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- Logistics & Industrials
- Our News
London, 24 June 2024 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce that on 22 June 2024, Arcus European Infrastructure Fund 2 SCSp (“AEIF2” or the “Fund”) entered into definitive documentation for the sale of 100% of Constellation Cold Logistics (“Constellation” or the “Company”) to the EQT Infrastructure VI fund (“EQT”).
Constellation is the leading independent cold storage logistics business in Europe, with 26 large cold storage facilities across seven countries in Western Europe and the Nordics. The Group employs over 700 people and is expected to generate revenues of over €150 million in FY24.
Constellation provides temperature-controlled storage capacity and value-added services to a wide range of food producers, traders and retailers. Its sites are located either close to client production and processing hubs, near critical logistics routes, including several seaports, or in close proximity to major European consumption centres. Constellation provides cold storage capacity for a wide range of food product categories, from processed potato products to meat, fish and seafood, and serves a highly diversified and blue-chip customer base with deep, longstanding customer relationships.
Arcus first invested in Constellation in 2019, establishing the platform formally in early 2020, and since that time has supported Constellation through an active period of growth, including the build-out of an industry-leading management team, multiple strategic bolt-on acquisitions, customer-led expansions across four countries, many operational optimisation initiatives and broader institutionalisation of the group. This has been done with a focus on sustainability and in partnership with several original founders of businesses acquired by Constellation, who have been instrumental in ensuring that their strong legacy is embedded in the business for its continued long-term success.
Under Arcus ownership, Constellation has become a sector ESG champion, leading the decarbonisation of the cold storage supply chain in Europe. Constellation has invested significantly in energy efficiency and on-site renewable power generation in recent years, with c. 12% of its electricity consumption being provided by its rooftop solar plant. The Company also has an impressive ESG track record, having attained 93 points out of a possible 100 in the recent GRESB 2023 assessment.
Jordan Cott, Partner and Head of Logistics & Industrials at Arcus, commented: “We identified a highly attractive opportunity in 2019 to create a leading cold chain infrastructure business in this fragmented and growing market, and are incredibly pleased with what we have been able to achieve with Carlos and the team over the past five years. We are grateful to the founders of the original businesses that now form key pillars of Constellation today for their trust and partnership as we delivered on our strategic plan. From a two-site, single-country operation in 2019, Constellation has become a true European champion in the cold storage space, maintaining its deeply entrepreneurial and customer-centric culture while unlocking the benefits of an institutionalised, highly scalable corporate platform. It is a perfect example of execution in line with the Arcus investment strategy, focusing on identifying, building, professionalising and optimising mid-market European infrastructure businesses through the dedicated and continuous application of the Arcus value creation toolkit. We are confident that Constellation will continue on its exceptional growth trajectory through the next chapter of its evolution.”
Carlos Rodriguez, CEO of Constellation, said: “I joined Constellation because I shared Arcus’ vision of Constellation becoming the leading independent cold storage business in Europe. Important to this, I truly believe that while Constellation has grown so significantly over the past five years and we have institutionalised many of our levers for success, we have also managed to maintain a strong focus on our customers, organisational culture and local market knowledge. Arcus has been the ideal partner for this journey, providing its infrastructure expertise, insight and capital to scale and professionalise the business, while balancing that with our shared focus on core values and an entrepreneurial culture. I want to thank Jordan and the whole Arcus team for their commitment to our vision, and their support across so many value creation initiatives over the years. We have laid the foundations providing Constellation with a unique market position and opportunity and, in partnership with EQT, I have high conviction on our ability to capture continued outsized growth over the coming years.”
The transaction is subject to regulatory approvals and is expected to close in October 2024.
Arcus was advised by Macquarie Capital (M&A), Seven Lakes Partners (M&A), Kirkland & Ellis (Legal), DLA Piper (Legal), OC&C (Commercial), EY (Financial and Tax), CBRE (Technical), ERM (ESG) and AON (Insurance).
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €23bn (as of 31 March 2024). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
- Transport
- Our News
Arcus makes investment into eze.network, the fifth investment for its third fund
London, 20 June 2024 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce its investment in eze.network GmbH (“EZE”), a Munich-based independent charge point operator providing full-service charging infrastructure for electric cars in both large metropolitan regions and smaller communities across Germany.
The investment is the fifth for Arcus European Infrastructure Fund 3 SCSp (“AEIF3”) and the first in the Transport sector for the Fund. The AEIF3 portfolio is now well diversified across Arcus’ four target sectors: energy, digital, logistics and industrials, and transport.
