A fund managed by Arcus Infrastructure Partners is buying a European industrial temperature control equipment rental specialist from Gimv.
The Arcus European Infrastructure Fund 3 (AEIF3) is investing an undisclosed amount to acquire Gimv’s majority shareholding in Coolworld Investments.
Coolworld currently operates in the Netherlands, Belgium, Germany, France, Austria and Switzerland. The company offers a range of rental solutions, including process cooling, climate control, modular cold storage and industrial heating.
European investment company Gimv invested in Coolworld in 2019 through its sustainable cities platform alongside the founders and management team.
Gimv said that, over the holding period, it realised a return in excess of the long-term portfolio target, without disclosing further financial details.
Ruud van Mierlo, CEO of Coolworld, said: “Together with Gimv as our main shareholder, we were able to make substantial investments in our rental fleet and the organisation to keep up with the demands of our customers.
“With Arcus on board as our new majority shareholder, we will be able to enter the next phase of development in our company. Further growth, further professionalisation and access to more financing to support the growth of our company as a pan-European leader.”
Jordan Cott, partner at Arcus Infrastructure Partners, said Coolworld was an “excellent fit within AEIF3’s infrastructure investment strategy, and a business where we can leverage our significant experience in value-add asset leasing as well as cold chain infrastructure”.
He sad: “We look forward to working closely with Coolworld’s excellent management team to deliver the next phase of growth for the company.”
Rombout Poos, partner at Gimv’s sustainable cities platform, said: “Under the leadership of Ruud van Mierlo and his team, Coolworld has experienced very strong growth in recent years as a solutions provider for the numerous climate challenges we all face today.
“With Arcus as a new shareholder, Coolworld will be able to further expand its position as a pan-European player.”
Source: Real Assets
