Information on the Target

Exterimmo, a subsidiary of the RiverRock Brownfield Infrastructure Funds (RBIF), has successfully acquired Aquadié and Forme d’O, two entities engaged in Public-Private Partnerships (PPP) in France that oversee aquatic centers. This strategic acquisition involves securing 60% ownership of Aquadié and full ownership of Forme d’O, both of which possess long-term PPP contracts tied to the Aquanova America and Forme d’O aquatic centers located in Saint-Dié-des-Vosges and Châtel, respectively. Operational since 2014, these centers have collectively welcomed over 320,000 visitors in 2023.

Industry Overview in France

The aquatic center sector in France operates within a framework of public-private partnerships that facilitate the development and management of infrastructure projects. These partnerships are critical as they promote the efficient allocation of resources, streamline operational processes, and ensure the sustainability of community services. France has seen an increasing trend toward such collaborations, driven by both the need for updated public facilities and the demand for accessible community leisure options.

Furthermore, the government supports functional partnerships aimed at enhancing public service delivery while minimizing taxpayer burdens. Additionally, the ongoing focus on public health and wellness has amplified the significance of recreational facilities, solidifying their role in community engagement and social welfare. The growth of the aquatic center industry in France is thus interlinked with broader social policies promoting health, leisure, and environmental stewardship.

Despite challenges such as the COVID-19 pandemic, recent years have demonstrated a robust recovery in attendance, showcasing the resilience of these facilities in adapting to changing public health directives and consumer behavior. The success of existing PPP contracts emphasizes their viability in providing both reliable services and stable financial returns.

The Rationale Behind the Deal

This acquisition aligns with Exterimmo’s strategic commitment to expanding its investments in high-quality brownfield infrastructure projects characterized by stable and predictable revenue streams from public entities. By acquiring Aquadié and Forme d’O, RiverRock not only enhances its existing portfolio but strengthens its position within the social infrastructure sector, specifically regarding availability-based PPP contracts.

The long-term operational contracts of these assets provide a foundation for consistent cash flows, making them an attractive investment. The established track record of both centers in terms of visitor engagement and financial performance further illustrates their potential as valuable components of RiverRock’s growing infrastructure strategy.

Information About the Investor

RiverRock European Capital Partners LLP is a prominent asset management firm specializing in alternative investments, including infrastructure, real assets, and private markets. With a strategic presence in London, Paris, and Madrid, RiverRock manages a diverse portfolio of social and transport infrastructure initiatives across Western Europe.

Within its structure, the RiverRock Brownfield Infrastructure Funds focus on developing and managing projects that not only provide returns to investors but also benefit communities and promote sustainable growth. By investing in established assets like Aquadié and Forme d’O, RiverRock continues to demonstrate its commitment to balancing investor interests with social impact.

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The acquisition of Aquadié and Forme d’O represents a prudent investment strategy for Exterimmo within the rapidly evolving landscape of public-private partnerships in France. With stable income streams stemming from the availability-based contracts, investors can expect a reliable return on their investment alongside social benefits for local communities.

The operational track record of these aquatic centers, characterized by strong visitor numbers and effective management by reputable firms, enhances their attractiveness as assets. The decision to invest in facilities that have proven resilience will contribute to RiverRock’s mission of fostering sustainable infrastructure development.

Moreover, the strategic fit of this acquisition within RiverRock’s larger portfolio diversifies risk while enhancing the overall economic viability of the investments. Given the ongoing trend toward community wellness and leisure, the timing of this acquisition aligns well with future growth potential in the sector.

In conclusion, this transaction appears to be a sound investment that not only serves economic interests but also fulfills social responsibilities, making it a valuable addition to Exterimmo’s expanding network of infrastructure assets.

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