SHERE GROUP

10 x growth in revenue
and cash flow over ownership

One of the largest independent owners of communication towers & sites in the Netherlands and the UK

Digital

logistic

AEIF1

Vehicle

logistics

2016

Investment year

logistics

Realised

Status

logistics

Netherlands & UK

Country

More about Shere Group​

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Ownership

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Pallet positions

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Netherlands sites

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Employees

Market

  • Stable inflation linked cash flows with high forward visibility
  • The market had an unregulated pricing regime with limited competition due to high barriers to entry
  • Towers are high margin assets (>80% EBITDA margin), producing attractive cash yield
  • Essential element of MNOs’ networks with a high degree of technical ‘lock-in’ which make switching towers very difficult for the MNO
  • Increasing value of existing towers, especially strategically located ones, as planning restrictions drive scarcity value

Asset

  • In October 2016, the fund completed the sale of its entire stake in Shere Group to a listed European towerco Cellnex, at a return well above the entry investment case
  • Shere grew well throughout, particularly in the period from 2012 – 2016, primarily as a result of a new entrant in the Dutch market and general 4G roll-out in both countries
  • In the Netherlands, the four Dutch mobile network operators (KPN, Vodafone, T-Mobile and Tele2) were Shere’s key customers. Shere was the second largest owner of independent tower sites in the Netherlands
  • In the UK, Shere provided sites to the four UK mobile phone operators (Vodafone, Telefonica O2, Everything Everywhere and Hutchison 3G) and to other wireless operators such as Airwave, which runs the national police radio system

Arcus news

July 17, 2024
Workdry announces strategic expansion into North America with the acquisition of Holland Pump Company
June 24, 2024
Arcus announces the sale of AEIF2’s interest in Constellation Cold Logistics
June 20, 2024
Arcus makes investment into eze.network, the fifth investment for its third fund
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Date joined

June 2022

Office

London

English

Polish

French

Afrikaans

Karol joined Arcus in June 2022 as a Senior Investment Executive. Prior to joining Arcus, Karol worked in the digital infrastructure origination team at Amber Infrastructure and in the infrastructure principal investments team at Macquarie Capital. Karol is a member of the Digital Origination Team. His infrastructure experience to date has been primarily focused on infrastructure origination.

Karol holds a BA in Accounting and Finance from University of Manchester.

Management roles

  • Head of Energy Sector Team
  • Investment Committee Member