Amsterdam-based infra manager DIF Capital Partners acquired by CVC, reportedly for €1B

CVC, a private markets manager on private equity, secondaries, and credit, announced on Tuesday, September 5, that it has acquired the majority stake in Amsterdadm-based DIF Capital Partners, an infrastructure manager. 

The European private equity firm acquired DIF Capital for €1B in a cash and stock deal, reports Financial Times.

The deal encompasses the acquisition of the majority stake and a commitment to acquire the remaining shares of DIF over time.

This merger creates a global private markets manager with seven complementary strategies and approximately €177B of total assets under management.

This strategic acquisition provides CVC with an infrastructure platform, highly complementary to its existing private equity, secondary and credit strategies. 

Parallely, this acquisition will also accelerate the growth of DIF, which will continue to operate under the DIF brand and retain independence over its operations and investment decisions.

The transaction is subject to regulatory and other consents and is expected to close in Q4 2023 or Q1 2024.

DIF Capital Partners: Infrastructure fund manager

Based out of Amsterdam, DIF Capital Partners is an independent infrastructure fund manager, with €16B of AUM.

The DIF Capital Partners follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition and utilities sector, as well as PPPs and concessions. 

The DIF Capital Partners’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. 

These companies are typically active in the digital, energy transition, and sustainable transportation sectors.

With a team of over 225 professionals, DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto.

Wim Blaasse, CEO and Managing Partner at DIF says, “We are delighted to be teaming up with CVC, which is a natural step in the evolution of DIF and, together with my Partners, I look forward to leading DIF in this next phase of growth. We have known the CVC team for many years, we have been very impressed by everything they have built and we are excited about becoming part of the CVC group. This transaction enables us to benefit from CVC’s global platform, scale, and investor relationships, and to double down on important infrastructure sectors like Energy Transition and Digitalisation while retaining independence over our investment decisions.”

CVC: Private equity and investment advisory

CVC is a private equity and investment advisory firm with 25 offices throughout EMEA, the Americas, and Asia, with approximately €161B of assets under management. 

The funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €130B and employ more than 450,000 people. 

CVC Chair and Co-Founder, Rolly van Rappard says, “Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies. We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth.”

Rob Lucas, Managing Partner at CVC says, “We are excited to join forces with DIF, a top-performing global infrastructure manager. DIF’s business model and culture are deeply aligned with our local model, and our new infrastructure platform will prove highly complementary to our leading private equity, secondary, and credit strategies. We are pleased to welcome Wim, the DIF Partners, and the entire DIF team to the CVC group and together, we look forward to being a global leader in infrastructure.”