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EQT to acquire Constellation Cold Logistics, the third largest cold storage owner-operator in Europe
- Constellation Cold Logistics (“Constellation”) provides temperature-controlled storage infrastructure to a wide-range of food producers via a network of 26 storage facilities across seven countries in Western Europe and the Nordics
- The Company offers critical food preservation services that are essential to the modern food supply chain, helping to feed the world safely while reducing food waste
- EQT will support Constellation as it looks to further entrench its market-leading position, execute identified M&A opportunities and deliver major expansion developments within Europe
STOCKHOLM, June 24, 2024 /PRNewswire/ — EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT”) has agreed to acquire Constellation Cold Logistics (“Constellation” or the “Company”) from Arcus Infrastructure Partners. Financial details are not disclosed.
Constellation was established in 2020 by Arcus Infrastructure Partners, which brought together three businesses located in Belgium, Norway and the Netherlands. Just four years later, Constellation today owns and operates 26 large cold storage facilities across seven countries in Western Europe and the Nordics. The London headquartered firm employs 700 people and is expected to generate revenues over EUR 150 million in FY24.
Constellation provides temperature-controlled storage capacity and complementary services to a wide range of food producers, traders and retailers. Its sites are located either close to clients’ production and processing premises or near critical logistics routes to major cities, ports or food hubs. By offering warehousing and value-added services in these strategic locations in an efficient, flexible and responsive manner, Constellation provides a critical service to its customers that ensures their supply and logistics chains remain smooth and safe.
The European cold storage market features strong underlying growth of around seven percent per year, driven by multiple factors. For one, growing populations are leading to a greater demand for food. At the same time, the popularity of frozen and chilled foods is growing as the sector and customers recognize how these categories reduce food waste and improve quality. Producers are also increasingly adopting outsourcing, just-in-case supply chain strategies, and value-added services as the industry matures.
EQT will support Constellation as it works to capture this attractive market opportunity. Led by deeply experienced CEO Carlos Rodriguez, the Company has already proven its ability to successfully execute M&A, having completed ten deals in the past four years. With EQT, Constellation will be able to further expand within its existing catchment areas and enter new countries, both organically and through consolidation of the highly fragmented European market. Additional investment will be made into Constellation’s automation and digital capabilities to solidify a stronger foundation for growth.
Francesco Malvezzi, Managing Director within the EQT Value-Add Infrastructure Advisory Team, said: “Constellation is one of the leading cold storage providers in Europe with an excellent track record of growth, both organically and through M&A. It offers strong diversification across geographies, customers and end-markets and has impressive service offerings, customer focus and facilities. We’re excited to start working with Carlos and the team to help build an even stronger platform for continued growth. With EQT’s expertise in owning infrastructure companies that provide inherent essential services to society, we’ll be able to support Constellation as it works to deliver safe, quality food to people across Europe.”
Carlos Rodriguez, CEO of Constellation, said: “In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains. We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero. We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalization. I’d like to thank the Arcus team for its dedication to this point but, most of all, I’d like to thank all Constellation’s employees for their hard work and continuous support as the company evolves.”
The transaction is subject to customary conditions and approval. It is expected to close in October 2024.
EQT was advised by UBS (M&A), Roland Berger (commercial), Milbank (legal), PwC (financial, tax).
With this transaction, EQT Infrastructure VI is expected to be 40 – 45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.
Contact
EQT Press Office, [email protected]
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
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The Africa Fintech Festival has sparked vibrant discussions about the future of fintech regulations across the continent. A key takeaway from the event was the push for smart regulation and the exploration of “passporting” fintech regulations, a model that could streamline the licensing process for fintech companies operating in multiple African countries.
The passporting model, emphasized by industry leaders at the festival, involves regulators in various African countries recognizing and trusting fintech licenses issued by other African nations. This would allow fintech companies to operate across borders with minimal additional regulatory hurdles, requiring them to comply only with specific local requirements instead of undergoing a complete re-licensing process in each new market.
Proponents of passporting argue that it represents smart regulation, fostering innovation and growth while maintaining essential oversight. The model aims to reduce redundancy and inefficiencies that currently hinder fintech companies trying to expand their services across the continent.