Established in 2019, EZE develops and operates charging infrastructure at publicly available “park and charge” locations and currently operates across several key metropolitan areas in Germany. EZE currently has charging infrastructure at c. 800 parking spaces, with a further substantial identified pipeline to be installed in the next 18 months. Additional expansion is planned for the future.
Arcus’ investment will enable EZE to deliver on its near-term network expansion plans and, working in partnership with EZE’s co-founders, realise its strategic vision to be a leading provider of EV charging infrastructure in the market. As part of the transaction, EZE’s existing shareholders will remain invested in the business, including DeepTech & Climate Fonds (“DTCF”), a German-based investment fund.
Michael Allen, Partner and Head of Transport at Arcus commented: “We have been exploring the EV charging sector for some time and identified EZE as a highly attractive player given its solid position in the fast-growing “park and charge” segment that is critical in supporting the decarbonisation of the transport industry.
EZE fits well into our portfolio thanks to its long-term contracts with local municipalities in several major metropolitan regions and strong track record. The business is already well established with a strong trajectory and we look forward to working with the EZE management team to continue its growth.”
Nancy Valentine-Urbschat, Co-Founder and MD of EZE, added: “The investment and long-term commitment from Arcus gives us the financial backing we need to expand across Germany and beyond, to become one of the leading players in public charging infrastructure.”
Michael Valentine-Urbschat, Co-Founder and MD of EZE, added: “We are glad to see that our commitment from day one to build a sustainable charging business is strongly recognised by Arcus. With the additional equity, we will focus on strengthening those unique business elements to differentiate us even further in the marketplace.”
Arcus was advised by Noerr (Legal), Strategy& (Commercial), PwC (Financial and Tax), DNV (Technical), A&M (Structuring) and Aon (Insurance).
EZE was advised by CBHH (M&A) and KXP (Legal).
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €23bn (as of 31 March 2024). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
About eze.network
eze.network GmbH (Munich) is a charging infrastructure investor and operator with a focus on public charging with 24/7 accessibility. The fast-growing company was founded in in 2019 and now has offices in Munich, Stuttgart, Frankfurt, Hamburg, Berlin and Cologne. Thanks to an innovative approach along the entire value chain, eze.network has already succeeded in establishing a sustainable business model. eze.network is now in a position to play a key role in shaping the expansion of the charging infrastructure in Germany. The company plans to expand its presence to all major metropolitan regions in Germany in order to make charging as easy and reliable as it should be for an ever-increasing number of e-car drivers i.e. “Charging made EZE”. The Founders Nancy & Michael Valentine-Urbschat want to make their contribution to the sustainable transformation of the mobility sector for future generations
- Arcus
- Our News
LONDON, United Kingdom (18 March 2024) – Arcus Infrastructure Partners (“Arcus”) is delighted to announce the final closing of its third fund, Arcus European Infrastructure Fund 3 SCSp (“AEIF3” or the “Fund”) at c. €1.61bn, exceeding its target size of €1.5bn.
We are extremely grateful to all our investors for supporting this fundraise and for the continued trust in our ability to source, acquire, and manage European mid-market infrastructure assets.
AEIF3 has already made majority investments in four European mid-market infrastructure assets: Workdry, a water pump and wastewater treatment asset leasing business operating in the UK and the Netherlands; Officium, an energy efficiency business in Germany; Portus, a European data centre platform with current operations in Luxembourg, Hamburg and Munich; and Coolworld, a pan-European temperature-controlled asset leasing business.
All four businesses are underpinned by strong fundamentals, diverse end customers, inflation linkage, and strong long-term growth potential. The total invested to date across the four businesses is c. €680m, or c. 40% of committed capital.
The fundraising attracted commitments from high profile and sophisticated institutional investors in Europe, the UK, North America, the Middle East, and Asia, including a significant number of investors that have invested with Arcus since its inception.
The first investment by AEIF3 was completed in September 2022, with the acquisition of Workdry International Ltd (“Workdry”), a market-leading lessor of water pump and wastewater treatment assets in the UK and the Netherlands. In December 2022, Arcus announced the second and third investments of AEIF3: SDC SpaceNet DataCenter (“SDC”), the first transaction for Portus Data Centers (“Portus”), Arcus’ DACH data centre strategy, and Officium Holding GmbH (“Officium”), an energy efficiency company, providing long-term leasing of submetering equipment in Germany.
As part of the Portus data centre aggregation strategy, in January 2023, Arcus announced the acquisition of EDH (in Luxembourg) and, in June 2023, announced the acquisition of IPHH (in Hamburg, Germany). In August 2023, AEIF3 acquired its fourth asset, Coolworld Investment B.V. (“Coolworld”), a leading European pureplay rental specialist of industrial temperature control equipment headquartered in the Netherlands, leasing mission-critical assets for a range of industrial and commercial applications.
