References

A group of shareholders led by EIP agreed to acquire CDPQ’s 19.85% participation (c.€800m) in Fluxys. Fluxys is the natural gas transmission system operator listed on Euronext Brussels, employing over 1.200 people in Belgium and abroad. Its infrastructure comprises natural gas transmission pipelines and storage, LNG terminals, etc.. CDPQ is an institutional investor managing several public pension plans and insurance programs in Quebec, with net assets of $392bn

Tandem Capital Advisors acted as M&A advisor to Fluxys.

Cohabs, a Belgian and European coliving leader, marks a landmark transaction for its future development with its capital opening to 3 leading institutional investors: Ivanhoé Cambridge, Belfius Insurance, and Belgian Sovereign Fund SFPIM, alongside the founders and historical shareholders Alphastone Investments and AG Real Estate.

Tandem Capital Advisors and Natixis Partners acted as M&A advisors to Cohabs.

SOCOFE, a Liège-based investment vehicle of municipalities, has acquired a 30% participation in GREEN4POWER, following SOCOFE’s objective of accelerating the deployment of decarbonation solutions in Wallonia in partnership with local public or private actors. The ambition of the partners, SOCOFE and Perpetum Energy Holding, is to deploy 500 MWp of renewable energy production facilities by the end of 2026.

Tandem Capital Advisors acted as M&A advisor to SOCOFE.

Virya Energy was founded in 2019 by Colruyt Group and Korys to bring together their participations in renewable energy. Its portfolio is composed mainly of its stakes in Parkwind, Eurowatt and Eoly Energy. Virya Energy focuses on the development, financing, construction and exploitation of renewable energy sources and aspires to international expansion.
Tandem Capital Advisors was mandated to assist the company on various M&A and corporate finance issues

Fluxys is the natural gas transmission system operator listed on Euronext Brussels. It employs over 1.200 people in Belgium and abroad and its infrastructure comprises: natural gas transmission pipelines, natural gas storages, LNG terminals and gas trading.

Tandem Capital Advisors is mandated by Fluxys to assist the company on various M&A projects.

Elia is Belgium’s high-voltage transmission system operator (30 kV to 380 kV), operating over 8,000 km of lines and underground cables throughout Belgium. Elia employs more than 1,100 professionals in Belgium.

Tandem Capital Advisors was mandated by Elia to assist the company in the negotiations with the Belgian regulator (CREG).

Publi-T is the majority shareholder of Elia, the Belgian Transmission System Operator.

Tandem Capital Advisors acted as M&A and strategic advisor to Publi-T.

Luminus is a leading energy player in Belgium, active in energy production, supply and related services.

Tandem Capital Advisors was mandated together with Natixis Bank in the structuring, CRM bidding, and equity process towards the construction of a new CCGT power plant in Seraing, Liège.

GEOxyz has established itself as a European leading service provider, focusing on Marine Site Investigation, Asset Integrity and Terrestrial Survey. The customer base of GEOxyz is extensive and includes governments, maritime construction and dredging companies as well as major energy players. Most clients are active in the renewable energy sector (like offshore wind farms requiring a great deal of measurement work).

C-Energy, a subsidiary of Cordeel Group, is an innovative energy company that aims to provide solutions to today’s challenges in the industry (hydrogen, batteries, hydropower storage systems, building monitoring solutions etc.).

Tandem Capital Advisors acted as M&A advisor to C-Energy.

ORES and RESA are two energy distribution system operators active in the Walloon Region.

Tandem Capital Advisors acted as advisor to ORES and RESA during the negotiations with the regulator

Bone Therapeutics (Euronext Brussels and Paris: BOTHE) – a cell therapy company addressing unmet medical needs in orthopedics, and Medsenic – a clinical stage biopharmaceutical specialized in the treatment of auto-immune diseases, announced they have reached an agreement to combine their activities. The business combination will result in the creation of BioSenic.

Tandem Capital Advisors acted as M&A advisor to the Board of Directors of Bone Therapeutics.

Elia is Belgium’s high-voltage transmission system operator (30 kV to 380 kV), operating over 8,000 km of lines and underground cables throughout Belgium. Elia employs more than 1,100 professionals in Belgium.

Tandem Capital Advisors acted as advisor to Elia in the context of strategic and financial review of regulatory options.

WEP is a leading education and international exchange company dedicated to high school programs, language courses, volunteering and other intercultural experiences such as higher education, family immersion and internships. The group was founded in 1988 and is headquartered in Brussels, Belgium.

