EISER Infrastructure

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EISER Infrastructure
Type Partnership
Industry Infrastructure
Founded 2005
Headquarters London, UK
(Head office)
Key people Hans Meissner (Managing Partner)
Hafeez Ahmed (Partner)
Jaime Hector (Partner)
Vivian Nicoli (Partner)
[1]
AUM approx. €1.1 billion (2013)[2]
Website www.eiserinfrastructure.com

EISER Infrastructure Partners (EISER) is an independent equity fund manager headquartered in London, UK. It specializes in infrastructure investments in energy, environmental services, transportation, and social infrastructure sectors across OECD countries.[3]

History[edit]

EISER Infrastructure was first established in 2005 under the ownership of ABN AMRO. Its first fund, EISER Infrastructure Fund I, was founded by former ABN AMRO managing director Hans Meissner with €1.1 billion in capital commitments from institutional investors.[3]

In 2006, EISER made its first investment in purchasing ESP Gas Group, the third largest independent gas transportation business in the UK and the fourth largest independent distribution network operator. Later in the year, the fund manager acquired two portfolios of private finance initiative (PFI) schools in Scotland at a "Preferred Bidder" stage. In December 2012, these two portfolios of schools became EISER’s first divestments when they were sold to HICL, the listed infrastructure investment company.[4]

In 2007, EISER purchased Società Gasdotti Italia, an independent Italian energy transportation company.[citation needed] During the same year, the fund also purchased stakes in Aries Solar Termoeléctrica, which consists of two 50 MW thermo-solar plants under development in the Castile-La Mancha region of Spain, and Dioxipe Solar, which consists of one 50MW thermo-solar plant under development in Spain’s Extremadura region.[citation needed] 2007 also saw EISER make its first investment outside of Europe with its deal to develop the Cross City Tunnel in New South Wales, Australia.

In 2008, EISER purchased George Best Belfast City Airport.[5] While under EISER ownership, the airport has undergone a variety of changes, including new seasonal European routes and a new £1.7 million arrivals lounge.

In 2009, Hans Meissner struck a deal to buy out the fund management company from Fortis/BNP Paribas.[6] The deal was completed in early 2010, setting up EISER as an independent equity fund manager. EISER expanded its exposure in Italy with the purchase of a stake in Herambiente, an urban and special waste treatment firm. The group manages the entire cycle of the waste treatment business, excluding the waste collection, and owns 77 plants across Italy.

In 2010, EISER took a stake in two Spanish transport interchange projects called Concesiones de Intercambiadores de Transporte. Interchanges provide safe, convenient terminals for passengers of suburban bus lines to transfer to major metro stations.[7] At this time EISER also purchased a stake in two long-term shadow toll road concessions in Spain, collectively known as Autovías de Peaje en Sombra. The first, Autovía del Noroeste, is a 62 km highway in the Murcia region, while Autovía del Turia is a 52.9 km highway in the Valencia region.

In 2011, EISER secured financing for two solar power developments in Spain and acquired an interest in a third.[8] During the same year, the fund manager also set up a fund advisory board featuring former infrastructure project managers, finance law specialists, and global investment advisors.[9]

As of February 2013, EISER Infrastructure Fund I is fully invested. It has a diversified portfolio containing nine operating and development investments. They have a combined enterprise value exceeding €3.5 billion.[10]

Investments[edit]

As of February 2013, EISER Infrastructure Partners had made a total of 11 investments, with 9 operating assets remaining following divestments. EISER’s portfolio is largely concentrated in Western Europe. As of year-end 2012, EISER Infrastructure Fund I’s portfolio included the following assets:[11]

  • ESP Gas Group (energy / UK)
  • Società Gasdotti Italia (energy / Italy)
  • Aries Solar Termoeléctrica and Dioxipe Solar (energy / Spain)
  • Herambiente (environmental services / Italy)
  • Cory Environmental Holding (environmental services / UK)
  • Cross City Tunnel (transport / Australia)
  • George Best Belfast City Airport (transport / Ireland)
  • Autovías de Peaje en Sombra (transport / Spain)
  • Concesiones de Intercambiadores de Transporte (transport / Spain)

Divestments[edit]

As of February 2013, the following assets owned by EISER Infrastructure have been divested:[11]

  • Edinburgh Schools PPP2
  • Perth & Kinross Schools PPP

References[edit]

  1. ^ "Company Overview of EISER Infrastructure Partners LLP". Bloomberg. Retrieved 14 February 2013. 
  2. ^ "Company Overview". EISER Infrastructure. Retrieved 14 February 2013. 
  3. ^ a b "IJ interview: Hans Meissner, Managing Partner, EISER Infrastructure". Infrastructure Journal Online. Retrieved 14 June 2012. 
  4. ^ "HICL Infrastructure Company Ld Acquisition of three new investments for £75m". Wall Street Journal. 13 December 2012. 
  5. ^ "George Best Belfast City Airport – About Us". George Best Belfast City Airport. Retrieved 15 February 2013. 
  6. ^ "UPDATE 1-ABN AMRO Infrastructure agrees MBO". Reuters. 26 October 2009. 
  7. ^ "EISER buys stake in Spanish roads, transport hubs". Infrastructure Investor. 13 May 2010. 
  8. ^ "EISER Infrastructure Diversifies Spanish Solar Power Portfolio". Investments and Pensions Europe. 21 April 2011. 
  9. ^ "EISER establishes advisory board". Infrastructure Investor. 14 July 2011. 
  10. ^ "Company Overview". EISER Infrastructure. Retrieved 14 February 2013. 
  11. ^ a b "Investments". EISER Infrastructure. Retrieved 14 February 2013. 

External links[edit]