Ian Harding, Managing Partner, said: “The closing of AEIF3 above target, and 30% above our last fund size, is testament to not only the hard work of the Arcus team, but the strength and consistency of the Arcus strategy. We’re very grateful to our investors for taking the time to understand our vision, and our patient and disciplined approach to investing in and managing infrastructure assets. The four assets currently in the portfolio are a demonstration of Arcus’ ability to bilaterally source sustainable businesses with strong infrastructure characteristics and long-term growth potential, and I look forward to further building up a robust and diversified portfolio following the success in this fundraise.”
Stephan Grillmaier, Head of Investor Relations, added: “I am very proud to have reached this fundraising milestone for AEIF3 and believe that we have a strong partnership with the investors who are supporting us. The global network of investors is aligned with both the Arcus strategy and its focus on sustainability, which enables us to not only make further acquisitions, but also execute on key growth and value-creating initiatives. We thank our investors once again for partnering with us and are proud of what we have achieved with this fundraising.”
Founded in 2009, Arcus currently manages 16 assets with an aggregate equity value in excess of €7.6bn (as of 31 December 2023) through funds and separate managed accounts.
Arcus’s previous fund, Arcus European Infrastructure Fund 2 SCSp (“AEIF2”) closed at €1.22bn in 2020 and currently manages eight infrastructure assets, with a ninth, E-fiber having been realised in 2022. Its first fund, Arcus European Infrastructure Fund 1 (“AEIF1”) was fully realised in 2020 and contained six infrastructure assets.
Campbell Lutyens acted as fundraising placement agent for Arcus. Clifford Chance acted as the legal and regulatory counsel. PwC acted as the tax adviser for the fundraising.
Arcus media contacts:
Harriet Saywell-Lee
E: harriet.saywell-lee@arcusip.com
T: +44 7442 154256
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €22bn (as of 31 December 2023). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
- Energy
- Our News
LONDON, United Kingdom (14 March 2024) – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the acquisition of Thermomess Wärmemessdienst AG (“Thermomess”), by its portfolio company, Officium GmbH (“Officium”).
This acquisition takes Officium’s portfolio to almost 3m devices and over half a million homes served across 14 subsidiaries, making it the sixth largest provider of metering and energy services in Germany, and almost doubles its sub-metering portfolio.
Established in Wasserburg near Munich in 1964 by Hans Busch, Thermomess, is a family-owned business has developed into an innovative, leading company in the heating servicer sector, catering for more than 220,000 individual apartments throughout Germany.
The German submetering market is the largest in Europe, driven by national laws introduced in the 1970s. It is an attractive market, demonstrating stable growth, sticky customer relationships, countercyclical demand, and the ability for submetering businesses to implement above inflation price increases.
Stefano Brugnolo, Partner at Arcus and board member of Officium, said: “It is a privilege for Officium to become the partner of choice for Thermomess, a business with a 60-year history and such a strong reputation in the market. This new partnership sets a key milestone in the creation of a leading platform to support the decarbonisation of the German real estate market.”
Officium’s Managing Director, Stephan Kiermeyer, added: “We are delighted to welcome Thermomess onboard. The acquisition continues to expand our presence across Germany, especially in Bavaria, Baden-Wurttemberg, and expand the Officium platform to over 530,000 homes and around 2.7 million measuring devices. Our regional structure makes us an ideal partner for our customers across Germany. Additionally, in tandem with our affiliate EINHUNDERT, we can now offer not only the classic submetering service but also photovoltaic systems, tenant energy, competitive metering point operation and much more.”
Michael Busch, Chairman of the Supervisory Board of Thermomess, said: “Our decentralised local structure allows us to remain in close contact to our customers providing individual care and a tailored approach to their needs. By joining the Officium family, we will be able to create even more added value for our customers expanding our offering and reach.”
Mr Busch manages the company along with board members Stephan and Max Busch.
Arcus media contact:
Harriet Saywell-Lee
E: harriet.saywell-lee@arcusip.com
T: +44 7442 154256
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €22bn (as of 31 December 2023). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
About Officium
Officium GmbH is one of the leading, independent metering and energy service providers for the consumption-based recording and billing of water and heat for the housing sector. The portfolio company Officium is mainly active in Berlin, Brandenburg, North Rhine-Westphalia (e.g. Düsseldorf and Duisburg), Lower Saxony, Mecklenburg-Western Pomerania, Saxony-Anhalt (Dessau-Roßlau) and Saxony (Dresden and Chemnitz) and also includes Thuringia and Bavaria (Upper and Lower Franconia and Munich). Customers are primarily small and medium-sized property management companies and private landlords. More than one million measuring units are now catered for. The parent company, Officium, has 14 measuring service providers www.officium.gmbh
- Logistics & Industrials
- Our News
The acquisition expands Workdry’s pump rental solutions footprint into Europe and significantly bolsters its technical solutions capabilities
London, United Kingdom, 8 February 2024 – Workdry International (Workdry) has acquired Netherlands-based temporary pumping solutions specialist Vanderkamp Group (Vanderkamp), partnering with Rick van der Kamp and his team to grow internationally and strengthen the combined group’s offering of rental solutions for the handling and treatment of water and wastewater.
