Asset Description: ‘StadCo’ partnership with FC Porto to operate Dragao Stadium via a long-term operations agreement
Investment Highlights
‘Infrastructurization’ of football stadium thematic overlooked by other investors
Stacked all revenue streams related to the stadium into a single long-term operational agreement, providing capital to modernize stadium infrastructure and drive value creation through revenue maximization and diversification
Structured Strategic Partnership with First Tier Spanish Football Club
Investment Date: 2022
Asset Description: ‘StadCo’ partnership with first tier Spanish football club to operate its Stadium via a long-term operations agreement
Investment highlights:
‘Infrastructurization’ of football stadium thematic overlooked by other investors
Stacked all revenue streams related to the stadium into a single long-term operational agreement, providing capital to modernize stadium infrastructure and drive value creation through revenue maximization and diversification
Asset Description: 11 sport centers (“SCs”) operating under public concessions
Investment Highlights:
Attractive asset acquired at a multiple significantly below comparable market transactions following Covid-19 temporary market adjustment
Stable over-the-cycle assets with strong resilience to economic downturns
Strong sector tailwinds from consumer focus on health, wellbeing and multiple value creation levers including add-on M&A opportunities and revenue and cost optimization
2019
Portfolio of European Hydro Assets
Investment Date: 2019
Exited: 2023
Asset Description: a portfolio of 10 hydroelectric power plants totalling 167MW and 2 ferroalloy plants
Investment Highlights:
Attractive entry price for hydro assets, due to structural requirement to sell the ferroalloy plants along with the hydro assets
Hydro assets benefited from regulation capacity through their dams and control of the entire river basin, allowing for the strategic use of water
Full exit with significant returns following execution of value creation plan
2018
European Minority Equity Investment in Water Sector
Investment Date: 2018
Exited: 2022
Asset Description: Acquisition of 45% common equity interests in a company operating and managing integral water cycle concessions in Extremadura, Spain
Investment Highlights:
Attractive asset acquired at a multiple significantly below comparable market transactions from a tier 2 Spanish bank undergoing balance sheet restructuring
Full exit with significant returns following execution of value creation plan
2015 – 2016
Spanish Renewables
Investment Date: 2015-2016
Exited: 2019
Asset Description: Multiple M&A transactions in Spanish solar assets following the restructuring of the Spanish renewable remuneration system in 2014
Investment Highlights:
Early mover in capitalizing on attractive investment opportunity created in the asset class from structural reform
Market garnered attention from large European and international players (institutional and strategic) in 2019, which yielded a full exit with significant returns
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