2024
Structured Strategic Partnership with FC Porto
- Investment Date: 2024
- Asset Description: ‘StadCo’ partnership with FC Porto to operate Dragao Stadium via a long-term operations agreement
- Investment Highlights
- ‘Infrastructurization’ of football stadium thematic overlooked by other investors
- Stacked all revenue streams related to the stadium into a single long-term operational agreement, providing capital to modernize stadium infrastructure and drive value creation through revenue maximization and diversification
- ‘StadCo’ investment perimeter offers resilient cashflows, with structured equity investment providing additional downside protection
2022
Structured Strategic Partnership with First Tier Spanish Football Club
- Investment Date: 2022
- Asset Description: ‘StadCo’ partnership with first tier Spanish football club to operate its Stadium via a long-term operations agreement
- Investment highlights:
- ‘Infrastructurization’ of football stadium thematic overlooked by other investors
- Stacked all revenue streams related to the stadium into a single long-term operational agreement, providing capital to modernize stadium infrastructure and drive value creation through revenue maximization and diversification
- ‘StadCo’ investment perimeter offers resilient cashflows, with structured equity investment providing additional downside protection
2020
Portfolio of European Sports Centers Concessions
- Investment Date: 2020
- Asset Description: 11 sport centers (“SCs”) operating under public concessions
- Investment Highlights:
- Attractive asset acquired at a multiple significantly below comparable market transactions following Covid-19 temporary market adjustment
- Stable over-the-cycle assets with strong resilience to economic downturns
- Strong sector tailwinds from consumer focus on health, wellbeing and multiple value creation levers including add-on M&A opportunities and revenue and cost optimization
2019
Portfolio of European Hydro Assets
- Investment Date: 2019
- Exited: 2023
- Asset Description: a portfolio of 10 hydroelectric power plants totalling 167MW and 2 ferroalloy plants
- Investment Highlights:
- Attractive entry price for hydro assets, due to structural requirement to sell the ferroalloy plants along with the hydro assets
- Hydro assets benefited from regulation capacity through their dams and control of the entire river basin, allowing for the strategic use of water
- Full exit with significant returns following execution of value creation plan
2018
European Minority Equity Investment in Water Sector
- Investment Date: 2018
- Exited: 2022
- Asset Description: Acquisition of 45% common equity interests in a company operating and managing integral water cycle concessions in Extremadura, Spain
- Investment Highlights:
- Attractive asset acquired at a multiple significantly below comparable market transactions from a tier 2 Spanish bank undergoing balance sheet restructuring
- Full exit with significant returns following execution of value creation plan
2015 – 2016
Spanish Renewables
- Investment Date: 2015-2016
- Exited: 2019
- Asset Description: Multiple M&A transactions in Spanish solar assets following the restructuring of the Spanish renewable remuneration system in 2014
- Investment Highlights:
- Early mover in capitalizing on attractive investment opportunity created in the asset class from structural reform
- Executed asset roll-up strategy targeting fragmented marketplace
- Market garnered attention from large European and international players (institutional and strategic) in 2019, which yielded a full exit with significant returns