“Passporting could revolutionize the fintech landscape in Africa,” stated Salome Kimani, a Consultant at CGAP. “It not only lowers the cost and complexity of compliance but also accelerates the deployment of innovative financial solutions across multiple markets.”
The Africa Fintech Festival, attended by over 500 participants including regulators, industry leaders, and fintech entrepreneurs, provided an ideal platform for this critical discussion. Key speakers highlighted the potential economic benefits of passporting, such as increased investment, job creation, and enhanced financial inclusion.
Leon Kiptum, Senior Vice President for East Africa at Flutterwave, expressed his support for passporting to CIO Africa. He pointed out that fintechs often operate in several African countries and face significant challenges due to the licensing process and regulatory differences across various markets.
“Each central bank has its own set of requirements and rules. The concept of passporting, for me, is to introduce a degree of standardization regarding regulatory requirements for fintechs in Africa. The piloting should be Africa-wide, allowing, for instance, a fintech licensed in Kenya to have its licensing process recognized by the Central Bank of Gambia. This would simplify the process for fintechs already licensed elsewhere, even if there are additional country-specific requirements,” Kiptum said.
For passporting to take effect, Kiptum emphasized that central banks in Africa need to communicate and agree on standards. “If we in the industry can help shape these standards, we are willing to work with the central banks through our fintech lobby groups, like the Africa Fintech Network.”
Sebie Salim, Co-Founder of Eclectics International, a pan-African fintech company, suggested that the most effective way to advocate for continent-wide passporting is through the African Union. Alternatively, he proposed that this could be approached through regional collaborations, similar to what is currently practiced among West African countries.
Passporting is already functioning in certain jurisdictions. For Africa, there is a need for centralized rules and regulations to manage its implementation effectively. In East Africa, lobbying efforts can be channeled through the East African Community organization.
Adrian Pillay, VP Sales at Provenir, highlighted the significance of regulatory collaboration. He stated, “For fintech companies, particularly startups, navigating the regulatory landscape can be both daunting and costly. Passporting provides a practical solution, allowing these companies to concentrate more on innovation and customer service rather than regulatory compliance.”
The festival also showcased the successful implementation of similar models in other regions, such as the European Union. In the EU, passporting has facilitated the flourishing of financial services across member states. The African fintech community is optimistic that adopting a similar approach could yield comparable results.
Differences in regulatory frameworks, technological infrastructure levels, and the readiness of various countries to adopt such a model were among the concerns raised. Panelists emphasized the need for a harmonized regulatory approach and increased cooperation among African regulatory bodies.
Kagisho Dachabe, President of the Fintech Association of South Africa and Africa Fintech Network Board Member, remarked, “While the concept of passporting is appealing, it necessitates a concerted effort from all stakeholders to standardize regulations and ensure mutual trust and cooperation. This journey will require time, commitment, and a shared vision for the future of fintech in Africa.”
The Africa Fintech Festival concluded with a call to action for regulators and industry players to collaborate on creating a more conducive regulatory environment for fintech innovation. As Africa continues to position itself as a global fintech hub, passporting could play a crucial role in unlocking the continent’s full potential.
Source: techinafrica.com
The post Africa Fintech Festival Promotes “Passporting” to Boost Continental Fintech Expansion appeared first on HIPTHER Alerts.
Latest News
Ibanera and DMALINK Forge Strategic Partnership to Equip Tech Companies for Global Success
LONDON, June 28, 2024 /PRNewswire/ — DMALINK, a leading data-driven Electronic Communication Network (ECN) specializing in institutional foreign exchange (FX) trading, and Ibanera, a distinguished global financial infrastructure provider, today announced a strategic partnership to tackle the unique financial challenges faced by technology companies.
This collaboration combines DMALINK’s renowned FX trading capabilities with Ibanera’s robust cross-border payment solutions. The joint offering is tailored to meet the needs of tech firms, providing them with a comprehensive financial toolkit to navigate the international market effectively.
“We are excited to partner with Ibanera to address the specific financial needs of high-growth technology companies,” said Manu Choudhary, CEO of DMALINK. “By integrating our FX expertise with Ibanera’s superior cross-border payment solutions, we aim to empower tech startups to thrive in the global market.”
