DIF – a world-class infrastructure investment fund. We don’t take the trust we’ve gained over the last twenty years for granted and will continue to build upon it by showcasing our unwavering commitment to high-quality Internet access.”

While DIF is investing in Joink, all existing investors will continue to remain invested in the Company. Hank Stephens, one of the earliest investors in Joink, notes, “When Brian Wick and I decided over 20 years ago to invest in a startup company in Terre Haute called Joink, we were excited about the potential Joink had to provide Internet service to people with limited or no options. As we look back today, I don’t think either of us could have envisioned the tremendous impact that Joink would ultimately have on the residents and businesses of West Central Indiana. We are grateful to the Joink employees as well as our fellow investors who have helped get Joink to where it is today and are excited about this new partnership and opportunity to expand further.”

Cowen and Company served as financial advisor to Joink. Agentis Capital served as financial advisor to DIF.

About Joink

Joink is Midwest’s leading providers of wireless Internet service in rural markets in Indiana and Illinois. Joink has installed over 540 miles of fiber in the five-county area and offers service to enterprise, commercial, carrier, and residential customers. Joink’s main fiber network ring connects Vigo, Vermillion, Parke, and Clay County. It also has fiber-optic assets throughout Sullivan County. Joink operates over 100 fixed-wireless transmit points. Building and maintaining a large network requires tremendous knowledge and expertise, and customers grew to recognize and count on that expertise. As a result, they increasingly leaned on Joink to assist them when faced with technology challenges. Joink addresses these challenges through its Hosting, Technology Services, and Managed Services divisions. Last year, the State of Indiana awarded seven Indiana Next Level Connects Projects to Joink.  Additionally, Vigo County Government and the City of Terre Haute supported the Vigo County School Corporation in extending Joink’s network to 84 community access locations. More info: http://www.joink.com

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:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu