M&A Deal Summary

EQT, DIF Capital Partners and PGGM Acquire Saur

On July 23, 2018, private equity firm EQT, infrastructure investor DIF Capital Partners and PGGM acquired utilities company Saur from Ardian

Acquisition Highlights
  • This is EQT’s 2nd, DIF Capital Partners’ 2nd and PGGM’s 1st transaction in the Utilities sector.
  • This is EQT’s 2nd, DIF Capital Partners’ 2nd and PGGM’s 1st transaction in France.

M&A Deal Summary
Date 2018-07-23
Target Saur
Sector Utilities
Buyer(s) EQT
DIF Capital Partners
PGGM
Sellers(s) Ardian
Deal Type Secondary Buyout

Target

Saur

Issy-les-Moulineaux, France
Saur is a drinking and wastewater management company focused on small/mid-sized cities across France. The company is also active internationally, particularly in Iberia, Saudi Arabia, and Poland. Saur was founded in 1933 and is based in Issy-les-Moulineaux, France.

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Buyer(S) 3

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 190 of 317
Sector (Utilities) 2 of 3
Type (Secondary Buyout) 49 of 97
Country (France) 2 of 6
Year (2018) 11 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-09 Sportradar

Sankt Gallen, Switzerland

Sportradar is a partner for the sports betting and media industry. Sportradar provides sports data services to the bookmaking world with its brand Betradar, and to the international media with its brand Scoreradar. Sportradar was founded in 2001 and is based in Sankt Gallen, Switzerland.

Sell $2.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-27 Tampnet

Stavanger, Norway

Tampnet is an authorized telecommunications operator in Australia. Tampnet is the only independent supplier of high capacity and low latency communication to offshore oil and gas installations in the North Sea. The company operates the world's largest offshore fiber infrastructure network and serves more than 100 oil and gas platforms, floating production storage and offloading units, and exploration rigs. Tampnet was founded in 2001 and is based in Stavanger, Norway.

Sell -
Buyer

DIF Capital Partners

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2005
PE ASSETS 16.0B EUR
Size Mega
Type Sector Focused
DESCRIPTION

DIF Capital Partners is a private investment firm focused on infrastructure and real assets. The Firm targets opportunities across Europe, North America, and Australia and generally looks to commit €10 to €250 per transaction or project. Targeted assets include telecom infrastructure, rail, energy and non-regulated utility sectors. DIF Capital Partners was formed in 2005 and is headquartered in Schiphol, Netherlands.

DEAL STATS #
Overall 3 of 35
Sector (Utilities) 2 of 3
Type (Secondary Buyout) 2 of 5
Country (France) 2 of 7
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 ADTiM

Portes-les-Valence, France

ADTiM is an infrastructure wholesale and open-access telecom operator company. ADTiM was founded in 2008 and is based in Portes-les-Valence, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-28 UNITANK

Hamburg, Germany

UNITANK is an independent and neutral infrastructure and services provider storing liquid oil products. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations. The terminals handle diesel, gasoline, jet fuel, and heating oil and have a total storage capacity of c. 1.1 million cubic meters. UNITANK is based in Hamburg, Germany.

Buy -
Buyer

PGGM

Zeist,, Netherlands
Category Company
Sector Financial Services
DESCRIPTION

PGGM is a pension fund service provider and manage the pensions for different pension funds. Currently, Company manage pension assets worth in excess of approximately EUR 188,7 billion.

DEAL STATS #
Overall 8 of 11
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (France) 1 of 1
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 Newport Pavilion Phase I

Newport, Kentucky, United States

Newport Pavilion Phase I is a 471,800-square-foot grocery-anchored power center. Newport Pavilion Phase I comprises 222,300 square feet of retail space including ground leases, which is 98% leased to Kroger Marketplace, Michaels, PetSmart, Ulta, Famous Footwear, Chick-fil-A and others. The center includes a separately-owned 134,500-square-foot Target store.

Buy $43M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-13 Alpha Trains Luxembourg S.à r.l.

Luxembourg, Luxembourg

Alpha Trains Luxembourg S.à r.l. is a private operating lessor of rolling stock (passenger trains and locomotives). Alpha Trains owns 416 passenger trains and 363 locomotives and offers tailor-made leasing solutions, comprehensive know-how in maintenance and vehicle repairs as well as long-term experience in the financing of new build projects. Alpha Trains is based in Luxembourg.

Buy -

Seller(S) 1

SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 156 of 222
Sector (Utilities) 2 of 3
Type (Secondary Buyout) 62 of 89
Country (France) 78 of 106
Year (2018) 15 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-16 Odealim

Paris, France

Odealim is an insurance broker for the property management sector. The company acts as an intermediary between insurers and joint-property companies, real estate companies and property owners. Odealim designs, produces, prices and manages insurance policies, which are underwritten by blue-chip insurance partners. Odealim was founded in 1927 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-31 Enovos

Strassen, Luxembourg

Enovos is an integrated utility company focused on electricity and gas transmission and supply as well as power generation including renewables. Enovos is based in Strassen, Luxembourg.

Sell -
Mergr

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