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    Tampnet
    Norway / Infrastructure

    Communications

    Tampnet

    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.

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    TCR
    Benelux / Infrastructure

    Transport & logistics

    Overview

    TCR is Europe’s largest independent asset manager of airport ground support equipment and operates at over 100 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.

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    Valorem
    France / Infrastructure

    Utilities

    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.

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    Weener Plastics
    Germany / Private Equity

    Industrial

    Overview

    Weener Plastics (“WP”) is a leading manufacturer of innovative plastic packaging systems for fast moving consumer goods companies. WP supplies the world’s leading A-brands and private label players. WP focuses on the design, development and manufacturing of value added caps, valve closures and roll-on balls for the personal care, food and beverage, and home care market.

    We invested in WP in June 2015 and are supporting management to secure further sustainable growth using the existing innovation-led platform, investing in its successful international expansion strategy and continuing its operational improvement initiatives.

    Highlights

    • Using our international network, experience and capital to support WP’s growth through their buy-and-build strategy to expand into adjacent product categories and new geographies. WP acquired Proenfar, a leading Colombian plastic packaging manufacturer for the personal care and pharma end markets, in 2018
    • Customer portfolio includes Beiersdorf, Colgate-Palmolive, L’Oréal, Nestlé, P&G, Unilever and Homann
    • Excellent track record of growth
    • Introduced Niall Wall, former CEO of Ardagh as Chairman as well as Laurent Philippe, former president CEEMEA of P&G, and Knut Michelberger to the Supervisory Board as Non-Executive Directors via our Business Leaders Network
    "With the support of 3i, we will be able to take our company’s development to the next level by fostering growth, expanding our global footprint, continuing to build our innovation leadership and further improving the efficiency and effectiveness of our operations." Roel Zeevat, CEO, Weener Plastics

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

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