Ibanera specializes in the financial and wealth management needs of technology businesses and entrepreneurs, offering a wide range of financial services across multiple continents. Licensed in the United States, Canada, Europe, and Singapore, Ibanera provides a global platform for entrepreneurs to manage local banking services with international reach. By leveraging Ibanera’s extensive cross-border payment network, DMALINK can now deliver cost-effective and efficient FX solutions to fast-growing tech companies for their international transactions.
Michael Carbonara, CEO of Ibanera, expressed his enthusiasm, stating, “Our partnership with DMALINK focuses on delivering customized financial solutions that simplify payments and support our clients’ digital growth. By leveraging our combined offerings, we can equip tech startups with essential tools for seamless global expansion.”
DMALINK’s sophisticated FX trading platform perfectly complements Ibanera’s cross-border payment expertise. This partnership creates a holistic solution for tech firms, facilitating smooth cross-border transactions and efficient FX trading, allowing them to concentrate on core business growth while navigating the global market.
This alliance represents more than just a combination of services; it signifies a shared commitment to digital innovation and market disruption. DMALINK’s state-of-the-art execution platform will be introduced to Ibanera’s clientele, enhancing transparency, efficiency, and accessibility in electronic FX trading.
Additionally, DMALINK and Ibanera are collaboratively developing new products and services tailored to the evolving needs of tech firms. This shared vision includes the realm of digital assets, ensuring clients have access to cutting-edge solutions that keep pace with the dynamic financial landscape. Together, we aim to create more open, transparent, and accessible financial markets for all participants.
About Ibanera
Ibanera is a leading digital banking platform, celebrated for its commitment to secure and innovative financial solutions. With a global footprint and regulatory compliance across multiple jurisdictions, Ibanera continues to push the boundaries of what is possible in the fintech landscape.
For further information, please visit Ibanera.com
About DMALINK
DMALINK is a data-centric ECN for professional Foreign Exchange traders streaming anonymous and bilateral, proactively tailored and sustainable pricing with particular focus on Emerging Markets, Scandie crosses and CE3. We serve industry leaders, including Banks, Funds, Corporates, and Proprietary Trading Firms who have a particular demand for sustainable liquidity access across non-G-7 pairs.
For further information, please visit dmalink.com
About DeFinity Markets
DeFinity operates an institutional digital asset ECN for Cryptocurrencies and wholesale Central Bank Digital Currencies (CBDC). In addition to supporting decentralised financial services for FX clearing, DeFinity is a layer-2 protocol with a focus on interoperability, utilising existing blockchain frameworks such as Ethereum and Binance Smart Chain.
For further information, please visit: definitymarkets.com
For media inquiries, please contact:
Media Room DMALINK
Tel: +44 (0) 20 7117 2517
Email: [email protected]
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Latest News
EQT to sell majority stake in real estate platform idealista in EUR 2.9 billion transaction
- EQT, which acquired idealista in 2020 at a EUR 1.3 billion valuation, will retain an 18 percent stake
- Cinven will acquire 70 percent of idealista; funds advised by Apax and Oakley will sell their shareholdings
- Jesus Encinar, founder and Chairman of idealista, will also retain his stake and continue to lead the Company alongside the management team
STOCKHOLM, June 28, 2024 /PRNewswire/ — EQT is pleased to share that the EQT IX fund (“EQT”) has sold its majority stake in idealista (the “Company”). The transaction values idealista, which is the leading real estate platform in Spain, Italy, and Portugal, at EUR 2.9 billion. Cinven has signed an agreement to acquire a 70% stake in the Company. EQT originally acquired idealista in 2020 in a deal that valued the firm at EUR 1.3 billion and will retain an 18 percent share in the Company following the transaction.
Bert Janssens, Partner and Head of the Private Equity Europe advisory team, said: “Over the past four years idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.”
Jesus Encinar, founder and Chairman of idealista, will continue to lead the Company alongside the existing team, added: “This is excellent news for idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership for the coming years.”
The transaction is subject to customary conditions and approval.
Contact
EQT Press Office, [email protected]
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