The acquisition, backed by independent fund manager Arcus Infrastructure Partners (Arcus) as Workdry’s majority shareholder, will see Workdry immediately establishing a market-leading presence in pump rental solutions in the Netherlands and north-west Europe more broadly, while joining up with the world-class technical team at Vanderkamp to improve its engineered solutions offering across the entire business.
Vanderkamp’s operations in the Netherlands, including Vanderkamp Pompen and Vanderkamp Service, will continue under the name Vanderkamp – The Dutch Water Engineers, operating as the international pump rental solutions division of Workdry. The UK-based Vanderkamp activities will be gradually integrated into Workdry’s existing UK operations, including its market-leading Selwood pump rental solutions business.
Rick van der Kamp, currently CEO at Vanderkamp, will continue to lead the Vanderkamp business while also taking a senior management role within the Workdry group to promote technical excellence, build on his long history of water management innovation and drive international business development.
Richard Brown, CEO, Workdry International, said: “We have long been admirers of Vanderkamp, whose focus on technical excellence and outstanding service reflects our own values as a leader in engineered pumping solutions. Bringing Vanderkamp into the Workdry group increases our presence in Europe in line with our strategic growth ambitions, and enables us to provide both Selwood and Vanderkamp customers with access to an extended fleet, a comprehensive branch network and a growing team of pump rental solutions experts. I am delighted to welcome Rick and the team at Vanderkamp into the Workdry family.”
Rick van der Kamp said: “We are proud to join the Workdry family which will accelerate our global ambitions as The Dutch Water Engineers. With additional resources, Vanderkamp will continue to excel in what we do best – conceptualising and delivering cutting-edge solutions.
“As part of Workdry, we aim to expand our knowledge and technology, surpassing customer expectations. Equally important is providing certainty and stability to all stakeholders – employees, customers, and suppliers. This strengthens our leading position in the market of temporary pump solutions, retaining our down to earth, Dutch approach to solving complex problems with our typical Vanderkamp DNA.”
Jordan Cott, Partner at Arcus and Chair of Workdry, said: “We have a tremendous amount of respect for Rick and the business he has built over the past few decades, and are very pleased that he has decided to partner with us for this next chapter.
“This acquisition will serve as a stepping stone onto an exciting new growth trajectory for Workdry, providing a strong base for expansion into Europe and deepening the group’s core value proposition in engineered pump rental solutions. This acquisition fits perfectly within the Arcus value-add mid-market strategy of supporting market leading businesses on long-term value creation initiatives and builds on our successful track record of partnering with world-class entrepreneurs and family businesses.”
Arcus Media Contacts:
Harriet Saywell-Lee
E: harriet.saywell-lee@arcusip.com
T: +44 7442 154256
About Arcus
Arcus Infrastructure Partners LLP is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value in excess of EUR 21bn (as of 31 December 2023). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors.
Workdry International delivers market-leading water handling and treatment solutions through its Selwood and Siltbuster businesses. www.workdry.com
Selwood has a head office and manufacturing facility in Hampshire, 21 pump rental solutions branches around the UK, and relationships with a global network of partners and distributors. www.selwood.co.uk
Siltbuster, based in Monmouth, Wales, operates across the UK as number one solutions provider for on-site water treatment, wastewater processing and the prevention of waterborne pollution. www.siltbuster.co.uk
Vanderkamp has a head office in Zwolle, The Netherlands, and realises leading tailor-made temporary pumping solutions all over the world through state-of-the-art engineering. www.vdkamp.eu
- Arcus
- Our News
With the cost of living crisis and geopolitical tensions having diverted government and media attention away from climate change related issues, private infrastructure capital has an opportunity to step in and contribute to solving these issues.
In a recent episode of Infrastructure Investor’s Spotlight podcast, Neil Krawitz, Head of ESG and Asset Management at Arcus discussed how despite this challenging backdrop, infrastructure capital remains steadfast in its commitment to investing sustainably. Neil shares his thoughts on where the opportunities are for the sector to play its part in creating a greener and more socially equitable future.
