Deals

Babcock & Brown PPP team completes spinout

Amber Infrastructure Group, the management buyout vehicle, has completed its acquisition of Babcock & Brown’s PPP business. It has also been appointed the manager and advisor to International Public Partnerships Limited, the London-listed PPP fund which was previously known as Babcock & Brown Public Partnerships.

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The management team of Babcock & Brown’s PPP division has spun out of the defunct asset manager.

Trading as Amber Infrastructure Group, the new entity has also revealed it has been appointed the manager and advisor to International Public Partnerships Limited, the London-listed PPP fund that was previously known as Babcock & Brown Public Partnerships.

The management buyout vehicle has a team of around 40 executives led by Giles Frost, Hugh Blaney and Michael Gregory.

The team had originally revealed its plans to sever ties with Babcock, which is in administration, in March.

Amber said in a statement that the acquisition was supported by RBS.

Amber’s co-founder and director of new business development Hugh Blaney said of today’s development: “Amber and INPP have an active bid pipeline in PPP and PFI both in the primary development sector and in the secondary market for operational assets. We are actively pursuing new project opportunities in international PFI markets, including the UK, Ireland, Italy, Belgium, Australia and Canada.”

According to the statement, Amber’s team has been responsible for the origination and development of over £8.7 billion (€10.2 billion; $14.2 billion) of projects.

BBPP earned a profit of £10.5 million on revenues of £224.9 million in 2008, versus a profit of £6.9 million on revenues of £131.2 million in 2007.