Infracapital, the infrastructure equity investment arm of M&G Plc, has successfully closed a co-investment process in Recharge by syndicating a 30% stake to existing LPs.
Recharge is the largest public charging point operator (CPO) for electric vehicles (EV) in the Nordics with c.3000 connectors across Norway, Sweden and Finland. The co-investment will allow the company to accelerate its expansion plans and further solidify its market-leading position.
Since 2012, Recharge has been at the forefront of one of the fastest growing and mature electric car markets in the world. Over the past three years, the company has increased its number of chargers by over 60% and expects continued growth.
Recharge was the fifth standalone investment made by Infracapital Partners III in 2020, and Infracapital agreed to buy the remaining 30% stake in the company, from Fortum, in 2022.
Christophe Bordes, Managing Director at Infracapital, said: “We are pleased to have closed this co-investment in Recharge, which displays the attractiveness of the EV sector and the company’s growing role at the forefront of Europe’s rapidly transitioning, low-carbon infrastructure landscape.
There is significant untapped growth potential in the Nordic market which, combined with Recharge’s positioning and highly scalable business model, will continue to create value for our investors. This transaction not only shows our commitment to offer attractive co-investment to those clients seeking such opportunities, but delivers benefit to all fund investors by supporting asset growth and diversification”.
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Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €7.8 billion of client capital across six funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 28 markets. Total assets under management are £342 billion (as at 31 December 2022).
Recharge is the Nordic region’s largest fast charging network that is open to all electric cars. The company has more than 10 years of experience in operating a leading charging network in the world’s most developed EV market.
Recharge partners with leading location owners, such as McDonald’s, IKEA, the cities of Stockholm and Oslo and others, and has been pioneering solutions that make driving an electric vehicle easier. The company was the first to build corridors of 50 kilowatt fast charging stations between the capitals of Norway, Sweden and Finland in 2012, and was also the first to build corridors of 150 kilowatt high power chargers in the Nordics in 2018.
Recharge is owned by the leading European infrastructure investor Infracapital.