Tandem Capital Advisors was active as buy-side M&A advisor and was involved in the fundraising and structuring of this acquisition platform.

Independent valuation report of N-SIDE, an optimization software developer and SaaS provider with offices in Belgium, the United States and Brazil.

Cohabs is a Belgian co-living investor and operator that specializes in providing modern & sustainable furnished homes with private bedrooms and luxurious shared living spaces. Its target audience are mainly young professionals. The company was founded in 2016 by Youri Dauber, Malik Dauber and François Samyn.
The €68m fundraising will allow Cohabs to accelerate its growth in Belgium, France, Spain, Portugal and the US.
Tandem Capital Advisors and Natixis Partners acted as M&A and Corporate Finance advisor to Cohabs in the fundraising process.

Merlin Entertainments, one of the largest entertainment groups (owning Legoland, Seaworld, Madame Tussauds, etc.), is studying with the Walloon Region (SOGEPA) the construction of a Legoland theme park on the old Caterpillar industrial site in Charleroi.

Tandem Capital Advisors acted as exclusive Corporate Finance advisor to Merlin and SOGEPA in the feasibility study of the opening of a Legoland park in Belgium.

Alcopa is a family-owned investment firm headquartered in Belgium. Over the years, it has grown from its automotive roots to become a diversified holding that invests in private companies in Western Europe. A provider of long-term capital, Alcopa aims at responsibly allocating resources in meaningful businesses.
Alcopa successfully acquired a majority stake in Groupe François, a leading player in the Belgian circular economy, active in the wood industry.
Tandem Capital Advisors acted as M&A advisor to Alcopa.

Acquisition by Fluxys of a 27.5% stake in the Brazilian gas transmission system operator TBG from EIG Global Energy Partners.
Transportadora Brasileira Gasoduto Bolívia-Brasil (‘TBG’) owns the Brazilian section of the Bolívia-Brazil pipeline, consisting of approximately 2,600km natural gas pipeline, including the main natural gas transportation network in the south of Brazil.

Tandem Capital acted as advisor to Fluxys

Fluxys signed the term sheet officialising Fluxys’ entry in Stade LNG terminal. FID expected end 2022 after further capex analysis and binding market test.

Parkwind develops, finances and operates wind farms. It currently has three windfarms in portfolio in the North Sea, with a fourth park opening early 2020. This will bring the total operating capacity to 771 MW.

SOCOFE is a Liège-based investment vehicle of municipalities. SOCOFE has a regional character, intervening in economic and financial matters of common and strategic interest. Its main investment focus are: energy, renewables, environment and water.

SOCOFE sold its participation in Ventis, an independent owner of an onshore wind portfolio active in Belgium and France.

Tandem Capital Advisors acted as exclusive M&A advisor to SOCOFE.

Independent valuation report of N-SIDE, an optimization software developer and SaaS provider with offices in Belgium, the United States and Brazil.

Sale of 100% of the share capital of Urbani to Vicinity.
Urbani is a real estate company owning, managing and developing a portfolio of qualitative and sustainable co-housing assets. Its portfolio comprises 11 buildings and 3 projects under development; totalling >300 appartements and c.30,000 sqm’s.

Tandem Capital Advisors acted as exclusive M&A advisor to the shareholders of Urbani.

With over €1.6bn yearly premiums and a market share of c.6%, P&V Assurances (“P&V”) occupies the 6th position in the Belgian insurance market. Created in 1907 on the Belgian Labour Movement’s initiative, P&V is a cooperative insurance group that works exclusively in Belgium and offers – through its various brands – a wide range of insurance solutions to individuals, self-employed persons, businesses, institutions and the public sector.

Publi-T is the majority shareholder of Elia, the Belgian Transmission System Operator.

Virya Energy was founded in 2019 by Colruyt Group and Korys to bring together their stakes in renewable energy. Virya Energy currently has shares in Parkwind, Eurowatt and Eoly Energy.

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CIVADIS is a company that develops IT management software for public administrations.

Advisor to Nethys regarding the strategic and financial review of its stake in Integrale

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Acquisition of an investment platform in the region of Antwerp and equity raising with a view to consolidate the funeral home market in Belgium

BePark links parking owners who are looking to optimize the management of their asset with drivers in search of an increasingly hard-to-find parking spots

BePark raised €3m from a Luxembourg fund

Fluxys is a natural gas transmission system operator listed on Euronext Brussels. It employs over 1.200 people in Belgium and abroad and its infrastructure comprises: natural gas transmission pipelines, natural gas storages, LNG terminals and gas trading places.

