Overview

Tampnet is the leading independent offshore communications network operator in the North Sea and the Gulf of Mexico. It is headquartered in Norway, with operations in the UK, Scandinavia and the USA.

Tampnet provides high speed, low latency and resilient data connectivity offshore through an established and comprehensive network of fibre optic cables, 4G base stations, and microwave links. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international carriers. The majority of its business involves providing fixed fibre links to oil platforms.

Investment rationale

3i Infrastructure acquired 50% of Tampnet in March 2019 alongside Danish pension fund ATP, having committed to invest in July 2018.

• Tampnet’s fibre optic links provide customers with mission-critical reliable communications
• Benefits from the growing requirement for high bandwidth and low latency in data networks
• More than 50 customers including oil and gas operators, offshore service providers and telecom operators
• Opportunity to grow into new segments such as offshore wind, commercial vessels and the point-to-point carrier segment

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

TCR is Europe’s largest independent asset manager of airport ground support equipment and operates at over 180 airports.

Recent developments

TCR performed well during the period. Contract renewal in its core European markets remains very high, demonstrating the defensive nature of the cashflows and TCR’s strong position in a growing market.

In the last six months, TCR has expanded its footprint (notably in Italy and Germany) and added new asset classes to its offering. It has won contracts with new customers including British Airways and Norwegian Air and has started operating the first equipment pooling system in the UK at Luton Airport.

Outside Europe, TCR continues to expand its foothold in Malaysia through additional contract wins with Malaysian Airlines. In Australia, it acquired Emerge Engineering & Maintenance, the leading local repair and maintenance business with workshops at six major airports. This provides TCR with an entry point to the Australian market.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

Valorem is a leading independent renewable energy development and operating company. It is one of the largest onshore wind developers in France, having developed over 480MW of capacity over the last 10 years.

Recent developments

Since acquisition in September 2016, Valorem has grown its existing onshore wind asset base from 142MW in operation to 191MW as at 30 September 2017. These projects sell their electricity through 15-year fixed-indexed power purchase agreements to EDF.

The pipeline has also developed in line with expectations, with 42MW currently in construction and 630MW in advanced pipeline.

Since our investment, Valorem has closed its first 36MW of photovoltaic projects, and secured a feed-in-tariff for an additional 32MW in the last photovoltaic tariff auction in June 2017.

To support the company’s expansion and strengthen the senior management team, Frédéric Lanoé was appointed COO in May 2017.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.