LISBON,
Portugal, July 18, 2024 /PRNewswire/ -- Investment
funds managed, directly and indirectly by Strategic Value Partners,
LLC and its affiliates (together, "SVP") and other minority
investors, have agreed to sell concessionaire AEDL – Auto-Estradas
do Douro Litoral ("AEDL") to funds managed by Igneo
Infrastructure Partners ("Igneo").
SVP acquired AEDL in 2021 from the road operator Brisa after the
company had been in default on its debt service obligations. Since
then, SVP has changed AEDL's management team and successfully
renegotiated the operations and maintenance contract of the road
operated by Ascendi, delivering significant savings to the
shareholders.
AEDL operates the Douro Litoral motorway concession, which
includes three toll motorways (A32, A41 and A43) within
Porto's metropolitan area that
comprise 73 km and are a critical part of Portugal's regional road infrastructure. The
concession was awarded to AEDL in 2007 by Portugal for a 27-year period, with operations
starting in 2012.
Under SVP's ownership, AEDL's road traffic has increased at a
Compound Annual Growth Rate (CAGR) of 16%, exceeding pre-Covid
levels by 37% and making it the fastest growing toll road in
Portugal.
The transaction is subject to customary Grantor and regulatory
approvals and is expected to close later this year. Goldman Sachs
International and Natixis Partners Iberia served as financial
advisors and CS'Associados and PLMJ served as legal counsels for
the sale.
Commenting on the sale, AEDL CEO Tiago
Rodrigues said, "We thank SVP for their partnership that has
driven significant financial and operational improvement to the
concession. We are ready for the next phase of our company's growth
as we welcome Igneo as the new shareholder and look forward to
working with them over the coming years. AEDL is a strong asset
with ambitious future prospects, which will continue to play a
crucial role in the region's economic development as a key
component of the infrastructure for the Porto area."
Alvaro Fabian, Managing Director
at SVP, said, "Douro has been a highly successful investment for
us, allowing us to demonstrate all of the key pillars of our
investment philosophy. After leading the financial restructuring of
the company, we have improved operations and performance. We thank
AEDL's management team for their partnership over the years."
Hamish Lea-Wilson, Partner, Head
of Europe at
Igneo, said, "We are delighted to have agreed the
acquisition of AEDL. The motorway portfolio combines a long track
record, strong traffic growth and an attractive cash flow profile –
we believe it will be a great addition to our portfolio of diverse
infrastructure assets across Europe. We look forward to working with the
AEDL management team to continue the development of the
business."
About AEDL
AEDL, which was awarded the Douro Litoral concession in 2007,
operates and maintains the A41, A43 and A32 toll roads (total
length of 73km), creating important links to Porto and
surrounding areas.
About SVP
SVP is a global alternative investment firm that focuses on
special situations, private equity, opportunistic credit and
financing opportunities. The firm uses a combination of sourcing,
financial and operational expertise to unlock value in its
portfolio companies. Today SVP manages over $18
billion in assets under management, and since inception, has
invested more than $47 billion of capital, including more
than $18 billion in Europe. The firm, established
by Victor Khosla in 2001, has over 200 employees, including
more than 100 investment professionals, across its main offices in
Greenwich (CT) and London, and a
presence in Tokyo. Learn more at
www.svpglobal.com.
About Igneo Infrastructure Partners
Igneo Infrastructure Partners is an autonomous investment team
in the First Sentier Investors Group. It invests in high-quality,
mid-market infrastructure companies in the
UK, Europe, North
America, Australia and New Zealand. Operating since
1994, the team works closely with portfolio companies to create
long-term sustainable value through innovation and proactive asset
management. Igneo manages approximately $18.8 billion in
assets as of March 31, 2024 on behalf of more than 200
institutional investors around the world. For more information,
visit igneoip.com
Media enquiries
SVP:
Greenbrook – James Madsen /
Ksenia
Galouchko
svp@greenbrookadvisory.com
AEDL:
Cunha
Vaz &
Associados
acv@cunhavaz.com
Igneo:
MHP – Benjamin Carr &
Bessie
Stevens
igneo@mhpgroup.com
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SOURCE Strategic Value Partners