CAREvolution is a social investment fund, member of the Partena Promeris Group, which aims to invest in companies in seed and early stages active in personal services, health, wellbeing, personal comfort, facilitating autonomy or healthier living etc.

Delasia is one of the key players in the exotic ready meals market

Assar Architects is an international architecture company based in Brussels employing c.120 FTE’s.

The group offers a wide range of services:

• Exterior & interior architecture
• Feasibility studies and cost estimates
• Planning
• Implementation of programs

Helpper, a fast-growing start-up engaged in the home care sector for disabled and aging population, raised Series B funds from CAREvolution and SI² Fund

Offering of new shares by Elia System Operator as part of its €435m rights issue to finance the Nemo Link project and its regulated activities in Belgium in accordance with the new regulatory framework

Fluxys and Titan LNG joint forces to build FlexFueler 002, a bunkering pontoon to make liquefied natural gas (LNG) more widely available as marine fuel in the port and region of Antwerp. The pontoon will come into use in mid-2020 and will support shipping in the transition to a cleaner emission profile. Titan LNG will be the long-term operator of the pontoon

Independent valuation report of N-SIDE, an optimization software developer and SaaS provider with offices in Belgium, the United States and Brazil

Acquisition by Fluxys in a consortium with AXA Investment Managers and Crédit Agricole Assurances of a 35.76% stake in Dunkerque LNG from EDF and Total

Amount: Undisclosed

Acquisition by a consortium consisting of Snam (60%), Enagás (20%) and Fluxys (20%) of a 66% equity stake in DESFA, the national operator in the natural gas infrastructure sector, from the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum

Amount: €535m

Fluxys and Novatek joint venture Rostock LNG GmbH have signed a Land Lease Agreement with the Port of Rostock with a view to building and operating a mid-scale liquefied natural gas (LNG) storage terminal in the port.

Amount: undisclosed

Post-merger integration – 50Hertz

Issue of 10-year senior BBB+ bond (€300m) and perpetual BBB- hybrid security (€700m) to finance the acquisition of 50Hertz

Acquisition of Nethys’ shares in Publigas and Publi-T by Socofé

Belfius Bank sold its investments in NEB participations to Nethys

Exercise of the pre-emption right by Elia for the acquisition of an additional 20% stake in Eurogrid International, the holding company of the German TSO 50Hertz, leading to an 80% stake. (€976.5m)

Tandem Capital Advisors acted as M&A advisor to Elia

Elia is Belgium’s high-voltage transmission system operator (30 kV to 380 kV), operating over 8,000 km of lines and underground cables throughout Belgium. Elia employs more than 1,100 professionals in Belgium.

Tandem Capital Advisors acted as advisor during the negotiations with the CREG.

ORES is a distribution network operator of natural gas and electricity in the Walloon Region. The electricity network covers a distance of 49,981km with 1,437,093 supply points. The natural gas network is 9,430km long with 525,196 supply points.

Tandem Capital Advisors acted as advisor during the negotiations with the CWaPE.

Elia is Belgium’s high-voltage transmission system operator (30 kV to 380 kV), operating over 8,000 km of lines and underground cables throughout Belgium. Elia employs more than 1,100 professionals in Belgium.

Tandem Capital Advisors acted as advisor to Elia in the context of strategic and financial review of regulatory options

Facility Lockers is a SaaS company offering locker based delivery solutions

Tandem Capital Advisors assisted Facility Lockers with the creation of its Business Plan

Lateral Thinking Factory aims at contributing to better human habitats, by supporting both private and public stakeholders to define criteria for positive urban outcome. Through new models at environmental, economical and social levels; the company designs, validates and spreads credible alternatives at answering such global and fundamental issues

Contemplated acquisition of Transurb (sold by NMBS/SNCB)

Transurb is a Belgian limited liability company offering tailor-made solutions in railway and urban transport

BIGH, creates a network of sustainable aquaponic city farms in big cities

Fluxys Deutschland GmbH, Gasunie Deutschland Transport Services GmbH and ONTRAS Gastransport GmbH have signed an agreement with GASCADE Gastransport GmbH for the European Gas Pipeline Link (EUGAL) project.