Infracapital has realised its £910 million ($1.2 billion; €988.9 million) debut fund after it sold Dutch telecoms company Alticom in a deal worth an enterprise value of €133.1 million.
The transaction comes a little over six years after Infracapital was said to have paid an enterprise value of about €100 million to buy Alticom from TDF Group.
The divestment to Cellnex Telecom provides the Spain-based company, which is 34 percent owned by Abertis, with 30 long-range, high-capacity telecoms towers across the Netherlands, a network covering a 15km radius. Alticom has an expected 2018 EBITDA of €11.5 million and will boost Cellnex’s presence in the country, after it spent €393 million last year to buy towers operator Shere Group from Arcus Infrastructure Partners.
The deal wraps up Infracapital Partners I, a vehicle which was launched in 2006 and closed on £910 million in 2008. Investments have included ferry service Red Funnel – sold earlier this year to West Midlands Pension Fund and the Workplace Safety and Insurance Board of the Province of Ontario – and a 34.3MW Spanish solar portfolio offloaded to Renovalia. It also bought smart meter firm Meter Fit, subsequently reformatted to Calvin Capital and sold to KKR last year.
Infracapital declined to state the IRR of the fund.
“The sale of Alticom successfully concludes the realisation of assets from our Infracapital Partners LP fund,” said Martin Lennon, co-founder and head of Infracapital. “We take great satisfaction that over its 12-year term, the fund has achieved its objectives and in particular delivered excellent investment performance to our clients.”