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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.

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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
    • Customer portfolio includes Beiersdorf, Colgate-Palmolive, L’Oréal, Nestlé, P&G, Unilever and Homann
    • Excellent track record of growth
    • Introduced 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
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    Wireless Infrastructure Group
    UK / Infrastructure

    Communications

    Overview

    WIG is an independent communications infrastructure provider which builds and operates communication towers (masts) in rural and suburban areas, together with fibre based networks, to improve mobile coverage in large buildings and on city streets.

    Recent developments

    WIG’s core tower business performed well in the period, supporting customers with the expansion of their networks to deliver greater wireless bandwidth and geographic coverage, and increased resilience. WIG’s organic growth is benefiting from new greenfield infrastructure investment including new communication towers and fibre-connected small cell networks.

    WIG’s small cell business unit delivers high capacity infrastructure into large public venues such as shopping centres, office blocks and stadiums. The business unit is targeting new infrastructure opportunities in busy outdoor city locations and recently announced its first 5G-ready deployment in Aberdeen.

    WIG continues to review opportunities to acquire new towers where these are complementary to the existing portfolio.

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    Attero
    Netherlands / Infrastructure

    Attero

    Attero owns two energy from waste (‘EfW’) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and 10 landfills. The company processes waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as a number  of UK and Irish exporters.

    Attero has good revenue visibility due to its long-term contracts with customers. It is well positioned within the Dutch market with two of the largest and most efficient EfW plants in the country, strategically positioned with good port, road and rail access for both import and domestic waste supply. In addition, Attero is strongly positioned to benefit from favourable underlying trends in the European waste market, driven by EU directives targeting more recycling.

    Investment rationale

    Attractive opportunity in a new sector for the Company,  with favourable long-term dynamics

    Attero operates two of the largest and best located waste treatment facilities in Western Europe, resulting in high efficiency and a low marginal cost

    The European Union requires member states to reduce landfill use, increasing the volume of waste requiring incineration

    Good revenue visibility from long-term waste supply contracts with municipalities, industrial customers, and waste exporters

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