InfraVia Capital Partners has sold Frasie, a French water services business operating wells and water treatment facilities for large industrial clients, to a fund managed by Quaero Capital.
Financial terms of the deal were not released.
Quaero purchased Frasie via its €250 million European Infrastructure Fund, with the deal reaching financial close on Tuesday. Paris-based InfraVia had owned Frasie since acquiring it in December 2010 through its €170 million European Fund I.
“We are pleased to add such a high-quality asset to our portfolio that is consistent with our strategy of investing in long-life, stable infrastructure assets,” said Sébastien Bourget, managing director of Quaero.
Rubicon Infrastructure Advisors served as Quaero’s financial advisor on the deal.
Quaero, an asset management company headquartered in Geneva, launched its European Infrastructure Fund in 2015 to invest in European transport, telecom, energy, utilities and social infrastructure assets. Investors in the fund include the European Investment Bank, which committed €40 million of equity in October.
Before October 2015, Quaero was known as Argos Investment Managers.