M&A Deal Summary

Macquarie Infrastructure and Real Assets, Allianz Capital Partners and CapMan Acquire Elenia

On December 13, 2017, infrastructure investor Macquarie Infrastructure and Real Assets, asset manager Allianz Capital Partners and private equity firm CapMan acquired utilities company Elenia from 3i Infrastructure

Acquisition Highlights
  • This is Macquarie Infrastructure and Real Assets’ 3rd, Allianz Capital Partners’ 3rd and CapMan’s 1st transaction in the Utilities sector.
  • This is Macquarie Infrastructure and Real Assets’ 1st, Allianz Capital Partners’ 2nd and CapMan’s 22nd transaction in Finland.

M&A Deal Summary

Date 2017-12-13
Target Elenia
Sector Utilities
Buyer(s) Macquarie Infrastructure and Real Assets
Allianz Capital Partners
CapMan
Sellers(s) 3i Infrastructure
Deal Type Secondary Buyout

Target

Elenia

Tampere, Finland
Elenia is an electricity distribution network in Finland. The Elenia Group includes the electricity network company Elenia Verkko Oyj and Elenia Oy, which specializes in energy services. Elenia was founded in 2012 and is based in Tampere, Finland.

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Buyer(S) 3

DESCRIPTION

Macquarie Infrastructure and Real Assets (MIRA) is a global investor in infrastructure, real estate, agriculture, and energy assets. MIRA's infrastructure practice looks to acquire businesses such as transportation, water and energy utilities, and waste management. MIRA's real estate practice looks to acquire and develop retail, commercial, residential and industrial properties. MIRA's agriculture team looks to operate and develop agriculture businesses and farmland. MIRA's energy team seeks opportunities in upstream energy and upstream energy-related assets and businesses in the US and Canada. Macquarie Infrastructure and Real Assets is headquartered in London with additional offices throughout the world.


DEAL STATS #
Overall 8 of 20
Sector (Utilities) 3 of 3
Type (Secondary Buyout) 1 of 4
Country (Finland) 1 of 1
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-14 Thames Water

Reading, United Kingdom

Thames Water is a provider of water and wastewater services, serving approximately 10 million water customers and 15 million wastewater customers. Thames Water was founded in 1989 and is based in Reading, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-09 ADT Korea

Seoul, South Korea

ADT Korea is a provider of advanced security solutions in Korea, serving more than 427,000 customers through a network of 69 branches nationwide. The business provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services. The business is headquartered in Seoul, Korea, with approximately 7,500 employees.

Buy ₩3.0B
Buyer

Allianz Capital Partners

Munich, Germany

Investor Investor Investor


Category Asset Manager
Founded 1996
PE ASSETS 50.3B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Allianz Capital Partners is the asset management affiliate of the Allianz Group. The Firm operates in three segments, including Private Equity, Renewable Energy, and Infrastructure. The Private Equity investment group primarily pursues venture and private equity fund investments, however the group is an active co-investor, looking to support buyouts and growth capital financings in a variety of sectors. The Renewables Group seeks investments in long-term wind and solar projects. The Infrastructure team pursues energy and transportation infrastructure projects. Allianz Capital Partners was formed in 1996 and has offices in Munich, London, New York, and Singapore.


DEAL STATS #
Overall 15 of 19
Sector (Utilities) 3 of 3
Type (Secondary Buyout) 2 of 2
Country (Finland) 2 of 2
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-24 Broadview Wind Farm

United States

Broadview consists of two similarly large wind farms with a total capacity of 324.3MW situated along the New Mexico-Texas border around 100 miles south west of Amarillo. The larger wind farm has a capacity of 181.7MW and consists of 79 turbines. The 62 turbines of the smaller wind farm are located in Curry County, New Mexico and have a capacity of 142.6MW.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-30 Xp Fibre

Courbevoie, France

Xp Fibreis an infrastructure operator specializing in the design, construction and operation of fiber optic networks. XpFibre deploys, markets and maintains more than 7 million FTTH sockets throughout France. Xp Fibre is based in Courbevoie, France.

Buy €1.8B
Buyer

CapMan

Helsinki, Finland

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 4.9B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CapMan is a private equity group focused on a variety of investments in Scandinavia and Russia. CapMan's buyout group looks to invest €20 to €70 million (€10 to €20 for mezzanine) of capital in unlisted companies generating €50 to €500 million in revenues. CapMan seeks control positions and does not have any sector preferences. CapMan was established in 1989 and has offices in Helsinki, Stockholm, Oslo, Luxembourg, and Moscow.


DEAL STATS #
Overall 59 of 92
Sector (Utilities) 1 of 2
Type (Secondary Buyout) 7 of 10
Country (Finland) 22 of 47
Year (2017) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-13 Gram Equipment

Kolding, Denmark

Gram Equipment is a manufacturer and supplier of ice cream equipment & ice cream machines commercial. Gram Equipment was formed in 1999 and is based in Kolding, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Renoa

Jyskä, Finland

Renoa is a provider of building systems. These include water, heating, electricity, drain and ventilation systems and their maintenance services. The services are provided under the subsidiaries Renoa Putkipalvelut Oy, Renoa Viemäripalvelut Oy and Renoa Sähköpalvelut Oy, in both Finland and Sweden. Renoa was formed in 2006 and is based in Jyskä, Finland.

Buy -

Seller(S) 1

SELLER

3i Infrastructure

St Helier, Channel Islands

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2007
PE ASSETS 3.9B GBP
Size Large
Type Sector Focused
DESCRIPTION

3i Infrastructure plc is a listed infrastructure investment arm of 3i Group plc. 3i infrastructure invests mainly in Europe and Asia companies with stable underlying performance: asset-intensive businesses, providing essential services over the long term, often on a regulated basis, or with significant contracted revenues. The firm focuses on the Utilities, Transportation, and Social Infrastructure sectors through equity and junior or mezzanine debt investments in the range of £100m–£300 million per transaction. 3i infrastructure was formed in 2007 and is based in Jersey, Channel Islands.


DEAL STATS #
Overall 4 of 6
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 4
Country (Finland) 1 of 1
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Smarte Carte

St. Paul, Minnesota, United States

Smarte Carte is a provider of baggage cart, locker and stroller services operating in airports, train stations, bus terminals, shopping centers and entertainment facilities around the world. Smarte Carte was founded in 1967 and is based in St. Paul, Minnesota.

Buy $385M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-30 Attero

Apeldoorn, Netherlands

Attero is a waste management company that offers its clients services across the full range of waste processing i.e. incineration, composting, recycling, and landfill. Attero owns two energy from waste (‘EfW’) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and 10 landfills. Attero was founded in 1929 and is based in Apeldoorn, Netherlands.

Buy €201M